Operator Due Diligence: The Key to Safe Multifamily Investing
By Mark Kenney | Think Multifamily
In multifamily investing, the property matters.
But the operator — the person steering the deal — matters even more.
At Think Multifamily, we’ve seen it countless times:
A great property in a great market can still fail under poor leadership.
And a strong operator can turn an average property into a true success.
Real Story
We’ve watched deals in strong markets underperform because:
The operator didn’t execute the business plan.
Renovations fell behind schedule.
Rents weren't pushed when they could have been.
Communication with investors broke down.
Meanwhile, experienced operators in tougher markets kept properties profitable because they knew how to pivot, manage tightly, and protect investor capital.
In both cases, the deciding factor wasn’t the market or the asset — it was the operator.
Key Lesson
You’re investing in the people first, the property second.
Smart investors:
Vet operator track records — don’t just take marketing materials at face value.
Look for execution through both good times and downturns.
Prioritize operators who communicate transparently and manage aggressively.
A good business plan is only as good as the person executing it.
Practical Guidance
✅ Ask for real performance history — not just projections.
✅ Interview operators directly — gauge how they think, plan, and lead.
✅ Talk to past investors to understand communication style and responsiveness.
✅ Watch how operators handle small issues — because that's how they'll handle big ones.
Bottom Line
In this business, you’re betting on the jockey, not just the horse.
Make sure the person leading your investment knows how to ride through storms, not just sunny days.
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