You will be surprised at how many landlords accept losing inventory items and see it as a part of the cost of running a business.
Sorry! I don’t agree and I find that most landlords who take this kind of attitude are the ones who hit cash flow issues quickly.
At the end of the day, the reason we invest in property is to make money and to have a profitable business. Therefore, each and every cost needs to be accounted for and somebody needs to be accountable for it.
TIP: Make sure that you have an inventory check-in and check-out process when the tenant moves in and out of the property.
This is especially important if you are providing non-throw away items. Some landlords will even go to the extent of taking pictures of items/rooms (particularly in new builds or newly refurbished property).
If you do this, then make sure you have a system in place for logging these photographs, like a property management solution that allows you to upload and link them to the relevant property, making them quick and easy to locate when you need them.
Remember, property is an asset that needs to be managed. It is not like the stock market where you can buy a share to hold onto for between 3 – 15 years, and then sell to make a handsome gain with no effort at all. Your management skills will determine how much success you have and how much money you make from your property business.
