Introduction to Estate Management – What is Estate Management?
Estate management involves the assessment, acquisition, development, marketing of a commercial property, including offices, shops, hotels. Estate management is not limited to commercial properties alone. It also includes the management of residential buildings.
In simple terms, estate management is the management of urban and rural buildings to make a profit for the owner. It involves a person who has shown interest in the estate and property, directing and supervising a landed property to achieve returns in the form of monetary value, political, social status, prestige, etc.
The field of estate management is related to facility management. Facility management covers the field of estate management, and facility managers can also function as estate managers or property managers.Estate managers help to estimate the worth of a property using scientific methods and applications in answering important questions and finding solutions to problems.
Difference Between a Real Estate Manager and a Property Manager
Real estate management and property management are two different but similar fields that are overlapped.
The major difference between estate management and property management is this: Real estate management is involved with listing and selling of properties for property owners. Meanwhile, property management on the other hand is involved with managing properties for property owners. Managing properties include repairs and maintenance, renting of properties, dealing with tenant issues, and other property management services. Hence, a property manager can also be referred to a facilities manager.
Property managers are often in a contract deal with property owners, who pay an agreed percentage of the profit gotten from the property through leasing or other means to the professional property managers for their managing services.
Moreover, while estate managers often get affected when there is a down-slide in housing market, property managers usually don’t get affected because property owners turn to them to rent out their houses until the wave is calmed.
In this article, estate management will be used in the same context as property management. Hence, an estate manager or a property manager is an individual or firm responsible for managing a property, be it individual titled owned or a share block company owed registered for residential, commercial, or industrial use. The property manager is paid an agreed fee.
Types of Estate Management
There are several types of property management or estate management. The types of estate management that exist depend on the type of building or facilities being managed. While some estate management companies focus on one type of estate management, others focus on more than one type of estate management.
There are 4 major types of estate management:
- Asset Management: Although often associated with the finance sector, asset management also have a connection with property and estate management. Asset management is the process of developing, maintaining, and selling items of property having value owned by either a person or company to generate profit. These items can meet debts, commitments, or legacies.
- Self-storage Management:This is a type of estate management that involves overseeing and managing operations in a facility that offers storage space rentals. Managing a self-storage includes ensuring that the storage units are clean and the security and safety system is functioning.
- Commercial Property management: This type of estate management or property management includes managing buildings or facilities that generate income. These facilities may consist of office buildings, retail stores, industrial properties, and warehouses. Commercial estate management can be a very profitable estate management depending on the number of the tenant occupying the facility, the size, and the specific use of the facility.
Commercial property managers or estate manager duties may include filling vacancies, daily maintenance of facilities, etc.
- Recreational Estate Management: Recreational property management service includes management of properties such as resort centers, recreational parks, marinas, and other social centers.
Why is Estate Management Important?
Why is property management critical? A facility, building, property, or estate managed by a property manager or an estate manager will not cost the property owner money. Rather, it will fetch him money. The following are the duties of a property manager or an estate manager:
Functions of an Estate Manager or a Property Manager?
The following are the duties of a property manager or an estate manager:
- Fulfill Property Owner’s Goals: The first function of a real estate agent is to meet the goal of the owner
- Property managers help to develop a plan to manage the properties
- Estate managers are saddled with the responsibility of developing and implementing marketing plans using tools needed to conduct market and property analysis to determine rental rates and target audiences for the purpose of marketing.
- Another function of a real estate manager is the development of a maintenance program for the facility or restate to be managed.
- Responding to and meeting the needs of the occupants of a facility such as security is another duty of an estate manager.
- Preparing budgets and cash flow projections that adhere to the forecast of the property owners.
- Effective communication between facility occupants and owners.
Estate Management Courses in Nigeria
Estate management course is studied taught in several universities across Nigeria in Estate management course is taught essentially with valuation and management of land and buildings. It also includes several courses, including
- Quantity surveying
- Business and finance
- Property management
- Urban and regional planning
- Real estate finance and marketing
- Agricultural valuation
- Property valuation
- Urban and regional planning
- Property law
- Real estate financing and accounting
- Land economics
- Building technology
- Construction project management
- Agricultural economics; amongst others
How to become a Professional Estate Manager
To become a real estate manager or a property manager, you will need a bachelor’s degree or a master’s degree in a relevant field such as real estate management or hotel management. It is also important to get a degree or professional certification in facility management, property management, or building surveying.
Estate Management Job Description
An estate manager is expected to prepare and manage budgets.An estate manager job also cut across training and supervising staff, overseeing the daily operations of the estate.
In addition, an estate manager job also includes managing multiple projects efficiently to ensure the estate business yields profit.
Professional Estate Firm
- Federal Capital Development Authority
- Local Government Authority
- Banks and other Mortgage financial institutions
- Federal Road Maintenance Agencies
- Water Corporation and River Basin Development Authority
- Mobile Telecommunication Companies
- Nigerian Port Authority
- Oil Exploration and Marketing Companies
- Private Consulting Firms(Jide Taiwo, Adron Homes and properties)
- Engineering Construction Companies
- Federal/State Ministry of Works, Housing and Environment
- Railway Corporation
Estate Management Salary
According to Payscale.com, the average estate management salary is predicted to grow by 11% from 2016-to 2026.
Estate management salary per annual on average is also estimated by payscale.com to be about $81,031.
Do you have an interest in estate management or property management? Or have you already earned a degree in estate management? Getting an additional professional certificate will prepare you well for the fieldwork. At Max-Migold, we train facility managers, properties managers and other professionals in related fields to fit their chosen field. Our courses are designed for management and field personnel responsible for the operations and maintenance of property operations.