Many real estate owners are absentee owners. Absentee owners are individuals who own real estate but are not physically present in the property they own. In the Philippines, many agricultural lands or farms are owned by Filipinos who live and work abroad. This can create significant challenges in managing their properties and generating revenue. Absentee real estate owners face several challenges in managing their agricultural lands and farms:
INABILITY TO PERSONALLY MANAGE
One of the main problems is the need for more personal supervision and management of the farm. Absentee owners often cannot physically be present on the farm to oversee operations, leading to a lack of efficiency and productivity. This can be particularly challenging in the case of small farms that rely on manual labor and traditional farming methods, as there may be a need for more trained and skilled workers to manage the farm in the owner’s absence. Absentee owners may need help finding reliable and trustworthy individuals to manage the farm on their behalf. This can lead to problems with mismanagement, fraud, and corruption, which can further reduce the farm’s profitability. Finding reliable and trustworthy help is an issue. It can be challenging for absentee real estate owners to find reliable and dedicated individuals to manage their agricultural lands and farms on their behalf. This can lead to problems such as subpar work or even theft. Absentee real estate owners may need help to personally oversee the management and operation of their agricultural lands and farms, which can lead to problems such as mismanagement, theft, or damage to the property.
INADEQUATE FARM RESOURCES
Another problem is the need for more access to modern technology and resources. Many absentee owners may need more financial resources to invest in modern equipment and infrastructure, which can limit the farm’s ability to maximize production and efficiency. This can be a significant barrier to generating revenue from the farm.
INSUFFICIENT FUNDING SOURCES
Furthermore, Absentee owners may face challenges in obtaining credit and financing for their farms, as banks and other financial institutions may be hesitant to lend to individuals who are not physically present to manage their operations. This can limit the farm’s ability to expand and modernize, further hindering its ability to generate revenue.
LIMITED LOCAL INFORMATION
Absentee real estate owners may need access to timely and accurate information about the condition of their agricultural lands and farms, making it difficult to make informed decisions about how to manage the property. Communication difficulties is a problem if the owner is not a native of the place where the farm is located. Due to language barriers or time zone differences, absentee real estate owners may need help communicating with those managing their agricultural lands and farms. This can make it challenging to coordinate and make decisions about the management of the property.
Overall, absentee owners face significant challenges in managing their agricultural lands and farms in the Philippines and in generating revenue from these operations. To overcome these challenges, it may be necessary for absentee owners to invest in modern technology and infrastructure, establish solid partnerships and networks, and seek out reliable and trustworthy individuals to manage the farm on their behalf. Absentee real estate owners may need to invest in tools and technologies that allow them to remotely monitor and manage their agricultural lands and farms, such as through satellite imagery or remote sensing systems. They may also need to establish clear communication channels and work with trusted partners or contractors to manage the property on their behalf.
To overcome these challenges, absentee owners may need to invest in modern technology and infrastructure to monitor and manage their properties remotely. This could include tools such as satellite imagery or remote sensing systems, which allow for remote monitoring of crops, soil conditions, and other factors that impact the productivity and profitability of the farm.
Invest in modern technology and infrastructure:
As mentioned, satellite imagery and remote sensing systems can be helpful to for remotely monitoring and managing the farm. Other technologies, such as irrigation systems and precision farming equipment, can also help improve the farm’s efficiency and productivity. Invest in modern technology and infrastructure that allows them to monitor and manage their properties remotely. This could include tools such as satellite imagery or remote sensing systems, which allow for remote monitoring of crops, soil conditions, and other factors that impact the productivity and profitability of the farm.
Establish strong partnerships and networks:
Building relationships with local farmers, contractors, and other service providers can be critical for absentee owners to ensure that their farm is being adequately managed. These partnerships can also provide valuable insights into local market conditions and help to identify growth opportunities.
Seek reliable and trustworthy individuals to manage the farm on their behalf:
Absentee owners may need to hire trusted individuals to manage the farm in their absence. This could include farm managers, agronomists, or other skilled professionals who can oversee the farm’s day-to-day operations and make decisions on their behalf.
Communicate regularly with partners and employees:
Clear communication is essential for successful farm management, especially when the owner is not physically present. Absentee owners should establish regular communication channels, such as phone or video calls, to stay informed about the farm’s status and provide guidance and support as needed.
