The estates manager goes to places that you are unable to reach ?!
Delegation has to be part and parcel of your real estate investing business unless you are superman or superwoman such that you are able to be in all places at the same time. Delegation has always been a normal part of business practice because it was recognized that the investor or senior manager will have to be given the time and space to be able to think strategically.
You do not want to put them into all the little details that are the mundane existence of real estate investing. Rather you use their considerable talents in more strategic roles that can significantly increase your general profitability. Those investors who insist on managing their own real estate are likely to fail or become so exhausted that they lose all their effectiveness.
Setting out the tasks and responsibilities for the estates manager
Employees are far less likely to be effective if they are not given the king of information that they need in order to effectively work within your real estate investing business. Managers sometimes speak in generalities which end up confusing the workers. Alternatively they might give conflicting instructions that will end up causing chaos within the office.
You can afford to get away with this if you are talking about a small fish in the pond. However if you are talking about a big investment company with various responsibilities it then becomes imperative that you are very clear with your estates manager about the task that you will want them to undertake.
Related to the concepts above is the additional aspect of the level of responsibility and power that you are allocating to your estates manager. Most employees take pride in any additional responsibilities that are allocated to them and they will try to live up to expectations especially if the responsibility is accompanied by an improvement in pay and conditions.
However it is also important to set boundaries as to what the employee can and cannot do. I will share with an anecdote of a friend of mine who ended up ruining the career of a perfectly good employee.
The problems stemmed from the fact that the employer failed to make the distinctions between private life and family live and work life when it came to the real estate investing outfit that they were running. As a result the employee got confused and started thinking that he was either the equivalent of his boss or event the superior. He was rude and arrogant and failed to undertake all the delegation duties that the employer had assigned to him. At the very end of the relationship there was no viable alternative but to sack him and that was that.
In conclusion, real estate investors have to recognize the limitations that are involved in running a very large real estate investing program. Therefore they should hire a good manager to represent them and ensure that there is sufficient support to ensure that this function goes smoothly.