Property managers are tasked with taking care of a particular real estate holding’s needs, but these holdings differ by classification. Luxury properties tend to need more care and attention than standard residential properties. As a result, the property managers of these types of real estate need to display a different set of skills altogether.
As professionals, some qualities are the same across the board, but luxury property managers need to have a few more in keeping with the stature of the property they deal with. In this article, 11 members of Forbes Real Estate Council discuss the essential qualities that luxury property managers need to display and how these traits help them be successful in their roles.
Members of Forbes Real Estate Council share essential traits that help real estate professionals succeed.
Photos courtesy of the individual members.
1. Understanding The Market Dynamics
A full and complete understanding of the luxury market dynamics, including but not limited to the clientele and their preferences, is essential. Managing luxury properties requires deep knowledge of very different metrics compared to large-scale association management. One needs to be very proactive and display exceptional customer service. – Steve Alkandros, New England Management Group/AR Property Services, LLC
2. Delivering Concierge-Level Services
To be successful, luxury property managers must deliver concierge-level services and follow up in a timely manner with comprehensive solutions taken all the way to their full conclusion. Also, great luxury managers know how to manage their clients, particularly if they are being overly demanding while maintaining the relationship and their professionalism at all times. – Craig Berger, Avid Realty Partners
Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?
3. Organization And Attentiveness
A luxury property manager needs to be attentive and organized in order to succeed and meet the expectations of their clients. Unlike residential properties where you are dealing with turnover in tenancy, luxury properties are usually maintained in tip-top shape for the enjoyment and use of the owner. As such, it has to be ready at a moment’s notice. – Michelle Risi, Royal LePage Connect Realty
4. Attention To Detail
Managing a luxury home requires very sharp attention to detail. Those clients are willing to spend more money, but will also expect a higher level of service, and a property that is in great shape. – Andreas Johansson, Berkovitz Development Group LLC
5. Relevant Experience
A luxury manager must have traveled and experienced luxury themselves. Shared experiences and commonalities allow luxury property managers to connect with clients on a peer basis instead of a sales basis. These commonalities will build credibility and trust in the property manager’s recommendations and elevate the property in the standing of your ultimate clients. – Blake Plumley, BluWater Capital LLC
6. Emotional Intelligence
Emotional intelligence is the No. 1 thing a successful manager of luxury properties must possess. It’s not just property management; it’s money management and trust management at the luxury level. Creating trust through empathy and understanding with your client will far outweigh any tech or investment analysis you can perform in becoming a success at the luxury level (or any other level). – Michael Thomas Chambers, Chambers Theory
7. Formal Language And Attire
Luxury tenants have a higher income and expect a higher level of service. The time you take to respond to maintenance and the way you greet and interact with them should be no different than how you’re treated when you walk into Louis Vuitton or Gucci because you’re selling the luxury brand. It’s mission-critical that staff dress formally and speak with etiquette to cater to this demographic. – Kellie Rastegar, Rastegar Property Company
Luxury property managers should be proactive and tailor the entire experience to the renter, including setting up transportation, direct contacts and amenities. Luxury renters do not just look for a “room,” but they do typically look for an overall experience and all the conveniences. Property managers should be area experts and do their homework to offer a fully customized service. – Marco Del Zotto, LIV | Sotheby’s International Realty – Breckenridge, CO
9. A People-First Mindset
A people-first mindset is critical when managing luxury properties. These tenants are paying for quality across the board, including customer service. Management needs to serve as a kind of concierge or liaison between the client and the property. Oftentimes, luxury tenants are expecting five-star service as you would at luxury hotels. You need to be their advocate and facilitate their needs. – Garratt Hasenstab, The Mountain Life Companies™
A personal relationship based on trust is key. The frontier in the luxury space right now is, happily, what it has always been: The attendance to needs from smart and empathetic people. To be successful, luxury property managers must have personal relationships with owners based on consistency and a real ability to listen well to the little things. – Clark Twiddy, Twiddy & Company
11. Communication And Transparency
Most rich and ultra-rich clients approach their properties like any other part of their business portfolio. This means they expect high-level communication and transparency throughout the process. Be prepared to share information on the process with stats—for example, the number and impact of recent showings. After all, their properties are more than a home—they’re a huge asset. – Kevin Markarian, Marker Real Estate