Do you write an inventory of the items in your property?

[Quincy]

Hello everyone, 

Inventory. From tables, chairs, and cutlery to electronics, and cleaning supplies.

Many Hosts find it important to keep track of their inventory, whether it is because a specific item needs to be replaced or restocked. It makes the Hosting experience perhaps more organised. In the past, I was making use of spreadsheet software to keep track of certain items in and around the property. This would also give me insight into whether an item is perhaps due for replacement as a result of wear and tear. 

Do you keep track of your inventory? Which method do you use to do so? 

Feel free to share an example of your inventory list, as it could help new Hosts 😃. I seem to remember @Robin4 has an excellent one that he has shared in the past!

Thank you, 

Quincy

[Pat271]

We have a set of silverware worth over $500. It has a fish motif, compatible with our beach location, and I just fell in love with it, even though I know quite well that I should not make expensive items available to guests that I would feel heartbroken to lose. This set is definitely cute enough to swipe.

What our housekeeper did was make some labels to put on the partitions of each section of silverware. The labels read “8 knives”, “8 spoons”, etc. ostensibly so that the maid can keep track, but in actuality it is meant to alert guests that we are actually counting out the set every time. 

As far as other items in the house, we have been careful on 3 counts: 1) nothing too expensive, 2) everything as durable as possible, and 3) no small game pieces, etc. on which an child can choke. 

I have been thinking of using the same method for sheets and towels as I do for the silverware. I sure seem to be breaking the bank providing replacements more than I think I should. If I did that, I would also inventory the brands of the sheets and towels, because a couple of times when I have stayed there, I could swear that some of my pillows, sheets and blankets have been swapped out for more inferior models.

[Helen744]

@Helen 744 

@Pat271 I think if you like the cutlery then keep it at your own home. We often have workers to stay and they think nothing of taking containers or forks to work with them. I simply purchase more at a thrift shop nearby so then its not a worry. We also provide tupperware containers that I pick up cheaply, thermos flasks and other bits and pieces . They have their own section in the cupboard . Like you or your housekeeper I count the cutlery  . I am not so high end that I can command the prices necessary for covering expensive cutlery . I provide on the other hand for people to be able to function easily as they do at home. The types of people who expect high end cutlery also expect a lot of other things but even they may ocaisonally want to take a picnic of their own making somewhere or other and believe me a fork is only a fork. H

[Quincy]

That's a good way to keep track of things @Pat271. Please be careful with the cutlery! 

[Pat271]

Also related to this subject, last year I shared a proposed refresh and upgrade schedule. You can read it, as well as the very useful host responses, here:

https://community.withairbnb.com/t5/Hosting/Do-you-have-a-refresh-and-upgrade-schedule-for-your-STR/...

[Quincy]

This is very helpful @Pat271! Thank you for linking it back to this topic 🙂

[Laurelle3]

@Quincy Good topic, I have not tackled this yet it is all in my head. My husband and were talking about this after we did our tax as some items are depreciated over 3-5 years. Hence an inventory is an asset for the tax man, insurance and your real estate asset.

So this will be a target for the winter months. My husband also asked for a list for change over replcement basket which I have etc; tea, coffee, wahing powder, hand towels, toilet paper, in case he has to do it as in team effort.

[Helen744]

@Laurelle I simply do not think the tax man will be prepared for the amount of disinfectant we got through this year H

[Helen744]

Also our bank account is set up to pay bills and for purchases but random purchases do arise and must be added in later H

[Helen744]

@Helen744 the glaring ommission which becomes very apparent at tax time for owners of a single property is the owners 'sweat equity'. Airbnb rarely mentions this nor is there any compensation through  Timmy the tax man. Airbnb could concentrate more clearly on assisting owners new and old to increase their incomes. Thus making everyone happy . H

[Lenore22]

A possible solution would be to issue a salary or commission for yourself as property manager/maintenance crew... From your business. We pay others-- why not pay ourselves?

[Mike-And-Jane0]

@Lenore22 How would paying yourself help?

[Lenore22]

@Mike-And-Jane0 ,

@Helen744 said "the glaring ommission which becomes very apparent at tax time for owners of a single property is the owners 'sweat equity'."

... It would put a tangible value on the "sweat equity." All too often as owners, we eat the losses figuring the profits will come because the "equity" is ours. By paying ourselves first, we are compensated for our time 

[Mike-And-Jane0]

@Lenore22 It just seems a strange way to complicate the accounting. We keep a detailed XL spreadsheet that monitors our monthly profit so we can see, at any point in time, how our efforts are rewarded.

[Helen744]

@Lenore22 I think the point I was actually trying to make was that much work is not, and because of the current volatile nature of Airbnbing ,cannot be compensated  . No matter which side of the ledger we sit. As many people have reached their more golden years they do not in fact carry losses against their income . This is their income . As an income covering wages it is or certainly has been during the last two years patently inadaquate to pay wages ,which is why people do their own cleaning among other reasons. Some people I know do carry losses as a vanity project for whomsover without expecting any reckoning because their accountant will'take care of it' ,some of us though just need to kickstart our businesses in the right direction so that they buzz along freely and we can enjoy them and enjoy being hosts. H