Executive rentals are a great way to make extra money. In fact they have been called “cash cows” because of the quality of tenants and higher rents that can be charged. Executive upscale properties are in demand and you should seriously think about renting yours. When you do, make sure to use an executive property manager to help you manage the rental.
An executive property management company is the best choice for your luxury property rental. But don’t just choose any property manager; be sure to look for one with some key qualities. Executive properties need certain care and specialized knowledge in order to get the quality tenants for your property.
First, choose a property manager in business for a longer time. Experience translates into quality tenants for you. An experienced company will have a list of people who are able and willing to rent. They should also have a good number of properties being managed and good relationships with other businesses who can help in times of need: contractors, attorneys, photographers and marketing companies.
Would you know how much to ask for rent? A reputable executive property manager will be very familiar how to price your rental in keeping with local pricing. Executive properties rent for more than a typical home and will attract more upscale tenants. These tenants will expect a level of service and a level of privacy from a landlord and a property manager who is experienced with executive properties will know how to provide that level of service. All this, of course means you can ask for, and get, higher rents.
Executive properties are more upscale. They have luxury amenities: granite, stainless steel, pools, spacious and well appointed rooms and bathrooms. Tenants know this and know they will have to pay more to have a home that is guaranteed to be high quality. They will also be willing to keep it well maintained. The “cash cow” comes in when you have high rents rolling in and low maintenance costs going out.
Making the choice to rent your luxury property is the easy part, finding the best executive property manager to help you should not be taken lightly. Pick the right one to ensure your best result.