Career Development

What Does an Estate Manager Do?

Find out what an estate manager does, how to get this job, and what it takes to succeed as an estate manager.

Estate managers are responsible for overseeing the day-to-day operations of large estates. They commonly work with a team of other professionals, such as accountants and lawyers, to ensure that everything is running smoothly.

Estate managers may also be responsible for managing relationships with vendors or contractors who provide services to the estate. This might include things like landscaping, maintenance, event planning, etc.

Estate Manager Job Duties

Estate managers typically have a wide range of responsibilities, which can include:

  • Coordinating the sale or transfer of assets, including real estate and business interests
  • Negotiating contracts for the purchase or sale of estates, such as appraising the value of a home or a business to determine the asking price
  • Inventorizing all assets, including stocks, bonds, bank accounts, real estate holdings, etc.
  • Managing the day-to-day operations of an estate, including collecting rent payments, paying bills, and performing other administrative duties
  • Administering trusts and other estate plans, including managing investments, filing tax returns, and paying creditors
  • Coordinating with lawyers, accountants, appraisers, insurance agents, and other professionals who work with the estate
  • Conducting estate appraisals and valuations for probate purposes, including identifying all assets owned by the deceased person
  • Investing assets in accordance with the wishes of the deceased person or other specified requirements
  • Communicating with beneficiaries and other interested parties, such as lawyers and accountants, regarding the status of the estate

Estate Manager Salary & Outlook

Estate managers’ salaries vary depending on their level of education, years of experience, and the size and location of the company. They may also earn additional compensation in the form of bonuses.

  • Median Annual Salary: $76,500 ($36.78/hour)
  • Top 10% Annual Salary: $162,000 ($77.88/hour)

The employment of estate managers is expected to grow at an average rate over the next decade.

Demand for estate managers will depend on the demand for estate planning services. As people age, they are more likely to want to plan for their estates and ensure that their wishes are carried out after their deaths.

Estate Manager Job Requirements

Estate managers typically need to have the following qualifications:

Education: Most estate managers have at least a bachelor’s degree. Some of the most common majors for estate managers are business administration, finance and accounting.

Training & Experience: Most estate managers receive on-the-job training from their previous position. They may also receive additional training from their employer to learn the specific systems and procedures of the company.

Certifications & Licenses: While certifications are not often required for estate managers, earning a professional credential can demonstrate your dedication to the industry and increase your earning potential.

Estate Manager Skills

Estate managers need the following skills in order to be successful:

Communication skills: Estate managers communicate with a variety of individuals and groups, including clients, contractors, real estate agents, attorneys, accountants and other estate staff. Effective communication skills can help estate managers convey information clearly, ask questions, listen to others and respond to inquiries.

Leadership skills: Estate managers often work with a team of individuals, including real estate agents, contractors, groundskeepers and other professionals. Effective estate managers are able to lead their teams to success by providing clear direction, setting goals and providing feedback.

Problem-solving skills: Estate managers often work with other professionals to complete tasks and projects. They may also work with clients to resolve issues or problems. Having strong problem-solving skills can help an estate manager find solutions to challenges and find ways to improve their work.

Time management skills: Estate managers often oversee multiple projects at once, so time management skills can help them prioritize tasks and meet deadlines. They may also manage a team of employees, so time management skills can help them delegate tasks and ensure that everyone is working efficiently.

Financial knowledge: Estate managers oversee the financial aspects of an estate, including the budget, revenue and expenses. Having a strong understanding of financial concepts can help you make informed decisions about the estate’s finances. Estate managers can use their financial knowledge to create a budget, track expenses and make adjustments to improve the estate’s financial health.

Estate Manager Work Environment

Estate managers are responsible for the overall management of a property, which may include residences, commercial buildings, or agricultural land. They may work for an individual, a family, or a corporation. Estate managers typically work full time, and their work hours may include evenings and weekends. Some estate managers live on the property they manage. Estate managers typically work in an office, but they may also spend time outdoors on the property they manage.

Estate Manager Trends

Here are three trends influencing how estate managers work. Estate managers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Growth of the Senior Market

The senior market is growing rapidly, as more and more people are living longer. This means that there is an increasing demand for estate management services, which can help seniors to manage their finances and property.

Estate managers who are able to specialize in working with seniors will be in high demand, as they will be able to provide valuable services that help to keep seniors safe and secure. In addition, estate managers will need to be familiar with the latest trends and products in the senior market in order to stay ahead of the competition.

More Focus on Personalization

As the world becomes increasingly digital, estate managers are beginning to focus on personalization in order to better connect with clients.

This trend is being driven by the fact that customers are becoming more and more accustomed to having a personalized experience when they interact with businesses. As a result, estate managers will need to develop skills in areas such as marketing and customer service in order to stay competitive.

A Greater Emphasis on Family Values

Family values are becoming increasingly important in today’s society, as more and more people are looking for ways to preserve their family history. This is leading to an increased demand for estate management services, as families want to make sure that their loved ones are taken care of after they are gone.

Estate managers can capitalize on this trend by developing strong relationships with families and providing them with the support they need during this difficult time. In addition, estate managers can also offer services such as memorial planning and funeral arrangements.

How to Become an Estate Manager

An estate manager career can be a great way to use your business skills in a new way. As an estate manager, you’ll be responsible for managing the financial and legal aspects of someone’s death. This can include things like collecting debts, paying bills, and distributing assets.

To become an estate manager, you’ll need to have a strong understanding of accounting and finance. You should also be familiar with the legal process involved in probate. Additionally, it’s important to have good communication skills so that you can work effectively with family members during this difficult time.

Related: How to Write an Estate Manager Resume

Advancement Prospects

Estate managers typically start out as entry-level employees, working their way up through the ranks as they gain experience. With time and experience, estate managers may be promoted to positions of greater responsibility, such as head of household or chief of staff. In larger estates, estate managers may also be promoted to positions such as director of operations or vice president.

Estate managers who wish to advance their careers may consider pursuing advanced degrees in business administration or management. They may also consider becoming certified estate managers through professional organizations such as the National Association of Estate Planners & Councils.

Estate Manager Job Description Example

The successful management of a household requires a unique blend of skills: from bookkeeping and budgeting, to scheduling and event planning, to customer service and vendor management. If you have a passion for organization and a knack for keeping things running smoothly, we’d like you to become our next estate manager.

As the estate manager of [CompanyX], you will be responsible for the overall operation of the household, including but not limited to: budgeting and financial management, scheduling and event planning, vendor and customer relations, maintenance and repair coordination, and staff supervision. In addition to these duties, you will also be responsible for the security and safety of the premises and all occupants.

The successful candidate will have experience managing a household, as well as strong financial, organizational, and customer service skills. He or she will be able to work independently and take initiative when needed, but also know when to ask for help. Most importantly, the estate manager will be a trusted and reliable member of the household staff.

Duties & Responsibilities

  • Serve as the primary point of contact for all estate matters, including but not limited to: maintenance, repairs, housekeeping, landscaping, and security
  • Manage vendors and contractors, ensuring work is completed in a timely and efficient manner while adhering to budget
  • Oversee the care and upkeep of all furnishings, art, and other valuables, making sure they are properly maintained and insured
  • Plan and execute all events held on the property, from small gatherings to large parties
  • Serve as a liaison between the family and all staff members, managing schedules and communications
  • Handle all financial matters related to the estate, including budgeting, paying bills, and tracking expenses
  • Maintain accurate records of all inventory, both inside and outside the home
  • Ensure that all health and safety standards are met and that all necessary licenses and permits are up to date
  • Supervise all cleaning, laundry, and cooking staff, delegating tasks as needed
  • Coordinate with gardeners, pool cleaners, and other service providers to keep the property in pristine condition
  • Perform regular inspections of the property to identify any potential problems
  • Handle all security matters for the property, including alarm systems, cameras, and gates

Required Skills and Qualifications

  • Bachelor’s degree in business, hospitality, or related field
  • 5+ years experience in property management, hotel management, or a similar role
  • Proven experience managing staff and large budgets
  • Excellent communication, customer service, and negotiation skills
  • Strong organizational, time-management, and multitasking abilities
  • Proficient in Microsoft Office and Google Suite

Preferred Skills and Qualifications

  • Master’s degree in business, hospitality, or related field
  • 7+ years experience in property management, hotel management, or a similar role
  • Working knowledge of QuickBooks or other accounting software
  • Familiarity with building maintenance and repair
  • Experience with event planning and coordination

Similar Jobs

Previous

What Does an Atmospheric Scientist Do?

Back to Career Development
Next

What Does a Health Information Manager Do?