Million-Dollar Management Luxury Properties Demand Premium Services

At the vast majority of condominiums, a management company’s duties can be fairly straightforward – maintain the common areas, advise the trustees about operations, and keep financial documents and other records. But in the rarified atmosphere of $1 million-plus condominium units, the management team takes on an expanded role. Managers become home service experts, performing a myriad of tasks that are customized to individual needs. Management becomes such an integral part of the luxury lifestyle that it’s even touted in the marketing campaigns.

More than a few high-end Boston area properties lure buyers with promises of an on-site superintendent, valet parking, and 24-hour security and concierge. Marketing materials describe almost unlimited services, painting a picture that can include attendants who will wait in your home for service contractors; personal chefs for everyday meals or catering for when guests come over; tickets to any event along with the limo to transportyour party there; and a concierge who can go beyond the services of a mere travel agent to ensure your perfect vacation. The list goes on.

Beyond all the granite and stainless steel-designed kitchens, state-of-the-art master bathrooms, and rooftop terraces, the major draw for these ultra high-end properties seems to rest solely on the shoulders of a management company –and its people.

New England Condominium asked a select group of these service-specialty management firms for insight on how their niche of the real estate industry is faring lately, and what sets them apart.

Ron Brown is president of R. Brown Partners, Inc. of Brookline, Massa-chusetts, which manages 38 communities, mostly in upscale Brookline. In the highest price level, he states, “We have a building with five units – they’re all floor-through [occupying an entire floor] –in the Back Bay. They have concierge service, river views… two parking spaces per unit. One property [we manage] with 15 units provides underground parking.”

Read More...

Related Articles

Welcome Aboard

Acclimating New Association Staff Members

Addressing Management Problems

Communication, Mediation, Cooperation

The Limits of Board Powers

What You Can – and Can’t – Do