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.<\/p>\n
Sorry! I don\u2019t agree and I find that most landlords who take this kind of attitude are the ones who hit cash flow issues quickly.
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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.<\/p>\n
TIP: Make sure that you have an inventory check-in and check-out process when the tenant moves in and out of the property.<\/p>\n
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).<\/p>\n
If you do this, then make sure you have a system in place for logging these photographs, like a property management\u00a0solution <\/a>that allows you to upload and link them to the relevant property, making\u00a0them quick and easy to locate when you need them.<\/p>\n Remember, property is an asset that needs to be managed.\u00a0 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.\u00a0 Your management skills will determine how much success you have and how much money you make from your property business.<\/p>\n","protected":false},"excerpt":{"rendered":" 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\u2019t agree and I find that most landlords who take this kind of … Continue reading