The Benefits
of Luxury Property Management
for HNW Families
Owning a luxury property comes with unique challenges and opportunities, especially for High Net Worth (HNW) families seeking comfort, security, and effective management of their real estate investments. Luxury property management services cater specifically to these needs, offering a range of benefits that enhance the overall ownership experience and preserve the value of these prestigious assets.
Expertise and Skills Required for Luxury Property Management
Managing a luxury property involves more than just routine maintenance. It demands specialized skills and expertise to deliver exceptional service tailored to the unique demands of HNW families:
Comprehensive Property Maintenance
Luxury properties often feature intricate designs, advanced technology systems, and high-end materials that require specialized care. Property managers with expertise in luxury homes ensure that every aspect of the property is meticulously maintained, preserving its aesthetic appeal and functionality.
Security and Privacy
HNW families prioritize privacy and security. Property managers trained in luxury management understand these concerns and implement robust security measures and protocols to safeguard the property and its occupants.
Concierge Services
From arranging exclusive events to coordinating travel logistics, luxury property managers provide concierge services that cater to their clients’ sophisticated lifestyles. These services include personalized services such as private chefs, VIP event planning, and private jet services.
Staff Management
Coordinating household staff is a critical aspect of luxury property management that ensures seamless operations and enhances the living experience for HNW families. Proper staffing is essential for maintaining the high standards expected in luxury homes, and experienced property managers play a pivotal role in this process.
Financial Management
Effective financial management is crucial for HNW families with multiple properties and complex investments. Experienced property managers handle budgeting, accounting, and financial reporting with transparency and accuracy, ensuring efficient and cost-effective operations.
Local Compliance Expertise
Luxury properties often have legal complexities related to zoning regulations, homeowner association rules, and local ordinances. Property managers with local expertise navigate these issues seamlessly, ensuring compliance and mitigating potential risks.
Benefits to the Luxury Property Owner
The advantages of engaging luxury property management services extend far beyond convenience. Here are some key benefits for HNW families and property owners:
Peace of Mind
Entrusting luxury property management to professionals allows owners to enjoy peace of mind, knowing their investment is in capable hands. Property managers handle day-to-day operations, emergencies, and ongoing maintenance, freeing up time for owners to focus on their personal and professional pursuits.
Enhanced Property Value
Diligent maintenance and strategic management practices help preserve and improve the value of luxury properties over time. Property managers ensure that the property remains pristine, which is crucial for maintaining its market appeal and resale value.
Customized Service
Luxury property management services are tailored to the specific preferences and lifestyles of HNW families. Whether arranging bespoke experiences or managing household staff, property managers provide personalized service that enhances the overall living experience.
Optimized Operational Efficiency
Efficient management practices lead to cost savings and improved operational efficiency. Property managers leverage their industry knowledge and vendor relationships to negotiate favorable contracts for maintenance services and utilities, optimizing operational costs without compromising quality.
Access to Network and Resources
Established property management firms specializing in luxury homes often have extensive networks and resources that benefit property owners. This includes membership to professional organizations, like Private Service Alliance, and access to reputable contractors, interior designers, and other professionals who can contribute to the maintenance and enhancement of the property.
Technology Integration
Modern property management involves integrating advanced technology for smart home automation, security, and energy management, enhancing the convenience and efficiency of luxury living.
Sustainability Initiatives
Property managers can implement sustainable practices, such as energy-efficient systems and green building materials, aligning with the environmental values of many HNW families.
In conclusion, luxury property management services offer HNW families a comprehensive solution to the complexities of owning high-value real estate. By leveraging expertise in property maintenance, security, concierge services, financial management, and legal compliance, property managers ensure that luxury properties are maintained to the highest standards while enhancing the overall ownership experience. For discerning property owners, investing in professional luxury property management protects their investment and elevates their lifestyle through unparalleled service and peace of mind.
Driven by a passion for artistry and quality craftsmanship, Pete ventured into entrepreneurship by founding an art gallery and framing shop. His return to residential real estate was marked by a specialization in high-end luxury construction, where he honed his expertise.
Currently, Pete concentrates his efforts on managing luxury properties throughout the Chicagoland area, leveraging decades of diverse experience and a deep understanding of the local market.
Executives:
It's Time to Lose the Guilt
"I FEEL GUILTY ASKING MY EXECUTIVE ASSISTANT TO DO THINGS FOR ME"
This was an unexpected and surprising statement coming from three seasoned executives at different companies. Guilty? About what? As much as I know about the partnerships between executives and assistants, I had not heard much about guilt. I asked these executives if they thought that other executives felt guilty too? They thought about my question and each replied, yes, they think that others do too.
One of the leaders shared that his wife even said, “Why are you asking Beth (the EA) to do XYZ for you? Why don’t you just do it yourself?” Uh oh, more guilt.
As the workplace continues to undergo a seismic shift in the aftershocks of the pandemic, there are a wide array of feelings being experienced by leaders and executive assistants alike. Anxiety, stress, fear, pressure, disillusionment, and loneliness are just a few. Now guilt is apparently part of the messy workplace stew.
Defined, guilt is about “feeling shame or regret as a result of bad conduct.” As a consequence of guilt, leaders report that they feel conflicted about being worthy and deserving of support by an assistant. After all, this is the person who has been specifically hired to fulfill these responsibilities.
To feeling guilty, I say please stop.
The truth is that leaders can be two to three times more effective, in their work and in life, by utilizing the talents and skills of a professional executive assistant. Experienced and trained executive assistants function as proactive business partners who are ready, willing, and more than able to support leaders to maximize productivity, partnerships, and profits with a minimum of stress, drama, and guilt.
Simply put, it’s time to lose the guilt once and for all. Here’s why.
As leadership expert and Founder of COO Alliance, Cameron Herold says, “If you don’t have an assistant, you are one. I’ve had my Executive Assistant Meridith with me for almost six years now. The more I delegate to her, the faster my company grows. We’re now at the stage we’re ready to find her a fractional EA for her, to offload some of the more truly admin work, so she can continue handling larger projects for me. I used to feel guilt delegating tasks to assistants, but I don’t anymore.”
Disruption at a whole new level
The reality in the volatile workplace of 2022 is that company leaders are challenged in new and unprecedented ways. The “way things used to be” are dimming in memory. New workplace rules about going into the physical office, for example, have been created on a day to day, figuring it out as we go fashion. The stakes are high as leaders feel as fragmented and disoriented as the staff.
The Great Resignation came on the heels of a pandemic that followed no rules or schedule. When the workplace morphed in a matter of days in March 2020, we all hoped it would be temporary, and it has turned out to be quite the opposite.
No leader was ever trained to manage a situation like this one. It follows that leaders need support more than ever.
Executive assistants well understand bringing order to chaotic situations because it is built into their job descriptions and who they are. That’s what they do. In a time when leaders can easily be losing sleep over any number of challenges, executive assistants can be a leader’s secret weapon to getting things done and still have a life. Executive assistants are driven by being the problem-solvers and having their talents leveraged. In fact, leaders need to know that executive assistants resign from positions when this is not the case.
What is also true is that the administrative staff of the world fill a unique and often misunderstood role. Theirs is the only job, by definition, that relies exclusively on the people they support for their very existence. The partnerships then, between leaders and executive assistants, are also unique and specific to them. It’s not one size fits all. Since most leaders receive little to no training on what assistants can be expected to do, made even more muddy since 2020, it’s no mystery why there is confusion.
But what about the guilt, and how can leaders lose it? Whether the guilt comes from not being clear on what assistants do or the false belief that it is easier to do it yourself, or fear of managing a remote team, here is my advice to leaders for losing the guilt, once and for all.
ASk
Talk with your executive assistant to ask about what s/he does and the other responsibilities s/he is interested in/capable of doing in response to the current needs rather than an obsolete job description. Make it safe to have a candid conversation together about the ways each of your roles can be better leveraged. My promise to leaders is that your executive assistants will have opinions on these questions if they are asked.
24/165
Time. Take a fresh and hard look at your 24 hours each day and your 168 hours each week. Examine how you are really using your precious time and determine what tasks are better performed by your executive assistant. Any hours that your executive assistant saves you is time you can be focused on the work that only you can do (and why you are in your role), not to mention time with your family, going to the gym, calling your mom, playing golf, or just having time to think.
money
What is your time worth? Some executives tell me that to do everything themselves saves them money. I would argue that is short-sighted thinking. Doug Conant, former CEO of Campbell Soup, calls an executive assistant’s salary “a cheap date who is worth their weight in gold.” He also said that he tied his executive assistant’s compensation to his own because her work was integral to his.
the bottom line
Feeling guilty about asking your assistant to do their job does not serve leaders or organizations. Utilizing and leveraging an assistant is a smart business decision that has a direct impact on the bottom line. I advise leaders to delegate the tasks that you are not good at, don’t like to do, and are not the best use of your time. Plus, assistants can do these things better anyway.
Henry Ford famously said, “Cut your own wood, and it will warm you twice.” That may be true, but I would respectfully ask Mr. Ford if cutting his own wood is the best use of his time? My sincere hope is that he would not feel guilt about delegating this task to others. In the current workplace, total self-sufficiency is not always a virtue.
Bonnie Low-Kramen serves as an Educational Director to Private Service Alliance’s Advisory Board of Directors. She is an accomplished author, educator, and TEDx Speaker. Her latest book, Staff Matters, addresses many issues found in today’s work culture.
This article was first published in CEO World Magazine, March 9, 2022.
