Are you a landlord with a brand-new high-end property to rent out? Maybe you’re a homeowner with more than one property and you’re hoping to recoup some costs by renting one of them out during off-season. Whatever your reason for entering the rental market, follow these tips for making the most of your rental in today’s market:
Play up unusual amenities. One of the perks of a high-end unit is often the amenities the building or community comes with. It might be a gardener who tends to your landscaping, a rooftop pool or access to a sleek lobby bar. For the tenant who’s willing to pay more for an elevated lifestyle, this could be a selling point.
Use an agent who specializes in executive tenants. While most brokerages will have a handful of agents on staff who are more than happy to help you rent out your property and do some moderate background checks, an agent who specializes in renting luxury properties will have access to a community of top tenants.
Paint a picture of the neighbourhood lifestyle. Don’t forget that it’s not just about the home and features themselves; it’s also about the kind of lifestyle the home and its surrounding neighbourhood offer. Is it a quiet, manicured enclave full of tennis courts and ravines for strolling? Maybe it’s an upscale urban pocket where you can walk to five-star restaurants and performing arts venues. For luxury tenants, it’s not just the home that will sway them, but the lifestyle it promises.
Insist on an in-person meet-and-greet. When you’re renting out a luxury property, the kind of tenant you opt for makes all the difference. You’ll feel much more comfortable putting your home into someone else’s hands if you get a chance to have a chat, watch their body language and get a sense of their values. If meeting your prospective tenant for a quick coffee isn’t an option, ask your agent or property manager if they would be willing. Any insight they can offer you about a prospective tenant is valuable.