Property management and its contribution to the evolution of residential real estate

A decade ago, luxury homebuyers consisted primarily of Ultra High Net Worth Individuals (UHNIs), High Net Worth Individuals (HNIs), and Non-Resident Indians (NRIs). However, over the years, analysts anticipate a rise in the number of first-time homebuyers, investing in luxurious properties due to more disposable income. Modern homebuyers study and research more, and are tech-savvy, and inclined to make conscious decisions towards protecting the environment. As homebuyers are fully aware, they demand amenities and facilities that cater to a sustainable lifestyle. A recent survey by India Sotheby’s International Realty shows that 89% prefer luxurious homes over commercial real estate. Around 75% of HNIs in India are looking for buying luxurious residential properties over the next two years, these factors have resulted in boosting the need for Property Management in the sector. Property management service is a boon for the real estate sector, helping set the benchmark for a high standard of living and buyers’ mindset.

The emergence of new trends, owing to the ever-evolving consumer shift, has witnessed high-end developments with space for live-work-play at prominence. An affinity towards a holistic living experience, keeping both sustainability, as well as well-being at centre, has been a major catalyst for the surge in property management services. Personalization has also been a key driving force behind this trend — the idea of an ideal living ecosystem means experiences that are curated exclusively for homebuyers and run seamlessly without the need for their intervention.

Today, professional IFM companies are constantly working towards improvising their services to heighten customer experience, using customized technology combined with skilled and qualified on-ground workforce. Ultra-luxury homebuyers are looking for properties equipped with professional housekeeping and landscaping teams, handypersons, administrative solutions, concierge, and security services. All busy homebuyers who consider their homes to be state of the art, but don’t have enough time to maintain their homes are finding immense value in innovative IFM service providers who have the technology and expertise to install and manage smart systems that monitor the building security and performance. Through these automated monitoring systems, and a trustworthy set of people on ground to overlook them, owners can easily maintain their homes without being physically present.

Few years ago, a leading IFM company in India has elevated the sense of a luxurious lifestyle by developing a technology-integrated home-assistance service. This provides specialized housekeeping services by highly groomed professionals, technical support by expert engineers, and services for home solutions like marble cleaning, sofa shampooing, car cleaning, and other à la carte services carefully curated for residents. The service is also available on a community engagement app that connects residents, building managers, and CRM on one platform. From hosting discussions, classifieds, and galleries, to sharing important advisories, bills, etc., the app eases communal living. While the developers, offering luxurious real estate, provide state-of-the-art amenities, property management firms, ensure maintenance of such amenities, thus increasing the asset lifecycle in a sustainable manner.

So, here’s a food for thought — with rapid evolution of real estate sector and changing minds of homebuyers, can the definition of ultra-luxury be limited to creating seamless experiences? In the era of digitization, luxurious homes are more than just living in opulence; we now require space that is personalized, family-friendly, and comfortable with all-encompassing amenities. Families now demand more from their homes, beyond gated communities and the usual cliché of facility management. The sense of community and togetherness has become crucial. Especially in cities, where there is no dearth of real estate properties to invest, luxury real estate is much sought-after because it fulfils our needs that have evolved into complex physical and emotional systems.

Property management is the future of living in luxurious real estate properties.

(The author is Head – Residential Operations, Embassy Services Pvt. Ltd.)

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