Luxurious Properties Owner

Luxurious Properties Owner

Hello Everyone!

I just purchased a luxurious property in Florida. I am considering using it as SVR, however, i would like to get some feed back  on your experience with  luxurious property owners, What are the pros  & cons? Please tell me what are your worries and fear to rent your luxurious property?

Also, any of you work with PM? Thanks You

Lucie

7 Replies 7
Laura2592
Level 10
Frederick, MD

@Lucie474 well I think you have to define "luxurious" more specifically as there may be many different interpretations. Is it a private island where guests land their jets? Or a space with brand new furnishings, high thread count sheets and a nice view? Are you targeting the idle rich and celebrity set and charging several thousand a night? Are you providing catered meals, a heated pool, a private hot tub? What does "luxury" mean to you?

 

I don't think the advice will be terribly different for a "regular" vs "luxury" vacation rental. You already have an ABB space up and a few dozen reviews. What are you looking to find out that may be different than what you already have learned? What specific things are you concerned may be different about this new place?

i, well a room can be quit different as I am with the guest... just what to expect. Never rented a whole place before. Have had any problem in the past with guest or even  managing. Thx

thank you!

 

Lucie,

I understand your post is almost a month old, however I just recently joined this community here. So I am not clear on what you refer to as Luxury, however I can share my experiences here in Florida as an owner of a oceanfront condominium. I am both a Host and recently started a property management company looking for property owners who I can help.

You ask for the good and the bad? Honestly I have been very fortunate with the guests that have stayed in my beachfront condo and most leave the place in good shape and follow my rules. I think it really comes down to managing the whole process in a professional way, from pricing your place correctly, decorating it. communication with guests to cleaning it.

I believe renting your property as a STR is hands down the better way to go. You will generate double the rent and professionally cleaned and inspected 4-5 times per month between each guest. Your property needs to be in perfect condition for each guest as your reviews depend on it. It's all about the reviews !! 

@Lucie474  "Luxury" is subjective - to some people it means private jets and red carpets and vintage champagne, but for over 2.2 billion people on this planet, accessible drinking water is a luxury. 4 out of 5 people alive today have never flown on an airplane of any kind, let alone a private jet, so that's a decadent luxury in itself. The word carries a fiscal and moral burden that a tiny circle of elite brands can afford to absorb (mainly by sweeping history under the rug), but Airbnb fell flat on its face when it tried to get into that game. You can book chateaux in France on this platform, but to most of the public it's still a brand all about sleeping in a stranger's house because it's cheaper than a hotel, or piling your friends into a place without security staff to throw an illegal Corona party. If "luxurious" is the message you want to convey, you might want to hitch yourself onto a different platform.

 

On the other hand, your Alameda listing looks lovely in so many ways - great lighting, convivial atmosphere, cozy kitchen, and a nice lived-in homey feel. You've sold it very well as a comfortable and quirky place to chill out, and that meshes really well with the Airbnb demographic. If your Florida property is radically different in scale, you might have to carefully refine who exactly your clientele is, before Matt Gaetz turns up with a "friend."

Hi there,

 

I was hoping for some insights from those with "luxury" properties. There seems to be a trend of groups gathering for special occasions at beautiful upscale properties but difficult to get a sense of the demand. By luxury, I mean 5000-8000SF with topline ameneties and features - expensive. $3000-$4000 per night. Can hosts with these properties give me a sense of the demand? How often are guests booking over the course of the year? I'm thinking of creating a space like this in the Atlanta area.

Thanks