How to manage luxury apartment blocks
Posted 28 October 2021
Managing luxury apartments comes with a unique set of expectations, challenges, and knowledge requirements, so it’s no surprise that not all managing agents are ‘qualified’ to do this. There are so many things to consider; one of the main factors being a larger percentage of property owners living in a different country, leaving many apartments unoccupied for half the year (or more!). This means that their expectations will be high when visiting, and first impressions count. Maintaining the building and its grounds all year round is essential as you never know when the customer will drop-in at short notice. Managing agents of these luxury homes need to impress – everything should be exceptional, from the concierge desk upwards.
Then there’s the mechanics and operational infrastructure of the building, and with many luxury developments this means catering for the unusual, and that doesn’t just mean an internal swimming pool! Many buildings have bespoke facilities that require maintaining complex systems, which in turn require higher levels of expertise to manage them and get things fixed quickly.
The 5* Experience
The agent should deliver an ‘experience’ from the moment they arrive. Outside, the grounds and gardens should be immaculately kept, light bulbs replaced and gates always working. Inside, the entrance should be shiny and inviting, lifts clean and rubbish-free, a fresh-smelling yoga room, Wi-Fi and hot water on tap. It goes without saying that all common areas will be kept in top condition – not a scratch or scuff to be seen. Responsiveness is everything! The agent should have adequate staff or external suppliers to ensure that what needs to be done gets done.
Luxury properties carry a high price for rental and ownership. That price is reflected in how a property manager should maintain that asset for them. If you’re looking for a managing agent it’s important to ask them for examples of their management of luxury buildings like yours, and ensure they also have the resources and flexibility to cope with what the building and its residents expect:
- A single point of contact
- Out of hours service
- Exceptional customer service
- Relevant and timely communications
- They should know your property inside out
- 5* service levels (SLAs)
- Fully vetted contractors and suppliers
- Evidence of processes and procedures, policies, and documents
If you’d like to know more about how we manage luxury apartment blocks and the standards we set, please get in touch to speak to one of the team.
