12 Feb Do People Lease Luxury Homes?
Unfortunately there is a predominant fear in society towards tenants and leasing. As a result of countless horror stories that have been morphed each time they are retold, many people have a very negative view towards leasing their home to someone and would never consider it. Like most things, becoming educated on the intricacies of a topic tends to alleviate preconceptions, worries, fears, etc. Also like most things, doing something right the first time will save you countless amounts of expense and headache.
Believe it or not, many landlords are successful with leasing properties to tenants because they have the right procedures in place and they know what they are doing. In the event the landlord does not have the time or interest in performing that role, they call a Property Manager, like the ones at Hermann London Property Management. The methods we use to ensure success include taking the time to select and thoroughly screen a potential tenant, to use strong leases that protect the landlord, to complete regular inspections of the property, to work with quality vendors to address maintenance issues, and to provide software with detailed accounting reports and multiple avenues of communication.
Regardless of the type or size of the property or even the rental rate, by using time tested and proven methods such as these, we ensure the highest degree of success to landlords across the board. Luxury homes naturally appeal to a smaller segment of the population, but there is no doubt that there is still strong demand for them. We take the time to make sure the tenants are the right fit for the property before ever handing over keys.
It is important to note, however, that when people are paying a premium rental rate, they also tend to have “premium” expectations with regard to how quickly maintenance items are addressed, how quickly they get a response from an inquiry, etc. For these reasons, it is important to have a strong lease in place that not only clearly defines landlord and tenant responsibilities, but also protects the landlord from the myriad of possible scenarios that can unfold with someone living in a rental property. The best leases even extend that level of protection to the landlord. For example the tenant’s guest does something illegal on the premises, or even a postal worker delivering the mail that slips and falls.
With proper procedures in place and the right “know-how” you can begin to be more comfortable leasing out a luxury property. Choose the right person at the beginning, and you set yourself up for greater success right away. Complete regular inspections of the property to check its condition and that the responsibilities of the tenant are being fulfilled, and you are yet another step ahead towards success. Communicate and resolve issues promptly, and you are keeping a paying tenant happy as well as protecting your investment. Luckily, Hermann London Property Management will take care of all of this for you so that you can rest easy.