14 Nov The Complete Guide to Managing Inherited Real Estate
Managing inherited real estate can be a difficult occupation, especially when families are involved you have to maintain a strictly professional attitude, and ensure that you remain neutral in a situation that can often turn aggressive. In the unfortunate event of a death in the family, it is usually stated in a will where the authority in the family will lie in terms of looking after any assets, when this is not disclosed it can become difficult to know who is entitled to what. Of course, where money and property are involved people can become very aggressive so it is important you do your best to remain impartial, and that you try your best to resolve the situation.
If you have been tasked with the management of inherited property then you should do your best to look after the home in a way that is respectful to the deceased’s family as well as keeping everything to a high standard within the house. Especially when it comes to larger properties that require a lot of housekeeping and maintenance you will have to ensure the necessary steps have been taken in order to properly look after the house. You will need to be discrete enough to put these steps into place without bothering the family when they are going through the trauma of death. It is down to you to look after the property whilst the family decides what they are going to do and with many people finding it hard to know what you should do when someone dies, you could be in charge for a while.
If you have been put in charge of a large property you may need to enquire about hiring staff to work around the house, depending on whether or not the house has residents will decide how many members of staff you require. It would be a good idea to hire a few housekeepers to keep the property looking fresh, someone to work in the kitchens, and somebody who can carry out maintenance jobs and do things like gardening. If you feel that staff is required it is your responsibility to find these staff members and put them through the employment process. Remember to consult the family before you go ahead with any decisions but make sure that you are not pestering them and that you are showing initiative.
Maintaining the Property
In the early stages of your time managing the house it is important that you are respectful towards the family and their grief, they will not appreciate being pestered for help with managing the estate. It is vital that you show you are responsible enough to be trusted with looking after the property, if you need staff they should be hired and the house should be maintained to a high standard. Make sure that everything is kept on top of in terms of cleaning and house maintenance, this will maintain your professional reputation and show the family that you can handle the responsibility of managing a large estate.
Future of the Property
Depending on what the family decides they wish to do with the property you could be asked to stay on as the property manager and oversee future events at the house. This is a great opportunity and as a house manager, your responsibilities are only going to increase. In the future you could see a whole host of different events being held and by showing you can be responsible at a time where the family is in mourning, you are increasing your chances of being trusted in the future with bigger events.
This job role can be a lot more than just making sure everything is clean and tidy, you will be in charge of any staff working on the property, it will be your job to make sure any events are running smoothly and that any issues are resolved. If you are working on a larger estate you will also have to consider things like security and parking and be a coordinator for the onsite team of staff. There is a lot going on for the estate manager, but it is a rewarding position with plenty of opportunities to show off your management skills.