Estate Management – Your Insurance PolicyDec 17, 2022
Did you know that over 50% of Malibu home owners don’t live there full time? Like many destination and luxury locations, these homes are left unattended. At Monarch, with our Estate Management division, we are able to provide you peace of mind: an insurance policy while you’re away.
When it comes to luxury real estate, many own multiple homes in many areas of the country and internationally. Most people are familiar with the term property management. Estate management is not a financial planners job, at least not when you’re dealing with this level of real estate. The role of a property manager is similar but actually quite different than an estate manager.
Estate Manager is the most widely used term in the business. Most candidates with a bit of experience running a household will mistakenly call themselves an Estate Manager. Likewise, other terms can be confused with it such as Majordomo, House Manager, and Butler. However, with a clear picture of the Estate Manager’s functions it is easy to see who truly fits the position. A common abbreviation for those in the industry is “EM”.
Estate Managers are common in households of 15,000 square feet and larger, and especially for individuals with multiple properties, extensive grounds, elaborate art, antique, and wine collections, or complex technology. To really understand the complexity of this position, let’s look at the functions of being an Estate Manager.
Estate Manager is the top level in the household. They work directly with the owners to plan and execute the overall management of property and service. Where there are large or multiple homes the Estate Manager is the “C.E.O.” of the organization, carrying out the wishes of the owner at each location. Estate Managers typically set the service standard and are responsible for the hiring, training, and ongoing management of staff required to meet the service needs of the household. In addition to personnel management, the administrative functions are many. All related financial matters including accounting, budgets, and payroll normally pass through the EM’s hands. Based on the size of the property the Estate Manager may wear many other hats. Common tasks include screening and overseeing outside vendors, contractors, construction projects, maintenance of pools, landscaping, autos, yachts, private planes, etc.
With multiple properties, most EM’s travel ahead of their employer to get a property ready for their arrival and bring the staff up to speed on any necessary changes or service requirements. An Estate Manager may also be called upon to plan and execute events for the owner. This could range from a simple dinner for eight to a grand, formal gathering for eight hundred. The level of “hands-on” involvement can vary from full participation in gardening and cleaning to strictly office based administrator.
At Monarch Real Estate Collective, our Estate Management division has over 20 years experience and is committed to serving all of our clients’ properties. As stated above, estate management is not just limited to the Los Angeles area or even California, for that matter. We have systems in place to effectively protect and maintain your real estate investments regardless of the location. With our professional staff, knowledge and superior vendor contacts, your personal assistant will just make one phone call to us rather than wasting hours resolving an issue regarding your house. Additionally, the Lifestyle Concierge division is available to assist you with any of your personal lifestyle needs.
We provide more than just an efficient approach to managing your homes, it’s a peace of mind. Your luxury real estate investments should be managed and secure at all times, just like your luxury vehicles, jewels and art.
As a company, we are committed to excellence and building trust so you feel confident in all we have to offer. So, if you want an agency that not only facilitates your luxury real estate transactions but consults, protects and manages your real estate portfolio, there is no other choice – Monarch Real Estate Collective!