Creating an Inventory is a critical task for a Managing Agent

One of the most important jobs that you have to do when you are a managing agent is to create an inventory report for all of the properties that you manage on behalf of your landlords. If you only manage half a dozen properties, more or less as a side-line, then carrying out inventories won’t take up too much of your time.

However, if you have 100 or 200 properties to look after, it follows that it is going to take up a lot of time. Indeed, you may employ a staff member just for that job alone. There are always going to be tenants leaving properties and new ones arriving, and, of course, you also have to carry out interim checks in addition to check-in and check-out. So, inventory can keep someone very busy. This is especially true if you handle it the old-fashioned way, as a lot of people taking inventory still do, using a notepad and a clipboard.

It is even more the case when a property is let fully furnished. There are umpteen things that need to be checked, and of course the records need to be accurate, both from the point of view of the landlord and the tenant.

However well the tenant cares for the property, it is not going to be in exactly the same condition at the end of a tenancy as it was at the beginning. Fair wear and tear take place during the course of a tenancy, and so things such as carpets will get worn, curtains may be affected by sunlight and fade, and contents will deteriorate over time.

The Tenant is Liable for Damages beyond Fair Wear and Tear

Of course, the tenant is liable for things such as breakages, missing items, and damage to the property in excess of fair wear and tear, such as chips on paintwork, damage to a fridge door, or stains on furnishings as a result of spills, for instance. If these arise because of a tenant’s carelessness, misuse, or even deliberate damage, and it is only right that the landlord should have resort to the tenant’s deposit to make good. But there can be a fine line between what is deemed to be fair wear and tear and what is damage. This is why the inventory needs to be very accurate.

It is also why so many managing agents who have to carry out the inspections prefer today to use the inventory app that we provide at Reports2Go. It is free to use, and you can download our inventory app to your mobile or tablet from the Apple App Store or from Google Play Store.

Instead of taking notes on a notepad, you can use the app in one of two ways. The first is text mode which enables you to type your notes into the app as you go. It will give you lots of reminders about checking things as you go through the property. When you have finished, you can upload to your portal on our server, and it will be ready to download in a few minutes.

You can also use the app in dictation mode which is even quicker. You simply dictate your notes as you go then upload to the server. When you get back to the office you download and type up your notes in the usual way.

Gary , 04 March 2022
Creating an Inventory is a critical task for a Managing Agent

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