What is typically the first step in preparing a management plan?

While preparing a management plan, one of the foundational steps is to establish property goals. Setting clear goals helps direct the entire process, giving a focused framework to the subsequent tasks involved in property management. These goals outline the intended outcomes for the property and provide essential benchmarks against which the effectiveness of the management strategies can be evaluated.

Once the property goals are established, other steps—like conducting market analysis, preparing an operating budget, and establishing marketing strategies—can be executed more effectively, as they all will align with the defined objectives. This sequential approach ensures that every action taken in the management plan supports the overall goals, leading to coherent and targeted property management efforts.