Managing Multiple Homes: The Complexities of Hiring Domestic Workers for Wealthy Individuals
Do billionaires or millionaires with multiple homes employ separate domestic workers like security, housekeepers, and gardeners to maintain their properties when they are not present? This question delves into the intricate world of wealthy homeowners and their property management strategies.
Typically, property managers, real estate agents, or brokers are the preferred choice for managing properties. However, some wealthy individuals opt for self-management, even sometimes with their own proprietary property management companies where they can tailor the services to their needs. For those with investment properties, the management process is often the same regardless of their financial status; they are not necessarily billionaires or millionaires.
Staffing Multiple Properties
The details of employing domestic workers vary significantly. Some wealthy homeowners maintain a full-time skeleton staff at each property, which may be supplemented by employees who can be dispatched from one location to another. Others hire local contractors and/or temporary staff to handle various tasks. The specifics can vary widely, making sweeping generalizations challenging.
For example, in one known situation, two full-time carpenters manage two homes 600 miles apart. They also have a third house on the opposite coast, where a full-time caretaker oversees their several dogs. This setup involves nearly 20 full-time employees, all well-compensated for their duties.
Extensive Caretaking Services
Some wealthy individuals require extensive caretaking services for their properties. One friend of the author employs several caretakers, a full-time cook who travels with them, and multiple housekeepers/nannies working 24/7 shifts. They also have maintenance staff and full-time gardeners at several properties. These individuals own homes or condos in Atlanta, NY, Santa Barbara, Maui, and Seattle.
The financial cost of such extensive services can be significant, but the friend typically ignores these monthly expenses. Only when he truly reviews the costs does the mind-numbing expense become apparent. Fortunately, this individual and his wife are both highly successful and have inherited substantial wealth from multiple relatives. They have eight children, with only two of them having graduated from college. All their children attend private schools, and the older daughters have already married with lavish weddings and homes. Both daughters are now in six-figure corporate jobs.
The friend emphasizes the importance of inheritance in their success, stating, “Pick your parents wisely.” This statement underscores the role of inheritance in their fortunate financial position and the ability to afford such extensive caretaking services for their properties.
Conclusion
Managing multiple homes, especially for the very wealthy, involves complex and personalized strategies. The level of staffing and types of domestic workers required can differ significantly based on the individual's preferences and the specific needs of each property. Whether it is full-time staff, local contractors, or a mix of both, the carefully managed and multifaceted approach can ensure that the properties are maintained to a high standard, regardless of the owner's presence.