How to Manage Properties Remotely: All of My Secrets!

Commercial Real Estate Investing From A-Z

Sometimes you come across a property that has good potential, that you can add a lot of value, but it’s not a couple of hours away, it’s couple of flights away. I believe that today, with technology, we all can manage and operate properties remotely and I’ll be sharing with you what I have done to make things easier.

You can read this entire episode here: https://bit.ly/3n6mOQL

Install Nest cameras on all properties, both outside and inside the building, I can see what is happening at the properties at anytime, I can even talk to people (I’ve never done that before LOL) through the cameras. It notifies me if there’s any movement and you can change the settings to notify you as little or as much as you’d like.

Install an alarm that notifies me when each employee arms and disarms any property. I get a notification on my phone and email. This helps my virtual assistant to match employee timesheets if we ever think there’s a discrepancy. I can also arm and disarm all of the properties from my phone.

For the car washes I also installed a coin counter, prior to purchasing it we had no idea how much money was coming in, now I can see exactly how many quarters are coming in each day. That way when our employee collects the money, we can check against that week’s report and the bank deposits.

Get a Grasshopper account, grasshopper.com is phone over the internet, you can download their app on your phone, your employees can download it on their phones and desktops as well and take the calls. It helps keep all communication in one place, from texts to call forwarding, all while showing only your business number to them.

Phone Apps / Final Tips

1. Everything that can be on autopay is on autopay, all the electricity, gas, internet. I know that some people don’t like that because some vendors may increase prices without notifying you, but when we do our accounting and bookkeeping we check all of that, so autopay makes it very worth it because it saves us a lot of time.

Make sure to have all of these documents on your phone as well, if they’re on Google Drive, download the Google Drive App on your phone, if they’re on Dropbox, make sure to have that app too. It will make your life a lot easier,

2. Always keep track of your money, even if you delegate all of that out, I have heard many horror stories from multi millionaires that started delegating that part out and let go of triple checking their numbers, and their people started to take advantage and they had money stolen by actual employees.

3. Keep your employees accountable, have them send you a list of things that got done that day, have daily or weekly meetings with them, find out what’s working, what’s not working, where’s the bottleneck, what do they need help with.

4. Download your business credit card apps on your phone, that way you will get notified every time something is charged to your business account, not that you’ll be checking every single transaction, but you will be asking your employee “What is this charge about” once in a while so that they know that you are checking.

5. Download Venmo and Cash App so you can easily pay vendors and issue refunds if needed, instead of mailing checks.

6. My favorite places to find talent are upwork.com, fiverr.com and thumbtack.com. Thumbtack is mostly for vendors like lawn mowers, cleaners, etc, and just like the first two, you can find the highest rated vendors and work with them.

How do you manage your properties remotely? Let me know here: www,montecarlorei.com/contact-us

---

Support this podcast: https://podcasters.spotify.com/pod/show/best-commercial-retail-real-estate-investing-advice-ever/support