If you’re an estate manager, the sheer number of things you oversee is overwhelming. Yes, you delegate many of the hands-on tasks to staff, but the responsibility for getting them done ultimately falls on your shoulders. It can feel like a hundred pebbles in your shoe – you know they are there, but you’re in such a rush to get where you’re going you don’t have time to stop and pluck them out. After a while, a level of acceptance develops and you settle for a hodgepodge of processes and platforms that get the job done but keep you, the staff and the entire estate from performing optimally. The principal has no complaints – they may not even notice – but it costs you valuable time and energy.
If you’re a principal, you may have handed the management of your wealth to professionals who, while excellent at their jobs, are focused solely on your financial instruments. Even principals who are more hands-on may not recognize the significance of non-financial assets (i.e. vehicles and artwork) as part of their complete portfolio, thus missing opportunities to maintain and grow their value.
EstateSpace is simplifying estate management by providing comprehensive support for UHNW clients and their estate managers, both in terms of the day-to-day operations and long-term health financial health of the estate, making it the #1 enterprise resource planning (ERP) on the market today.
- Growing the Estate. There is no shortage of services and platforms for managing one’s financial assets; however, this is not the case for non-financial assets, which make up a market of roughly the same size ($510 trillion and $520 trillion, respectively). In fact, large estates have so many moving parts (aka “stuff”) that the value and potential of physical assets can easily fall through the cracks. (For example, a principal may read about – and act on – market fluctuations in the Wall Street Journal but walk by a painting on the wall without giving a thought to its fluctuating value.) EstateSpace fills that gap by allowing principals and trusted employees 24/7 access to accurate and current data involving property/project management, standard operating procedures, and service providers, thus facilitating informed decision-making regarding the purchase, sale and maintenance of these assets.
- Managing the Day-to-Day. Since its inception in 2019, EstateSpace has continually evolved in response to the needs and pain points of estate managers, most importantly the need to access accurate and up-to-date data at a moment’s notice – and receive alerts when something needs to be addressed. This year will be the most revolutionary to date, with the addition of new features that will further streamline processes, ultimately simplifying estate management making it easier to keep all balls in the air.
- Automated workflows. Scheduling tasks is perhaps one of the greatest time drains. EstateSpace keeps track of everything, from daily cleaning schedules to deliveries and maintenance. You can assign tasks to specific employees and vendors and set due dates and priorities; moreover, color-coding and sizing show a task’s importance and timeliness with which it’s completed. This allows you to gauge, with a quick glance, what is working and what needs greater attention.
- Inventory Management. Is the principal on a special diet? Is the household running low on cleaning supplies? These are the small but important details that can easily be overlooked by humans on overdrive. With EstateSpace, you can create a virtual catalog with data on every item – from its description and manufacturer to the last time it was ordered and the properties where it is used. There is also a link to buy it again, along with other action options, including assigning tasks around management and reordering, as well as transferring it from one property to another. It even provides a financial rundown, with the unit cost and amount spent to date, making managing the budget much easier.
These and other features facilitate the creation of a comprehensive digital manual for the household that keeps it running whether you are onsite, traveling with the principal, or on vacation. Moreover, if you move on to another position you can “hand it off” to the next estate manager, secure in the knowledge that you have built a solid structure that will survive the transition with minimal upheaval for the staff and principal. At the end of the day, principals and those who manage their estates are like everyone else – doing their best to keep up with their current responsibilities while envisioning and preparing for a more abundant future. You may have assembled the best teams and created effective processes, however, there will still be times when data is overlooked or the process hits a snag. EstateSpace is simplifying estate management by minimizes the risk of human error and facilitating quick course correction when it does occur. It is a platform that grows with you, whether you are a principal taking greater ownership of your portfolio, or an estate manager always looking for ways to provide more efficient service.