With over 8 million independent landlords across the country and more than 24 million rental units available to renters, property management is one of the biggest independent industries in the US.
However, there’s another type of property manager besides apartment landlords. A professional property manager for private estate grounds has many responsibilities as well.
Here, we’re going to take a look into who these professionals are and what they do. Read on if you’re considering expanding your portfolio as a landlord to those who live in private estates!
The Role of a Property Manager for Private Estate
Think of a butler from a BBC period piece. A private estate property manager is basically the modern equivalent of that, but with a few additional responsibilities to boot.
An estate manager is hired to take care of and maintain the many acres of land that constitute a private estate. They aren’t the owners of this land, but they’re paid a high rate to manage and maintain the household of the wealthy individuals who do own the land.
The ideal private estate property manager is personable, organized, and has a knack for understanding finance. If this sounds like you, becoming one of these professionals might be a good career path that can make you a great deal of cash! This especially the case if you live in California, the haven for those with the funds to own private estates.
What Are Their Responsibilities?
Okay, so a private estate property manager manages and maintains the land.
But what exactly does this mean? Here are a couple of possibilities.
Household Obligations
First of all, since many large estates have a lot of people working for them, a property manager must organize all of these professionals and ensure that they get the job done. This includes housekeepers, maids, private chefs, and nannies.
Many estates you may be working for own farmland and livestock. In this case, you’ll also likely be responsible for ensuring that any livestock is well cared for and that farmers who manage the crops have the resources they need to do their jobs.
Financial Obligations
As an estate manager, you will also need to manage the finances of those who live there. This includes setting budgets, deciding where money should be funneled, and setting aside the appropriate funds to pay other household workers. They might manage payroll and keep track of estate cashflow.
Many wealthy people who run estates also are business owners and operators. While they will, of course, focus on many responsibilities, you may be put in charge of some financial obligations. Check the job description of the individual place that you will be working for more details.
More on Real Estate
Now that you know the role of a property manager for private estate and what the responsibilities of these professionals are, it’s time to get more information on real estate management.
Contact us for more information on managing properties effectively and being the best possible landlord. We look forward to hearing from you!