The Rise of Estate Managers

Introduction: Estate management involves valuation, leasing, management, taxation and utilization of land and resources including buildings and other structures. Specifically, Estate management involves the planning, directing supervising, coordination and control of land resources with the goal of achieving a client's objectives as they relate to the ownership of land and/or buildings.

Estate management often begins with construction. A builder or an investor is not in the "construction business." All builders are specialists. For example, they can be builders of new homes, or they can remodel houses. They can specialize in building custom houses, or specialize in low cost housing such as apartments. A building can avoid homes building all together and focus on commercial projects such as office complexes or manufacturing facilities.

According to Warren Fees in his book "Accounting", the competition in the construction industry often results in low profit margins. While it is possible for smaller construction firms to compete with larger firms because the smaller firm has lower overhead, chances are good the larger company will prevail because the larger organization enjoys economies of scale the smaller company does not. Competition in construction is largely price based; however a reputation for quality and on-time completion can partially offset any price differential. Nevertheless, large construction companies have a significant advantage over sm

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Proper utilization of land requires or involves a number of interrelated activities. This can involve the delegation of work, responsibility and authority to an estate manager. The estate manager may need the help of individuals in some or all of the following disciplines: . Marketing . financial management . operations . sales . personnel . purchasing . estimating . job supervision . timekeeping . engineering . contract administration . accounting . cost analysis Often, one person will perform more than one of these tasks. However, there are distinct advantages associated with specialization, which explains in part why larger construction companies or property management companies have an advantage over relatively small businesses. For estate management purposes, it is always important to match revenues and expenses whether the project involves new construction or managing an existing property. Specifically, in estate managers must make certain that there is enough money coming in to meet the monthly expenses and to plan for unexpected problems. Cash forecast is a management tool that can be used to eliminate much

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