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

[Helen744]

@Helen7 @Quincy  We keep reciepts of all purchases ,because things are swapped out or updated randomly.  If something runs out or is damaged it has to be replaced ,or if guests complain about quality then we are alerted but not alarmed and everything has its time and place. We are constantly purchasing things for the house although it still seems to be the same . everything from beds to lampshades to lights . As our theme is historic we will purchase framed photographs of the era whenever they become available. We constantly change out our art works along certain lines . They are all generally large prints and something we do for fun and to make our guests happy and relaxed. No one has ever commented and we do not show them in our ads but they are a surprise. But it all costs money and I have been accused of 'not getting reciepts' often enough to remember So we have a big box which have to be gone thru periodically or we lose money There is a balance here A lot of people set up initially with the whole kit and kaboodle costing them thousands and thousands that they may or may not recoup. This to my way of thinking unless it comes from savings can amount to running at a loss even with a a good turnover. We have reached a tipping point but tax is only a minor tool . Many people think its the be all and end all but good management is at the end of the day. Thats my two bits  H

[Laurelle3]

@Helen744  we have just done last years tax and all the disinfectant used has been accepted. All our receipts for items bought for our Airbnb have been assessed by our accountant who has lodged our tax and we have our return  received.

Unfortunately we didn't start our Airbnb with the kit and caboodle we started with some of our current furniture, some recycled second hand and some items new eg mattresses, linen, settee, curtains and some kitchen items. From our experience of staying in Airbnb's overseas and we took the best ideas from them as a guide. 

In our book keeping account, we have put 10% of our income into a emergency, maintenance and replacements column and this has built up in time and if an item needs replacing it is paid for from this account and is part of our management.

However, we still have to tackle the starting of an inventory to identify what we have, deprecation, loss or replacement. 

Thank you for your ideas from your experience over many years.

[Quincy]

This is very interesting to hear @Helen744! Are there any specific items that you always replace after a certain time? 

[Helen744]

@ Quincy Its always linen, towels ,kitchen towels ,pillows, sheets ,throw rugs ,mattress toppers ,pillow cases ,doona covers ,electric blankets all have different live cycles .some are worn by all the washing needed,some are damaged, some shrink,or just get tired looking.Lightbulbs for the bathroom exhaust heating globes seem to come and go.Glasses , plates etcetera have to go once too many of a set has gone.Bedroom curtains , blinds,.Tvs,Media ,cushions are back . Some soft furnishings had to go during covid.Fabric setteess and chairs ,stools and throws.disinfectant wipes ,coffee pods ,sugar,teas,tea pots,coffee pots,tablecovers,dishwashing liquid, and dishwasher tablets ,hand sanitiser, glass cleaner,toilet and bath cleaner sprays ,soap ,shampoo and conditioner. We are now going back to pump packs .bandaids ,batteries for smoke detectors and carbon monoxide detectors,. Milk. There is a lot but not all or even much goes onto a depreciation schedule . oh and beds have to be replaced , mattresses as well. these are generally random events caused through wear and tear . The vacumn cleaner ,the brooms, the dust pans and shovel the mops and mop heads,. Floor cleaner.out door broom ,pegs for the clothes line.washing baskets .linen baskets , kitchen tidy and bedroom bin bags . Outside garbage bags.plants for the garden periodically ,grass seed, lawnmower , hedge trimming  . the list is longgggggg H

[Lorna170]

@Quincy   I have an Excel spreadsheet that has a listing of all of the hard and soft furnishings in the property along with either the purchase price and date or a "value" if the item is from a source other than a store (from our home or given to us by a friend or relative).

We track all purchases by using a specific credit card and cash account.  This account also pays any contractors or service personnel.   We buy paper items and cleaning supplies in bulk and rely on our housekeeper to inform us of replenishment needs, although we can also estimate by the number of bookings that we have as each booking requires certain supplies to be put in place, i.e., single wrapped rolls of TP, hand soap, paper towels, napkins, nose tissue, a wrapped sink sponge, dish soap and washing machine detergent.   

It takes us just a few hours a month to review and reconcile expenses and enter any data about new purchases and replacements.  Yah Excel spreadsheets!

[Laurelle3]

@Lorna170 using the spread sheet is a good idea. This was the pathway I intended to take it makes it easier each year once you do your inventory. I had many a years of doing this at the end of the financial year at the hospital I worked at.

[Quincy]

You're well organised @Lorna170! Personally, I also prefer using spreadsheets for keeping track of things. 

Which items usually need the most replacing if I may ask? 🙂

[Lorna170]

@Quincy Other than the consumables (TP, cleaning supplies) the most often replaced item is a non-stick frying pan.  Even though there are only wooden or silicone utensils in the cooking drawer, the non-stick surface is deeply scratched by guests using regular eating tableware while cooking in these pans.

After that -- bath towels. 

[Quincy]

Interesting to hear! From personal experience, I did notice that bath towels are the ones that need replacing the most @Lorna170.