Defining Luxury in Today's Property Industry

Five Key Strategies to Enhance Luxury in Property Developments

In today’s property market, ‘luxury’ transcends mere opulence and high price tags.  Instead, it implies a range of qualities and standards that are met by the building itself, as well as the exclusivity experienced by those living in it.

Forbes explains that, ‘The generic categorisation of luxury would be any property above grade to the rest of the market, with high-end finishes, architecture and property design.’  However, they also highlight that, ‘Typically, luxury property buyers are experienced real estate purchasers, and the purchase is largely about their wants, rather than their needs.  There is a desire to feel a connection with the property, for a certain lifestyle and design.’

In the luxury property sector, discerning tenants and buyers look for both high-end finishes and personalised, seamless living experiences.  Integrating advanced property management solutions can significantly enhance the perception of luxury by offering tailored resident services and efficient management tools.

In this blog, we will discover the five key strategies to enhance the luxury element of property developments.

1.     Personalised Resident Services

Personalising the resident experience in luxury property developments has become a pivotal strategy for enhancing satisfaction and fostering loyalty among residents.  This approach involves tailoring services and environments to meet the unique preferences and lifestyles of the property’s tenants or homeowners.  

Incorporating art into luxury residences can create unique and exclusive environments that reflect the personalities of residents.  ‘Art in luxury real estate enhances property value, creates unique spaces, and attracts discerning buyers,’ explains artist Evan La Ruffa.  Developments that integrate curated art collections or collaborate with local artists offer a personalised cultural experience, enhancing the property's distinctiveness and appeal to art-savvy tenants or homebuyers.

Integrating wellness amenities that cater to the health and wellbeing of residents also adds a personalised touch to luxury property developments.  Features such as hydroponic herb gardens, spas, specialised showers, and yoga or meditation spaces address the growing demand for health-oriented living environments, allowing residents to maintain their wellness routines within the comfort of their homes.

Partnering with high-profile chefs or wellness experts to offer exclusive services is another way to personalise the resident experience.  ‘In New York, developers anchor elite buildings with private restaurants run by the likes of Daniel Boulud, and Vongerichten, who helms the kitchen at the exclusive 220 Central Park South on Billionaires’ Row,’ writes Jennifer Gould for the New York Post.

By implementing personalised elements, luxury property developments can create environments that not only meet but exceed the expectations of their residents, fostering a sense of both belonging and exclusivity.

2.     Seamless Digital Integration

Incorporating technology that centralises essential information and services simplifies daily life for residents, adding to the effortless luxury lifestyle they’re looking for.  The numerous benefits offered by digital integration also enhance resident satisfaction while boosting operational efficiency.  As digital development agency Paramount Exposure explains, ‘In today’s digital age, customers expect seamless, personalised experiences.  Luxury businesses must adapt to meet these expectations or risk falling behind.  Digital transformation offers numerous benefits, from improving operational efficiency to increasing customer satisfaction and loyalty.’

Integrated digital platforms enable residents to access services and information conveniently, leading to higher satisfaction levels.  Features such as online document storage, facility booking and digital payment systems can streamline processes, making it easier for residents to manage paperwork and complete transactions efficiently.

Automation and advanced software solutions reduce manual tasks for property managers and customer care teams, to increase efficiency.  For instance, property management tools can automate daily tasks such as parcel management, visitor access and maintenance requests, allowing staff to focus on providing a personalised service for residents.

3.     Enhanced Community Engagement

Fostering a sense of community is invaluable on any property development but in the luxury sector, it adds intangible value to developments, fostering resident satisfaction and increasing retention rates.  

Residents of upscale communities often seek exclusive, sophisticated experiences that align with their lifestyles.  These might include exclusive social events, such as wine tastings, art exhibitions, and gourmet cooking classes, all of which can significantly enhance community interaction.  These events provide residents with opportunities to socialise in elegant settings, enriching their experience of living in the home while attaining a network of likeminded neighbours who could soon become friends.  Bex Lewis of Cleeves Residential Lettings reveals that, ‘Tenants are more likely to stay in a property long term if they feel emotionally connected to it.’  By encouraging social interactions, landlords provide opportunities for emotional connections to be made.

Implementing wellness activities like rooftop yoga sessions, meditation workshops, and personalised fitness classes can be a good way to cater to health-conscious residents, promoting wellbeing and community bonding.  ‘A thriving lifestyle program will connect your residents and help build great relationships throughout the community,’ says property management company First Service Residential.

Providing workshops on topics like art, technology, or culinary skills will allow residents to learn and engage in intellectually stimulating activities together, enhancing community ties.  Likewise, facilitating involvement in local charitable events or environmental projects enables residents to contribute positively to the broader community, fostering a shared sense of purpose.  Plus, as business and real estate coach A Brilliant Tribe points out, ‘Supporting charitable causes not only benefits those in need but also enhances the (property developer’s) visibility and reputation within the community.’

By integrating tailored engagement strategies, luxury property developers can cultivate vibrant communities that resonate with the desires and expectations of their residents.

4.     Efficient Facility Management

Efficient facility management is crucial in luxury property developments.  Residents of this calibre of homes will expect their associated facilities to be well-maintained and of a high standard, so it is vital to ensure seamless operations to enhance resident satisfaction.

Facility management tools can help streamline operations and improve the user experience.  Opting for a platform that allows residents to provide feedback on the facilities they’ve used ensures property managers are aware of any issues as they arise, as well as understand areas for investment.

There are also benefits to utilising predictive analytics, which allow facility managers to anticipate potential issues and schedule maintenance proactively, reducing the chance for facility closures and extending the lifespan of any fittings or equipment.  These tools can also be used to understand the ROI on facilities.  ‘By analysing data on space usage, energy consumption, and maintenance needs, facilities managers can make informed decisions to improve efficiency and optimise resource use,’ explains Dr. Erik Wallin for Proptech OS.

By adopting efficient facility management practices, luxury property developers can ensure exceptional living experiences, operational efficiency, and sustained property value.

5.     Sustainable and Eco-Friendly Practices

Modern luxury increasingly aligns with environmental responsibility.  Integrating sustainable and eco-friendly practices into luxury property developments can yield significant benefits, including environmental preservation, operational efficiency, and enhanced market appeal.  ‘Younger wealthy buyers (under 45) are particularly sensitive to the nexus between people, planet and their own property,’ reveals the Financial Times.

There are some notable examples of sustainable buildings proving to be lucrative projects for their developers or owners.  One such example is the Populus Hotel, in Denver.  Instead of claiming carbon neutrality, ‘Populus goes one step further in its boast of being “carbon positive”, not just offsetting the hotel’s carbon footprint but actually taking out far more carbon than it puts in,’ writes Josiah Hesse in The Guardian.

Luxury property owners and tenants are increasingly prioritising environmental considerations in their homes, driven by personal and economic motivations.  This points to the ‘Growing number of luxury property owners looking to put environmental considerations at the heart of their dream home,’ as described by the Financial Times.  Eco-friendly refurbishments not only benefit the environment but also enhance property value and appeal to conscientious residents.

Spaciable Living can help property developers significantly elevate the luxury quotient of their homes, meeting the evolving expectations of today's prospective buyers or tenants.  Please get in touch to find out more and arrange a demo here.