Premium real estate refers to high-value properties distinguished by location, luxury features, and exclusivity, setting them apart from standard real estate. Unlike regular properties, premium real estate often includes upscale amenities, prime locations, and unique architectural designs that command higher prices.
Maintenance and selling of such properties require specialized knowledge and expertise. Here, the role of estate management professionals comes into the picture. According to the US Bureau of Labor Statistics, the employment rate of estate managers will be growing by 3% from 2023 to 2033.
In this article, we will scour how estate management professionals leverage their skills to effectively facilitate the sale of these distinguished assets.
Understanding Estate Management Professionals
Estate management professionals play a crucial role in handling real estate by overseeing the administration, maintenance, and transaction processes, particularly those of significant value.
According to Aunt Ann’s In-House Staffing, handling and managing a premium property is not everyone’s cup of tea. It requires high-end skills and professionalism. Specialized real-estate management staff is needed to do this task.
Estate managers are in high demand because their contributions extend beyond individual transactions. They help maintain property value, enhance community aesthetics, and drive local economic activity.
They ensure properties are well-maintained, market them effectively, and manage legal and financial aspects of transactions. Estate managers offer invaluable expertise in property valuation, marketing strategies, and negotiation, which can significantly impact its successful sale or management.
Preparing the Property for Sale
Preparing a premium property for sale involves several key steps to ensure it appeals to high-end buyers.
According to Statista, the price of premium homes increased by 10% in the 1st quarter of 2024. The price has increased in the 50 most populous metro cities of the US. A higher price means that more maintenance will be needed. This has increased the demand for estate managers because they are responsible for maintaining premium properties and also preparing them for sale.
Estate managers assist by coordinating professional cleaning, staging, and minor renovations to enhance the property’s visual appeal and functionality. They may recommend upgrades such as fresh paint, landscaping improvements, or modern fixtures to increase market value.
Additionally, estate managers work with photographers and marketing experts to create high-quality visuals and compelling property descriptions. Their expertise ensures that every aspect of the property is optimized to attract potential buyers and achieve the best possible sale price.
How Do Estate Managers Ensure The Property Aligns With Market Trends And Purchaser Expectations?
Estate managers ensure the property aligns with market trends and buyer expectations by conducting thorough market research and staying informed about current trends. They leverage their industry knowledge to recommend updates and enhancements that meet buyer preferences, ensuring the property remains competitive and appealing in the market.
Marketing Strategies and Exposure
Estate managers aid in marketing and exposing premium properties to potential buyers. They develop comprehensive marketing strategies like high-quality photography, videos, and virtual tours.
It has been observed that properties with virtual tours are likely to sell 32% faster than properties without them, as stated by Lapentor. It is also observed that the price of these properties can also increase by 5-7% if there is a virtual tour of the property. Estate managers provide detailed property descriptions to highlight the property’s unique features and luxury amenities.
Estate managers utilize their network of industry contacts and collaborate with top real estate agents to reach a broader audience. They also leverage digital platforms, social media, and high-end real estate listings to maximize visibility. By creating a targeted marketing campaign, estate managers ensure the property garners significant attention and attracts qualified buyers, facilitating a successful sale.
Handling Legal and Financial Aspects
Estate management professionals are adept at handling many legal and financial aspects related to premium properties. However, their authority is often limited to advising and coordinating with legal experts. They manage tasks such as ensuring compliance with property regulations, preparing necessary documentation, and facilitating negotiations.
For handling legal issues, estate managers typically work closely with real estate attorneys to navigate complex transactions, resolve disputes, and meet all legal requirements. Their role requires a strong understanding of real estate laws, financial regulations, and contract management. Also, they must rely on licensed legal professionals for authoritative legal decisions and representation.
What Do Purchasers And Sellers Expect During Closing, And How Do Estate Managers Assist?
During closing, buyers and sellers expect a smooth process with all contractual obligations met and financial transactions completed accurately. Estate managers assist by coordinating between parties, ensuring all documentation is prepared and verified, and addressing any last-minute issues.
Managing Showings and Open Houses
Managing showings and open houses is a critical aspect of selling premium properties. The process typically involves scheduling appointments, preparing the property to showcase its best features, and coordinating with potential buyers or their agents. Estate managers often oversee these events to ensure they run smoothly, handling logistics such as arranging professional staging and creating a welcoming environment.
According to Ruby Homes, only 51% of property owners hire a property or estate manager. The median salary of a property manager is around $51,000 annually, which can be borne by a premium property owner. Hiring a property manager can reduce the stress of maintaining premium property.
While estate managers manage the details and interactions during showings, they can also be provided with support staff or assistants to help with preparations. They must ensure the property is in pristine condition, address any visitor inquiries, and provide a comprehensive and polished presentation.
How Do Estate Managers Address Security Concerns During Property Showings?
Estate managers address security concerns during property showings by implementing measures such as scheduling showings with advance notice and monitoring visitor access.
They also ensure that the property is secured before and after each event. They may also use security systems and enlist the help of professional security personnel to safeguard the property.
Post-Sale Activities
Post-sale activities are crucial for ensuring a smooth transition after a property sale. These activities include finalizing financial transactions, coordinating the transfer of ownership, and managing any remaining administrative tasks. They also update records and address any post-sale issues that may arise.
Estate management professionals play a key role by overseeing these processes, ensuring all contractual obligations are met, and facilitating communication between the involved parties. They also assist with the transfer of utilities, handle property handover logistics, and ensure that the property is in the agreed-upon condition.
The Value of Estate Management Professionals
Estate management professionals are integral to the successful sale of premium real estate. They offer expertise in preparing properties, navigating market trends, and handling complex legal and financial aspects. Their comprehensive approach ensures that every detail is managed with precision, from marketing and showings to post-sale activities.