Start an Inventory Clerk Business: A Guide to Earnings & Success

Earnings Potential: Can You Make a Living as an Inventory Clerk?

Absolutely! The earning potential for inventory clerks can be significant.

• Fees: Typical fees range from £80 to £150 (or more) for a two-bedroom unfurnished apartment. Larger or furnished properties will command higher fees.
• Pricing Strategy: Establish clear pricing structures based on property type and complexity. This ensures transparency and helps you remain competitive while maintaining profitability.
• Productivity: With experience, you can typically complete 3 or more inventories per day.
• Part-Time Potential: Even part-time work (e.g., 5 inventories per week) can generate substantial income (approximately £500 per week).
• Full-Time Earnings: Full-time work can easily exceed £1,000 per week.
• Scalability: As your business grows, you can increase your earning potential by:
  • Streamlining processes: Efficient workflows and reporting tools can save time and increase productivity.
  • Expanding your services: Consider offering additional services like video tours, 360° photography, intermediate tenancy inspections, cleaning services, property management, etc.
  • Building a team: Hire staff or assistants to handle increasing demand.

The "Rollover" Effect

One of the key advantages of an established inventory clerk business is the "rollover" effect. Repeat business from properties with frequent tenant turnover significantly increases efficiency and profitability.

Key Takeaways:

• The inventory clerk business offers a viable and potentially lucrative career path.
• Competitive pricing, efficient workflows, and excellent customer service are crucial for success.
• Continuous professional development and a focus on client satisfaction are essential for long-term growth.

Why Now is the Perfect Time to Become an Inventory Clerk

The rise of the government's Tenancy Deposit Scheme has significantly increased the demand for professional inventory services. Landlords and letting agents now rely heavily on accurate and detailed inventory reports to protect their investments and ensure smooth tenancy transitions. This creates a strong and growing market for skilled inventory clerks.

• Demand for inventory clerk services is consistent and growing.

What Types of Properties Will I Inspect?

As an inventory clerk, you'll encounter a diverse range of properties, from cozy studio apartments to spacious family homes. This could include:

• Furnished flats and apartments
• Part-furnished properties
• Fully furnished houses

You'll encounter properties with varying levels of furnishings, from basic essentials to those with extensive décor, including full sets of kitchenware and dining ware.

Who Uses Inventory Clerk Services?

Inventory clerks are essential for various stakeholders in the property rental market, including:

• Letting agents
• Landlords
• Tenants
• Property management companies
• And other organizations that require professional, independent assessments of property condition.

How Are Inventory Clerks Employed?

Many inventory clerks are successful entrepreneurs, operating their own businesses and providing services to a wide range of clients, including letting agents, landlords, and property management companies.

Finding Work.

In our experience, the majority of work for inventory clerks comes from letting agents, with a smaller proportion coming directly from landlords or tenants.

Key Strategies for Finding Clients

• Establish an Online Presence by:
  • Creating a professional website.
  • Listing your business on relevant online directories (e.g., Google My Business, Yelp, local business directories).
• Network and Build Relationships
  • Meet with Letting Agents: Schedule meetings with letting agents in your target area to introduce your services and build relationships. Offer a free sample inventory service to demonstrate your professionalism (ensure you are well prepared and confident in your abilities).
  • Attend industry events and conferences to connect with other professionals in the property sector.
  • Collaborate with other inventory clerks in your area for referrals and to cover work during busy periods or when you are unavailable.
  • Explore the potential benefits of joining your local Chamber of Commerce or other relevant trade associations.
• Effective Advertising (Consider Cost-Effectiveness)
  • Explore targeted advertising options in local newspapers or publications that cater to the property market.
  • Consider cost-effective options like Google Ads (with a focus on local targeting) to reach potential clients online.
  • Utilize social media platforms like Facebook, LinkedIn, and Instagram to promote your services and connect with potential clients.
• Leverage Online Platforms
  • Consider listing your services on online platforms that connect inventory clerks with clients.

Remember

• Professionalism is Key: Always maintain a professional image and deliver high-quality, accurate inventory reports.
• Customer Service: Prioritize excellent customer service to build long-term relationships with clients.
• Continuous Improvement: Stay updated on industry best practices, legal requirements, and new technologies.

By implementing these strategies and consistently providing exceptional service, you can successfully build a thriving inventory clerk business.

Qualifications Required

At the time of writing, there are no formal government-recognized qualifications (such as NVQs) specifically required to become an Inventory Clerk. However, several organizations are working to establish consistent standards within the residential lettings inventory industry. While not mandatory for trading, membership in an industry-recognized organization can enhance your credibility and build trust with clients. Moreover, accreditation may be a prerequisite for obtaining suitable insurance coverage.

Training

To enhance your skills and knowledge, consider the following options:

• Online or attended Training Courses:
  • Conduct an online search to find reputable training providers offering courses specifically for residential lettings sector inventory clerks.
• Self-Study:
  • Explore our publication, ‘Practical Techniques For Inventory Clerks’, to learn efficient inspection procedures.
  • Explore our report generator, ‘Quick Click Clerk’, to compile faster inspection reports.

Is the Inventory Clerk business right for me?

You really will be amazed at the earning capacity you can enjoy as an Inventory Clerk and also at how enjoyable the job can be.

• You will be working ‘under your own steam’ as an Inventory Clerk and will be able to manage your own working day.
• You will be speaking to customers both in person and by email and telephone in order to arrange inventories.
• You will need to have a good eye for detail and develop a methodical approach to inspections in order to become a skilled Inventory Clerk and make best use of your time.
• You will need your own transport unless you work in city locations.
• You will need to provide professional quality reports to be delivered electronically (email) or on paper.
• If you are not proficient at typing please consider one of the many apps now available once you have learned the fundamentals of the job and are more informed to evaluate an app. If you decide not to use an app and find it quicker to dictate your inventory inspection findings in to a voice recorder or smart phone. You can use the services of a transcription typist or use other data collection and reporting equipment and techniques that do not require extensive typing such as speech recognition software or our point and click ‘Quick Click Clerk’ app to compile faster inventory inspection reports with minimal typing .

What do I need to start my business?

• A computer with internet access.
• Printer. (Not essential if you send reports by email.)
• Stationary including paper, envelopes, stamps. (Not necessary if you send reports by email.)
• The facility to upload photographic or video evidence. files to your own, or, your client’s web space or photo-share or file sharing websites.)
• A digital camera or smart phone.)
• A Digital Dictaphone. (Not essential but very useful) (A capable smart phone could be an alternative.).
• A low cost way of collecting information at property inspections is by simple pen and paper notes if you are starting out on a tight budget.
• A car or bicycle etc to travel to the properties. (May not be necessary if you work in city locations.)
• A small budget for advertising and marketing costs.
• A website. (not necessary to start your business but may become essential in the marketing of your services.)
• Insurance for your operations and services. (ESSENTIAL!)

Inventory Clerk Apps.

Specialist software and hardware systems (Apps). We suggest that you only consider buying in to expensive hardware or subscription based inventory clerk systems (such as apps) once you have the basic experience to fully evaluate their usefulness and suitability for your needs.

I can’t type – I don’t like typing!.

There are reasonably priced transcription services available that can supply a fast turnaround of reports.(often on a same day basis). You can also consider using subscription based app or speech recognition software or our point and click ‘Quick Click Clerk’ app to compile faster inventory inspection reports with minimal typing.

"A Golden Rule" - Maximise Your Time!

One thing to seriously bear in mind is this fundamental: Your earning potential is directly based on the number of assignments (inspections) you are able to undertake in a day.

Some systems and apps that promise ease of use may result in your spending extra time at an inspection which will restrict the number of assignments you are able to carry out in a day. When starting out consider using a digital recorder (or smart phone) to voice record your findings. (or take handwritten notes) at an inspection to transcribe in to a report later. This will allow a speedier throughput of inspections.

An app may save time overall but possibly at the expense of taking longer at an inspection and possibly restricting how many assignments (jobs) (inspections) you are able to fit in to a working day.

Important Considerations

• Comply with all relevant legal, statutory and insurance requirements when providing services.
• Maintain professional and ethical standards when providing services.

Disclaimer: This guide provides general information and should not be considered legal or professional advice.

How Active Inventories can help you?.
Please see our Resources for residential property inventory reporting.