Whether you’re already a property owner who has been managing the day-to-day of this business for a while, or you’re just beginning to consider a multifamily investment opportunity, there are 6 resources you need in order to get the most from this experience. These include:

1. Business plan. You wouldn’t (or shouldn’t) open up a retail store without a business plan, so why would you start out on a multifamily venture without knowing your goals and plans to achieve them? And, simply stating “reach and stay at occupancy” isn’t good enough. You need to have a well thought-out strategy on how you’re going to grow revenue over the next 3-5 years. Don’t let this intimidate you. Use a tool like LivePlan. This online platform guides you through all the steps you need to create a comprehensive plan for a small monthly fee.
2. Solid lease. You need a comprehensive lease that is updated regularly and fully accounts for every possible contingency and situation. One of the best investments you will make is in having a professional review your lease and make corrections based on your individual property; this is especially true if your lease has been adapted from another property or is a generic download from a site like NOLO.
3. Reliable management software. There are many out there, and there are few major differences between them; so, this choice really comes down to personal preference. The important thing to remember is that you need one, and a reliable one at that. Such software should include accounting capabilities, applicant screening, online payment options, tenant tracking, and more. Some examples include AppFolio, Buildium, and ResMan.
4. Marketing plan. The marketing plan should be an integral and permanent part of any multifamily property manager’s business plan. For more information on this and for a list of free marketing tools, read this blog.
5. Supportive staff. From the help you have in the front office to the vendors you choose to manage the lawns, the pool, and any regular maintenance, your support staff is crucial to your success. To get the most from your efforts, it’s best to approach knowing the type of person(s) best suited for the job and have a plan for how to reach, acquire, and retain them. The wrong hire can set a property back a considerable amount of time and money, so it’s critical to ensure the right people are hired the first time.
6. Plan B. There comes a time when some property owners must realize their talents are best used elsewhere (or they just want someone else to handle the day-to-day for them). Being able to recognize this before it’s too late is a sign of a good investor. How do you know when it’s time to hire a property manager? It’s different for everyone, but this blog will give you a good idea.

There are many resources out there that can be greatly beneficial. Of all of them, however, your best friend is going to be that business plan. With it, everything else tends to fall into place.