The Super Luxury West Vancouver property management market is a different animal then your traditional clientele. Such owners are usually more involved when their multi million dollar, luxury West Vancouver house for rent is being tenanted. Understandably, they are more apt to want to meet the potential tenant for their West Vancouver rental house because damages to it could easily mount to tens of thousands if someone irresponsible was to reside in their beautiful home. Maximizing rental income is always a top priority for any West Vancouver property manager but when you are dealing with a home that is worth 5 or 10 million dollars than safeguarding the home itself is object number 1. Due diligence is performed on all prospective tenants but when someone is spending $20,000 a month on West Vancouver penthouse rent payments or $30,000 a month for a West Vancouver beachfront house for rent than they usually make a significant income and pay their bills.
This begs the question, who are these people? Why would someone who can afford to spend so much money on a West Van rental house not simply buy one? The reason for this is because most of the tenants of the super luxury West Van houses for rent are transient. Either in their work / personal lives or are in a transient place in their lives where they’ve sold a similar house and are unsure what they want to do regarding their living situation going forward. Some people question why some of our VIP Tenant, West Van property management clients could spend a quarter million dollars in annual rent? The simple answer is that if they project that their $15 million dollar house might drop in value by 3% over the course of the year, then they just made $200,000 by doing so! There’s obviously other factors involved but often times when local tenants rent a luxury home, their confidence in the real estate market is involved or they simply want to sit on the real estate sidelines and see what happens for a year or two.
When tenants are not local, corporations are usually transferring them from a different city or part of the world and the company itself generally pays the rent. Our re-locators have existing relationships with many of the largest corporations and are a great resource for supplying potential tenants. Hollywood is also a good source of renters for the super luxury market although competition is pretty stiff. Normally the assistant to the assistants assistant will contact us and they will compile a list of a dozen such properties and then take the actor or director through a one or two day tour of all the potential candidates. The production company will pay for a portion or the entire rent payment but tenancies are usually short term ranging from 2 to 6 months.
Property Management Services for the Super Luxury West Van homes for rent marketplace is a niche market and you must ensure that the company that you are dealing with has the capabilities of doing the job properly. Make sure that you do YOUR due diligence.
-Tips from the Orca