Proper inventory management can be critical for maintaining multifamily properties, especially when it comes to preventing maintenance costs from ballooning. Here are some best practices for inventory management for multifamily properties:
- Conduct regular inventory audits: Regular inventory audits will help to ensure that all maintenance supplies and equipment are accounted for, and any missing or damaged items can be quickly replaced.
- Categorize inventory: Categorizing inventory by type, usage, and frequency can help to make it easier to track and locate items when needed. For example, tools, cleaning supplies, and replacement parts can be categorized separately.
- Set par levels: Determine the minimum and maximum levels of inventory that need to be maintained at all times for each category. Par levels should be set based on the frequency of use, lead times for resupply, and the cost of the item. This will reduce or prevent emergency uncontrolled purchasing.
- Use inventory management software: It is most important to leverage inventory management software to track real time inventory levels and material usage for each unit or employee, automate replenishment based on par levels by alerting you when supplies are running low, and generate reports on usage and reordering to improve decision making.
- Standardize maintenance shop supplies and equipment: Standardizing maintenance shop supplies and equipment can simplify inventory management and make it easier to track and reorder. This can also help to reduce costs by buying in bulk and negotiating better prices with suppliers.
- Train maintenance staff and set expectations: Train maintenance staff on proper inventory management practices, including the importance of tracking usage and reordering supplies in a timely manner. This can help to ensure that inventory is always available when needed and reduce the risk of downtime due to missing or damaged supplies.
By following these best practices, property management companies can streamline inventory management, improve operational efficiencies, reduce costs, and ensure that maintenance staff have the supplies and equipment they need to keep the property in top condition. Learn More Inventory Management for Multifamily Property Managers (marginpoint.com)