When you think about all the in’s and out’s of managing a fix-and-flip project or other renovation, you probably immediately leap to the processes of keeping the timeline on track, managing the inevitable budget adjustments as new issues come to light during the process, and building enough “cushion” into the deal that you know it will still yield a good return when the process is done.

Here are three tips from Think Realty supplier Barnett, which offers, among other services customized to meet the needs of hands-on real estate investors, a vast array of inventory management options and organizational programs.

Let Your Vendor Handle It

If you are a hands-on investor, you probably do not have a lot of help. Consider letting your local supplies vendor handle your inventory for you if they offer this option. These services usually range from online inventory itemization to help you identify what is available on-site at the vendor’s physical location to a full-time employee dedicated to managing your stock. The scale of your business will determine what type of program fits your needs.

Keep Things Simple

It sounds too simple to be true, but believe it: Labeling your inventory can directly (and quickly) result in big savings of time and money. Most investors do not take the time to organize their various items or label them effectively, which means most hands-on investors often end up buying duplicates of things they already have, from tools to deadbolts, simply because they cannot find them or do not feel they have the time to look.

PRO SOLUTION: Barnett offers a full line of organizational labels that sync up, online, to products’ part numbers, descriptions, images, and barcodes so you can easily identify a lack and restock when the time comes.

Explore Your Workflow Options

Many vendors now offer contractors and hands-on investors the option to use the company’s workflow and reporting software. Instead of paying extra for this type of software program, see if your local supply store offers an online version for investors like you. This way, you can consolidate your purchasing habits and how those purchases get used (and on what schedule) in one place for better business analysis.

Stockwise Inventory Management Solutions from Barnett, a Home Depot Company, offers a variety of programs designed to keep your real estate investing business moving forward, including organizational tools, full-service inventory management programs, and customized consultations with inventory management specialists. Learn more about Barnett and how you can access these money-saving strategies and an exceptional selection of contractor products.

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  • Editorial Staff

    We believe in the positive, life-changing impact of real estate investing. Our mission is to help investors achieve their goals to build wealth, better manage time, and live a life full of purpose.

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