Estate Management deals with the appraisal, acquisition, development, marketing, or management of a property. Estate Management includes a broad category of commercial property such as offices, hotels, shops, or it can refer to the management of a residential property.
A career in Estate Management offers exciting opportunities for those interested in the property sector. There are long-term job opportunities available to goal-oriented, driven, and passionate individuals.
Who is an Estate Manager?
An Estate Manager leads the team for a private client. They work directly with the owner to plan and execute the overall management of property and service. The Estate Manager oversees a large estate and multiple properties owned by one principal.
As an Estate Manager, you will be in charge of the staff employed at the properties, overseeing hiring, training, and management. You will represent your clients in matters regarding the running of the estate and interface with accountants, financial advisors, contractors, lawyers, etc.
Responsibilities of an Estate Manager
- Handle and execute day-to-day operations of commercial properties.
- Answer and respond to customer service requests and inquiries.
- Process customer work orders, needs, and requirements.
- Interact and ensure smooth relationships between tenants and owners.
- Provide lease administration for commercial properties.
- Prepare financial budgets, reports, and statements relating to the real estate business.
- Initiate and implement methodologies in managing properties.
- Initiate work processes to enhance business growth.
- Assist and support administrative and field staff to maximise performance.
- Implement best practices, procedures, and standards in real estate operations
- Source, Screen, and overseeing operations of external vendors.
- Collect Rents.
Skills required in Estate Management
Communication – As an Estate Manager, you must have strong written and oral communication skills. You will be in charge of liaising between the owners and staff, tenants, contractors, etc. Instances of miscommunication can cause losses in revenue, productivity, etc.
It would help if you learned how to clearly and articulately communicate with others to understand what is expected of them properly.
Organisation – Your job as an Estate Manager will require you to have the necessary organisational skills. As an Estate Manager, you will take part in multiple projects. These could be leasing one unit, renewing leases for another, renovating another, and managing eviction proceedings for yet another. To stay on top of all of these details, you must have exceptional organisational skills.
Interpersonal skills – As an Estate manager, you need to be able to work with other people. This can be through negotiation, such as dealing with unscrupulous tenants, or mediation by formulating a contract that suits both sides. Having good interpersonal skills builds trust and can lead to long-lasting relationships.
Problem Solving – Estate Managers are often put in charge of properties by absent clients. This means that you will have to make decisions on your own. You will have to find economical and creative ways to manage issues and solve problems that will be acceptable to your client.
Leadership – To operate effectively and bring value to your client, you will need to work with a team to manage the property or properties optimally. You will also need leadership qualities to know how to manage people and relationships. That way, you can achieve a common goal.
Adaptability – A good real estate manager should learn how to evolve with the market. You should be able to adapt to everchanging trends demands in order to perform your duties effectively.
Marketing and Sales – An Estate Manager may often play the role of a Real Estate Agent. You must know where to list the vacant property or unit, you must know how to craft a marketing copy to attract tenants, and you must be able to close the deal.
Educational Requirements for a career in Estate Management
To pursue a career in Estate Management, you should start by getting a degree in real estate from one of the reputable institutions below;
1. Nottingham Trent University, United Kingdom – Established in 1962, Nottingham Trent University is one of the largest universities in the UK, with over 30,000 students worldwide. Rated in the top 20 among UK universities for student satisfaction and were given the University of the Year 2019 award in the Guardian University Awards. Their courses will provide you with a head start in the job market. with 96% of their graduates getting employed or engaged in further study six months after their exit. It is the perfect place to begin your journey to success.
Nottingham Trent University offers a BSc (hon) program in real estate. The course will introduce you to all aspects of property management, including valuation, development, sustainability, and financing projects. You will examine real estate, from development, investment, and management, through to sale and acquisition. It will help you develop skills business planning and project management and learn from the relationships between – and the demands of – occupiers, developers, investors, and funders. Tuition for international students is around $18,500.
2. Deakin University, Australia – Established in 1974, Deakin University is one of Australia’s largest university. Known for its innovative research centres and first-class facilities, the university ranks 16th on the QS Australia University Rankings 2020 list. It is spread across four campuses; Geelong Waurn Ponds, Geelong Waterfront Campus, Burwood Campus, and the Warrnambool Campus. The institute’s Bachelor of Property and Real Estate program will allow you to gain the broad skills you need to forge a career in real estate. From property development and valuation to the business principles of law and accounting, the industry-led program will ensure you graduate with a qualification that meets the needs of the ever-evolving property industry. The program has full-time (three years) and part-time options and can be undertaken online or at its Burwood campus in Melbourne. Tuition for international students costs $32,200.
3. Colorado State University, United States – Colorado State University offers a Bachelor’s degree in Business Administration with a real estate concentration. The College of Business, real estate concentration, prepares students for a career in real estate and related industries. You will learn and understand the development, financing, management, and marketing of land resources, as well as how these resources are used by developers and real estate financiers. This concentration allows you to merge your academic focus with your career goals while earning a Bachelor of Science in Business Administration. The tuition fee for international students will cost $30,785.
Job Outlook for an Estate Manager
Employment opportunities for Estate Managers will grow by 11% from 2016 to 2026, according to raise.me, much faster than average.
Salary Estimates for Estate Managers
Payscale.com puts the average annual income of an Estate Manager at around $81,031.
Careers Related to Estate Management
A degree in real estate, a degree with a real estate concentration, or sufficient experience can open the doors to several exciting career paths in the field. The following are some jobs that will be available to you;
- Real Estate Agent – Real estate agents are licensed professionals who facilitate real estate transactions by connecting buyers and sellers and acting as their representatives in negotiations. As a real estate agent, you may choose to work for a seller, buyer, or both. Working for a seller involves advising clients on how to price the property and prepare it for a sale and marketing the property and fielding offers. Working for a buyer includes searching for available properties that match the buyer’s budget and wish list. According to indeed.com, Real Estate Agents make an average salary of $81,011.
- Facility Manager – Facility managers essentially look after all of the services that help a business, or other organisation does its work.
- Property Manager – Property Managers oversee the day-to-day operations of residential and commercial properties, including single-family homes, apartment complexes, office buildings, and shopping centres. You will be in charge of paying property expenses, maintaining the property, collecting rent, and making sure that tenants pay the correct amount on time. When properties are vacant, you will find new tenants as soon as possible to minimise lost rental income. Careerexplorer.com reports that Property Managers make an average of $55,507 per year.
- Asset Manager – The real estate asset manager acts as an owner of the investment property and looks out for the property owner’s best interests. They are proficient in repositioning a property and streamlining operations to reduce expenses, increase income, and improve property value. Salary.com puts the average Real Estate Asset Manager salary at around $83,201.
- Portfolio Analyst – As a real estate analyst, you research trends and statistics in the real estate market and make recommendations for investment opportunities. Your job duties are to study commercial real estate trends, meet with buyers and sellers of real estate, negotiate real estate deals, and manage your company’s real estate investment portfolio. Payscale.com estimates the average salary for a Real Estate Portfolio Analyst to be around $68,784.
- Portfolio Manager – A real estate portfolio manager is in charge of asset allocation, risk adjustment, transaction supervision, and the execution of asset strategy. Annually, Real estate Portfolio Managers make an average of $90,000 according to payscale.com.
- Valuer – As a valuer, your job will involve carrying out detailed inspections to determine the current market value of properties. According to glassdoor.com, Valuers make an average yearly salary of $33,000.
- Architect – Architects are professionals who utilise specialist construction knowledge to create designs for new construction projects, alterations, and redevelopments, designing projects that are functional, safe, sustainable, and aesthetically pleasing. Architects often work hand in hand with Civil Engineers to bring their vision to life.
To become an architect, you must complete a degree program in architecture, finish an internship, and then pass a board certification exam. According to thearchitectsguide.com, architects make an average salary of $79,000.
Postgraduate Options for an Estate Manager
- MSc Real Estate, Royal Agricultural University – This rigorous and challenging programme equips students with the intellectual mind-set, vocationally orientated knowledge, and professional competencies to evaluate markets, property investments, and development projects. If you have experienced real estate career aspirations it prepares you to enter practice. During the one-year program (two-years part tine), students gain a well-regarded mixed general practice real estate qualification, with the possibility of international, residential, and other specialisations. Tuition for international students costs around $15,704.
- MSc International Real Estate Investment and Finance, Nottingham Trent University – This MSc International Real Estate Investment and Finance course is for those wishing to pursue a career in the real estate investment and finance business in international markets. It focuses on real estate markets and institutions, appraisal, finance, and investment and development valuation. It will develop the skills and abilities necessary on the advisory side as a Chartered Surveyor, or on the client’s side working for investors.
Certifications in Estate Management
- Certified Property Manager (CPM), Institute of Real Estate Management – Owners, investors, and employers know that if you hold an IREM Certified Property Manager designation, you know how to maximise the value of any property, in any asset class. The result? CPMs have the potential to make over 2x more than the average property manager salary. The eight IREM Certified Property Manager certification courses cover core competencies in property management and maximising the value of real estate. It’s property management training for the day-to-day, and the one-of-a-kind, from solving the latest tenant crisis to analysing market conditions. Candidates complete can complete the Certified Property Manager certification courses online or in-person.
- Project Management: The Basics for Success, Coursera.org – This course, offered by the University of California, combines the essential elements of Project Management and Team Leadership into one course. Through class engagement and reflection, you will acquire further understanding of the responsibilities of leadership and become better prepared to apply this knowledge to the project environment.
- Conflict Resolution and Leadership Certificate, Drew University – The Certificate Program in Conflict Resolution and Leadership (CRL) at Drew University educates students and professionals in a wide range of fields for dealing with conflict of all types. Blending traditional academic coursework with professional mentorship and experiential learning in the New York metropolitan area, the Conflict Resolution and Leadership program prepares students for advanced careers and leadership roles in their field.
Before you go. Do not hesitate to send me an email, if you need further guidance on how to enroll for an Estate Management program at a reputable institution.