Residential Property Management Strategy for Luxury and Super-luxury Projects
17 ต.ค. 2022
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One’s living experience in a luxury condominium or villa can be designed by real estate developers to be just as magnificent and luxurious as a stylish stay in a five- or six-star hotel these days.
Developers achieve this through their luxury and super-luxury condominiums and houses that have emerged to fulfil the needs of residents in the premium segment. How can property managers develop themselves so that they are able to satisfy the needs of residents and win their hearts?
There’s a new definition of what is meant by residential property management when it comes to luxury properties whose luxury services are on a par with the world’s leading swanky hotels. What are the necessary skills, knowledge and expertise that successful luxury property managers need to have?
1. Property managers must have a wide knowledge of, and considerable expertise in, Luxury Property Management
The main duties of a property manager involve the upkeep of a residential property’s communal facilities, shared amenities, physical appearance and general environmental conditions. They also manage maintenance of all the assets including priceless decorations that are like masterpieces of art.
Property managers need to be well versed in the upkeep of materials of fine furniture that is highly valuable and has a long history so that these treasures remain just as elegant through the passage of time and in good condition as long as possible.
The work of property managers includes safeguarding the good image of a property project that’s always considered a timeless edifice, one that can be passed down from one generation to the next and that can witness an appreciation in its value in the future.
At the heart of luxury property management are specialists who place great importance on the physical structure of the property, both externally and internally, because it’s what makes a first impression on visitors.
Plus Property offers a comprehensive range of luxury services, collectively known as “Plus Luxury Management,” to a multitude of luxury residential projects. One of them is Baan Kai Mook Hua Hin, Sansiri’s first high-end condominium project. Since its opening some 30 years ago, the plush condo has always entrusted Plus Property with the task of property management.
It’s all thanks to the confidence that the co-owners of the condo project’s shared parts have had in the company. This place has received exceptional care as evident in the firm’s scrupulous attention to detail when it comes to the upkeep of the property, especially the way in which materials are chosen and sourced.
Small defects that are in need of repair never escape our notice. As the yellow tiles shape Baan Kai Mook’s enduring visual identity, repairs of the cracking tiles often involve a painstaking process of colour customisation to ensure the new colour is closest to the original.
The goal is to maintain the property’s classic look as it was on its opening day. As a result, units of this residential property project have appreciated in value by tenfold.
The mustard yellow mosaic tiles at Baan Kai Mook Hua Hin
Each of the super-luxury residential properties has its own distinctive character. Property managers must have outstanding attention to detail and be well aware of the property’s background and knowledgeable about the specific qualities of materials like marble, wood textures, tiles and paint.
They also need to know all the fixtures and furnishings in the property as well as how to care for them correctly. The goal is to avoid causing damage to materials or diminishing their value as a result of a complete lack of experience or knowledge about proper maintenance.
When in charge of property management, the Plus Luxury Management team will study the details closely with the developer that builds and designs the property. In case of a new project at the development stage, the team will take part in the development process from day one and draw up a maintenance plan in collaboration with production sources of materials.
In case of taking over from another management firm, the central support team of Plus Living Management will study all aspects of the property based on the documents handed over by the previous management. Checks are usually performed on building materials used, components of the building, its structure and various engineering systems in all spots.
Plus Property’s portfolio of Luxury Condominiums
98 Wireless
Project value: Bt 8.5 billion
Billed as one of the most expensive condos in Thailand, 98 Wireless is a super-luxury residential property on Wireless Road with an elaborate design reflecting the developer’s meticulous attention to detail. Considered the best condo in Thailand, 98 Wireless houses a priceless collection of art objects and vintage books from the World War era.
To ensure these masterpieces are well protected, the building manager and the property project’s staff members have all undergone basic training on “Curator: Behind the Scenes to Master the Exquisite Care.” Led by experts from the Fine Arts Department, the training course offered an introduction to the world of precious art objects, high-value materials and assets.
They also learned useful tips on how to take care of artworks and ensure they are in good condition and retain their original value.
KHUN by YOO
Project value: Bt 4.4 billion
KHUN By YOO is a super-luxury condominium by Sansiri designed by world-renowned YOO Studio that’s led by the world’s most celebrated designer Philippe Starck. Akin to a magnificent masterpiece of art, KHUN by YOO is one of the 36 residential projects worldwide, and in fact the first in Thailand, designed by Starck.
The unique project is lavishly adorned with magnificent glass chandeliers, considered high art and handblown by master glassmakers in Murano, Italy.
The upkeep of these art objects requires a good knowledge of maintenance and the superior skills of a specialist in caring for priceless art and other assets. As the building is decorated with several types of marble imported from Italy, maintenance of the materials requires specialised skills and techniques.
The Monument Thong Lo
Project value: Bt 6.5 billion
Inspired by a “Luxury is Space” design concept, the super-luxury property is located right in the heart of Thong Lor. Conceived as a big house in every square metre, the property is blessed with dense green foliage of a 50-year-old rain tree. Its property manager has hired an arborist to care for the big tree.
The tree surgeon makes sure it remains in its natural condition, a factor that will result in an appreciation in its value in the long term.
2. Property managers must be able to design customised services to meet the endless luxury lifestyle needs of residents
Providing services in a condo represents another concept of developing patterns of living of customers in the luxury segment. With their services upgraded to the exclusive level like those at five-star hotels, luxury and super-luxury properties tend to include special amenities designed specifically to meet the needs of top-tier customers.
Here are some of the top-notch services that Plus Property has co-designed for residents in the luxury residential property market.
- Premium Butler service at 98 Wireless and The Moment Thong Lo. The butlers here have received training by specialists who have extensive experience taking care of members of the British royal family.
- Personal assistant (PA) service at NIVATI THONGLOR 23. The team of personal assistants offer assistance and customised services to meet the specific lifestyle needs of the discerning resident.
- Concierge service at KHUN by YOO. The service aims to provide advice and offer help with bookings for a venue, event and service.
- Guest service agents at The River, themselves tasked with making different arrangements on request
- Doorman and concierge service at Quattro to ensure smooth traffic on the premises.
With a good understanding of the project’s design concept, lifestyles, behavior and different needs of residents, property managers at luxury properties need to design customised services in a bid to curate impressive living experiences for residents.
Customised services are a great complement to happy living in any residential property as residents will be able to access and use all the shared amenities and other modern conveniences up to the hilt.
Those interested in getting help with designing customised services for your residential project or looking for a free consultation or a quotation, call the Plus Living Management team at 02 688 7555. Or click here.
3. Property managers need to create Extraordinary Living Experiences
Apart from providing basic services, property managers should be able to offer exclusive services to create surprising and delightful living experiences for residents every single day they live their lives in the residential project. This will help aid their relaxation, making them feel well taken care of all the time.
Residents should be treated to special occasions where they can take part in various interesting activities. They should be in the circumstances where their problems get sorted out without the need to request help. Exclusive services tend to leave a lasting impression on residents.
Some of the surprising and delightful experiences provided by Plus Luxury Management include event planning service that encompasses a wide range of events such as welcome receptions for VIPs, birthday bashes, and proposals of marriage.
Other services include parcel delivery to the resident’s room*, pickup of meal orders from food delivery riders, table setting in the Private Lounge* and in-room equipment repairs.
*Services are available at some projects and subject to conditions and agreements.
The exclusive events managed by Plus Living Management include Sunset Evening Cocktail Night, Movie Night, Chef Table, Executive Wine Tasting, Afternoon Tea, Flea Market, and Food Trucks. These activities are subject to the particular needs of the executive committee of each property project.
Besides, Plus Living Management has produced its own list of luxury vendors spanning all categories for the convenience of residents. The list consists of useful service providers such as catering companies, florists, spas and limousine services. There’s a range of special privileges offered by leading partners as well. Arrangements can be made to use these services whenever needed.
4. Property managers need to have both hard and soft skills
Efficient residential property management requires a range of practical skills. Property management staff need to possess management skills, a good knowledge about the powers and duties of a condominium juristic person and even security systems.
They need to possess exceptional leadership skills that would be useful when dealing with unexpected problems or emergencies. They also need to have a good grounding in finance, accounting and law and know how to deal with government agencies and partner companies.
Providing excellent services should always come with utmost care and an eye for detail pertaining to the discerning resident’s specific needs. Staff also need to be service-minded and have a positive attitude towards residents when listening to their needs and managing issues for the sake of their convenience.
Knowledge about and expertise in property management as well as the ability to create special living experiences for residents are among the essential attributes of providers of property management service and property managers. They have all been carefully selected for the jobs and received training to develop the necessary skills for efficient property management.
These skills allow staff to carry out property management in a professional manner and provide happiness to all aspects of the resident’s life in the property.
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The key to developing high-quality property management professionals by Plus Property is smart recruitment. From there on, staff members would receive training continuously at PLUS Eduplex. The training institute designs its own learning formats, learning tools and other innovations with a broad curriculum and a range of academic disciplines that are useful for all relevant professional fields.
Our staff learn both the hard and soft skills through training courses facilitated by experts with extensive professional experience. Lecturers share and pass on ideas and knowledge to students from one generation to the next. Courses also focus on the upskilling and reskilling of trainees so that they feel confident of dealing with all types of customers’ needs.
PLUS Eduplex's curriculum consists of a range of programmes of study like "Luxury Management and Guest Experience Programme.” This course covers in part the following subjects:
- Inspiring service excellence
- Property product knowledge
- Luxury concierge knowledge
- First impression, and how to develop an attitude/personality
- Standard preparation for provision of services, dressing codes, welcoming and greeting guests, etc.
- Standard provision of valet, doorman and limousine services
5. Property managers are more than project managers, but capable of providing thoughts on multiple issues that exceed residents’ expectations
Apart from performing the basic duties to the best of their ability, property managers must be able to provide help to residents with meticulous care. This is one of the most important factors for perfect property management.
The best example of property management is one that's carried out in accordance with the required standards. But if the service provider didn’t have a service-minded attitude, residents would end up having a difficult time without anyone by their side.
Most residents in condos live either alone or in the conventional nuclear family. When faced with an unexpected problem or an emergency, they tend to feel a nagging anxiety.
The Plus Luxury Management team has over the years helped resolve a number of issues with impressive results that won praise from condo inhabitants. Many are pleased with the Plus team's performance, saying the team stands by their side in every situation.
Here are some of the testimonials from satisfied residents.
"All members of the Plus team took care of different issues exceptionally well, helping to solve problems and offer multiple alternative solutions. We didn't even have to figure it out on our own. We usually made decisions only," said a resident at 98 Wireless.
"Many thanks to the team of butlers that helped take care of the VIPs at the event. They were very helpful in facilitating coordination between different departments so that the reception that night went so smoothly that it ended up becoming the most perfect one," said another inhabitant at 98 Wireless.
"The concierge service and Plus Property are just great people. They have an excellent approach to taking care of residents. They’d always be there to communicate with us. Dealing with some finicky resident in a super-luxury condo is no easy task. But you did a great job. I can propose my ideas and get feedback right away every time," said an inhabitant at KHUN by YOO.
"I don't know what to say, but I'd like to say, ‘thank you so much.’ They have lots of kindness and we can feel that their kindness is immense. We are like a family. I don't know how to describe. If I have to move out in the future, I'm not sure whether I will be able to find a juristic person like this," said a resident of Quattro.
With due care and attention, the Plus team has been able to create a peaceful atmosphere where everyone feels they are part of one big family. They can trust and rely on each other even when it comes to a personal matter or a business that the resident is not ready to carry out on their own at the time. This is another skill that property managers of a resident project need to acquire.
Plus Property has redefined luxury property management in its own unique way. Besides the excellent services that are on a par with five-star or six-star hotels, the ability to provide the most exclusive living experiences is central to successful property management.
This results in residents feeling carefree and relaxed throughout their time in the property. Attention to detail, meticulous care, and the ability to figure out solutions for residents and help members of the residential project in every difficult situation are among of the crucial qualities that property managers should have.
However, above all else, property managers need to develop a good understanding of property management in all its aspects. These include co-existence care and management, the need to ensure transparency in management, a good knowledge of Thailand’s Building Control Act, supplier management, and the upkeep of the physical characteristics of the project.
These are the crucial elements that necessitate planning of a continuous maintenance process. The goal is to make sure luxury and super-luxury properties are restored to their former glory with a good chance of appreciation in prices over time. This will result in improved quality of life for residents, higher living standards and a wonderful sense of sustainable well-being over the long term.
Within its property management portfolio at present, PLUS is managing luxury-level projects such as KHUN by YOO, 98 Wireless, The Monument Thong Lo, Baan Sansiri Pattanakarn, The River, Nivati Thonglor 23, Athenee Residence, The Bangkok Sathorn, Ficus Lane, Reflection ,CONNER Ratchathewi, The Legend Saladaeng and more.
Plus Property is a full-service professional real estate agency that provides comprehensive assistance in reselling/letting properties and the purchasing of second-hand condominium units. With more than 25 years of experience, PLUS’s team of quality professionals manages residential and commercial properties and also manages projects’ sales and marketing, heeding to all types of demand.
For additional information about our services, call 02 688 7555, or click here
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