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Business Plans for Multifamily Properties

Business Plans for Multifamily Properties
“A goal without a plan is just a wish.” – Antoine de Saint-Exupery “If you don’t know where you are going, you’ll end up someplace else.” – Yogi Berra “By failing to prepare, you are preparing to fail.” – Benjamin Franklin How current is the business plan for your multifamily property? If you said “Years” or “Business plan? Why would I need a business plan?” we need to talk. According to the Small Business Association, a business plan is “an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.” The question isn’t “why would you?” it’s “why on earth wouldn’t you?” The business plan is your strategy for how you intend to make your business a success and every multifamily property needs one. But before you get overwhelmed in what you believe the minutiae to be for this process, take a breath. Now, follow these steps: Write a mission statement. This is a one-sentence explanation of why your property exists. Example: “Providing residents with professional, courteous, and timely service that exceeds their expectations is not an accident.” Write a vision statement. This is a one-sentence forecast of where how you see your property in five years. It’s the essence of what you want your property to become. Example: We are the leader in providing quality, smart growth, multi-family rental housing. Identify your market. Who is your target audience? Have you done any research to understand that typical consumer who comes looking for a place t......
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