It’s hardly a secret that owning a prime central London property is a great investment for high net worth clients, both from the UK and overseas. The buying process can sometimes be long-winded and difficult, but it’s often the easy part when compared with the headaches and costs of maintaining such a property.
Whether you decide to let out the property or keep it vacant and use it for visits sporadically, there are many important property management considerations to consider once they get hold of the keys.
Here are our top 10 tips for properly managing a luxury property…
1. Avoid getting ripped off by contractors
The running of a big or expensive property, and the associated maintenance costs, can be very high. It’s not uncommon for contractors to quadruple their quotes following a site visit. As you can expect, they take one look at a multi million-pound home and start pulling numbers from thin air. It’s therefore vital to work with a bespoke luxury property management company that’s got your back. At Gore Property Management, we already have a team of contractors (builders, handymen, plumbers etc) that are loyal and provide extremely competitive and transparent quotes, regardless of the size or location of the home, so you avoid paying well over the odds.
2. Dangers of dust
It’s important to regularly clean the home to avoid long-term problems. All kinds of harmful toxic chemicals exist in dust such as phthalates, environmental phenols, flame retardants, etc and these have been linked to cancer and infertility. Dust also damages furniture, electronics, and triggers allergies. Don’t let dust build up and create big problems for you.
3. Trusting the cleaners
The difference between cleaning a regular home and cleaning a luxury home is immense. To avoid damage to furniture or missing valuables, it’s vital a DBS-checked cleaner is used from a reputable company. Many HNW clients regularly leave their valuables (including diamonds) lying around on display, so honest cleaners are a must!
4. Smart home threats
With the burgeoning growth of IoT devices in the home, it’s becoming increasingly important to audit home security on a regular basis. If cyber criminals hack into a HNW client’s house, the amount of extremely sensitive data they can access is a big concern. But there are hybrid security and technology companies that can carry out risk assessments and make recommendations for you – don’t wait until it’s too late.
5. When an alarm is not enough
Often clients wrongly assume that because they have a top-of the-range alarm and sophisticated window/door locks, intruders can’t access their homes. But you only have to think back to the robbery of Paul McCartney’s home last December, to know that’s not true. Intruders can get into any home; in fact modern locks are sometimes less secure than traditional ones. If clients publicise their movements on social media, it’s like an open invitation to their homes. Specialist consultants need to assess a client’s home security.
6. Get the right type of insurance
Home insurance for luxury homes differs from mainstream home insurance companies. It’s important to get the right type of contents and building insurance for expensive luxury interior furniture, antiques and art. Gore Property Management recently assisted in the move of a client’s antique furniture from London to Los Angeles. Some of the furniture was damaged in transit and Gore managed the entire claims process with the insurance company to the client’s satisfaction. It’s important to be aware some insurance companies require vacant homes to be visited on a regular basis in order to meet the requirements of the insurance policy.
7. A property concierge
Some clients visit their homes sporadically as they travel frequently or leave overseas. Wouldn’t it be nice to arrive home and have a full fridge with your favourite foods, fresh flowers on the table, clean and pressed linen, and the perfect room temperature when you first walk in?
8. Tenants in Luxury homes require luxury residential property management
Some clients choose to rent out their properties, which is a great source of revenue, but tenants can also be very demanding. It’s important to have a good property management company that will find the balance of addressing a tenant’s requests without overspending the landlord’s budget. Tenants are increasingly considering properties that are managed by a reputable agent. A good property manager can extend the tenancy and achieve long-term rental output.
9. Future refurbishment needs
When selecting a property management company, consider specialist bespoke companies that can also manage refurbishments and renovations, as well as the day-to-day stuff.
10. A holistic overview of your property
With the high demands of HNW and UHNW clients, it’s advisable to appoint a property management company that provides a fully personalised offering. The services must extend far beyond traditional property management and encompass property concierge, home management, property accounts, and the supply of domestic staff if needed. No property job should be seen as too small – even waiting in for a furniture delivery, for example.
The modern luxury property management company is like a PA for your property. Your home is a valuable asset that needs to be well maintained and looked after. At the end of the day, it’s all about the homeowner’s peace of mind and return on investment.