How can you manage commercial property from a distance?

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Managing commercial property from a distance can be challenging, but not impossible. With the right tools, strategies, and communication, you can ensure your property is well-maintained, profitable, and attractive to tenants. In this article, we will share some tips on how to manage commercial property from a distance effectively.

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Leverage technology:

Utilize digital tools for tasks like rent collection and maintenance requests to streamline operations from afar. This keeps you in the loop without being physically present.
Stay market savvy:

Keep abreast of local real estate trends affecting your property's value and competitiveness. Adjust strategies accordingly to keep your investment on solid ground.

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1 Choose reliable partners

One of the most important aspects of managing commercial property from a distance is having reliable partners on the ground. These include property managers, contractors, vendors, and agents who can handle the day-to-day operations, maintenance, repairs, and leasing of your property. You should look for partners who have experience, reputation, and integrity in the local market, and who can communicate with you regularly and transparently. You should also establish clear expectations, roles, and responsibilities with your partners, and monitor their performance and feedback.

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Maria Athanasiou

Revenue Growth | Reservations & Customer Relations Management | Bussiness Innovation |Bachelor of Business Administration
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Managing commercial properties from a distance effectively relies on maintaining excellent communication and regular updates and discussions with local property managers, tenants, and maintenance teams to ensure operations run smoothly.

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Gagan Timsina

Real Estate Broker @ Real | Market Research, Communication
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Utilize (AI) tools to automate routine tasks, analyze vast amounts of data for insights, and enhance tenant experience Here are specific AI tools designed to automate tasks and boost productivity in 2024: ClickUp - Offers comprehensive task automation capabilities. Drift - Focuses on automating customer communication and engagement. Outreach - Enhances sales engagement through automated workflows. Jasper - An AI content creation tool for various forms of writing. Zapier - Connects your apps and automates workflows. Cflow - Simplifies process automation for businesses.

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2 Use technology wisely

Technology can be a great ally for managing commercial property from a distance, as it can help you streamline processes, reduce costs, and enhance communication. You should use technology to automate tasks such as rent collection, accounting, reporting, and invoicing, as well as to track key metrics such as occupancy, vacancy, turnover, and expenses. You should also use technology to communicate with your partners, tenants, and prospects, using platforms such as email, phone, video conferencing, and social media. You should also use technology to market your property online, using tools such as websites, listings, virtual tours, and reviews.

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Ryan Kang

President @ Market Stadium | Multifamily & BTR/SFR Location Data Analytics
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Stay on top of the market trends of your portfolio locations. Come up with a list of market and property factors such as demographic shift of a certain age group, income level change, occupancy change, rent level change (not just your property, but also for the properties that are similar to yours within a certain mile radius). If there are meaningful changes, come up with strategies to solve the issue.

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3 Maintain regular inspections

Another key aspect of managing commercial property from a distance is maintaining regular inspections of your property. Inspections can help you identify and prevent potential issues, ensure compliance with codes and regulations, and improve tenant satisfaction and retention. You should conduct inspections at least once a year, or more frequently if needed, depending on the condition and type of your property. You can either hire a professional inspector or delegate the task to your property manager, but you should always review the inspection reports and follow up on any recommendations or actions.

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Mercy Orisamakin

Assistant Development Manager
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In my experience, I believe backing up regular inspections using maintenance tracking portal, if your company is able to provide you with one, if not create one for yourself and set a reminder. make sure to always write things down. You can never go wrong with that.

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4 Build rapport with tenants

Managing commercial property from a distance does not mean you should neglect your tenants. On the contrary, you should build rapport with them and show them that you care about their needs and satisfaction. You should communicate with your tenants regularly, using various channels and methods, such as newsletters, surveys, feedback forms, and phone calls. You should also acknowledge and address their concerns, requests, and complaints promptly and professionally. You should also reward and incentivize your tenants for their loyalty, referrals, and positive reviews, using strategies such as discounts, upgrades, gifts, and events.

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5 Plan ahead for contingencies

Finally, managing commercial property from a distance requires planning ahead for contingencies and emergencies. You should have a contingency plan that covers scenarios such as natural disasters, accidents, vandalism, theft, fire, or legal disputes. You should also have a budget that allows for unexpected expenses and losses. You should also have a backup plan for your partners, in case they are unavailable, unresponsive, or underperforming. You should also have insurance policies that protect your property and your income from various risks and liabilities.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you manage commercial property from a distance?

1

2

3

4

5

6

1 Choose reliable partners

2 Use technology wisely

3 Maintain regular inspections

4 Build rapport with tenants

5 Plan ahead for contingencies

6 Here’s what else to consider

Commercial Leasing

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How can you manage commercial property from a distance?

1

2

3

4

5

6

1 Choose reliable partners

2 Use technology wisely

3 Maintain regular inspections

4 Build rapport with tenants

5 Plan ahead for contingencies

6 Here’s what else to consider

Commercial Leasing

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