The Importance of Conducting an Annual Inventory

The importance of keeping a complete, cataloged inventory listing of all of the items (including appliances, equipment, furniture, soft furnishings, cutlery, towels, and linens) at your home cannot be overstated. All items in all buildings such as garages, storage areas, and gazebos should be included. This is very important when requesting insurance coverage and having the necessary documentation should an insurance claim need to be made.

For Blue Sky Luxury holiday rental properties, your property manager will count, itemise and log all of the property’s effects and complete a thorough check of the quantity and condition of the items. Your property manager will be required to conduct spot checks after each guest’s departure. You will be notified of any proven damages or losses at any replacements needed at that time will be purchased. These replacements and any other additions that may occur during the year will then be itemised on the annual inventory listing when retaken.

For homes that rent long-term, full inventories are always taken and updated in between tenancies. In both cases, your property manager will be responsible for checking the home after each departure. The reconciliation of the security deposit can be completed with wear and tear expected depending on the length of time the tenants resided there. Similarly, any replacements and additions will be captured on the updated listing for the next expected tenant.

Good To Know

When offering your home for holiday rental, it is important to know and provide adequate par levels for all glassware, cutlery, dinnerware, linen, and towels. For example, you want to ensure that the home has place settings, matching glassware, and cutlery for the advertised number of guests that can be accommodated at the property + 50%. For example, for a 4-bedroom rental property that accommodates 8 guests, the catered capacity will be 12 people.

Similarly, adequate par levels, while different from the expectation of a holiday rental home are also expected when a property is offered for long-term rental.

When the inventory listing is created, the location, make and model of all appliances and equipment is noted. During this process, it is a great opportunity to create an asset register of these items. The asset register will have all of the above details and photos plus the serial numbers are included. Information, where available, on the age and value of each, will be recorded.

Many services are offered during the onboarding of new homes to Blue Sky Luxury. Contact us for a quote, if you are interested in any of these services as a one-time, separate service. We can’t wait for your call!