How can PropTech reduce your Property Inventory burden?
It seems like technology is rapidly changing many sectors from finance to parts manufacturing. As software and apps are developed to streamline processes and make our lives easier, the way we do things is undergoing constant transformation and it’s no different in the property sector.
The wider world of property management has already seen widespread digitisation, with new online platforms for connecting tenants and properties, as well as new digital tools that property managers can use to speed up activities like inventory taking and check-in and condition reports.
Our very own set of tools and resources at Reports2Go is designed to distil some of these important innovations into easy-to-use and affordable resources that any estate agent or property manager can use.
So, as the property sector continues to change, we explore a few ways PropTech and new property management apps can help you stay ahead.
What is PropTech?
While PropTech is the latest buzzword used to describe developments in the property sector, it’s a useful term to encapsulate the various innovations that are helping to transform the market.
PropTech, also known as property technology, refers to the digital transformation of the property industry through a collection of tools, software and digital processes. At one end it could describe the way huge volumes of tenant and landlord data is organised and used by estate agents, and at the other end, it could describe the individual tools that landlords use to perform various tasks associated with their properties.
Below are some practical ways that PropTech could benefit your business or property management activities as a professional or accidental landlord, or property management company.
Quickly standardise your Property Inventory checks
Property inventory managers and apps rely on simple inventory taking principles that are then digitally tailored to the property sector to make the job of recording property inventory simple and efficient. Using smart features, it offers both tenants and landlords more security through its standardisation of the process and reduction of mistakes.
A good inventory app like ours should help to drastically reduce the amount of time you need to spend on this important task. It will reduce the time needed for someone to physically attend a property and record its inventory while giving you a logical format to follow which can be incredibly useful when you’re managing more than one property.
Ultimately, many property managers and landlords can spend hours collecting a full list of items, organising it and finalising a list of items which they will then edit or change several times before it’s delivered to the relevant parties.
Once completed, landlords and agents may find that they have either missed out key aspects of the inventory that they’ve forgotten to record or have not organised the items correctly. This can include missing items like doors and skirting fittings.
The best solution is to adopt a tailored and logical checklist through our inventory app, which will take you through every aspect of the property worth checking as part of a comprehensive inventory. This ensures that you capture everything and maintain compliance while saving yourself a huge amount of time checking and rechecking your list.
When you have multiple properties to look after, this will also give you a quick guide to follow each and every time you need to take inventory. Without such a tool, it’s much easier to leave yourself open to mistakes and liability.
Faster property inspections
Other activities required when handling property can also be supported with the right ProperTech tools. For example, mid-term inspections are carried out by the letting agent whilst the tenancy is in progress usually at 3-months and then at 6-month intervals. An inventory app like our own can help in this area.
Many landlords experience disputes over the condition of a property, especially over long tenancy durations. Having the right tool in place to create a reliable and efficient condition report can reduce the chance of disagreements taking place and ensure that the property is being maintained well and in accordance with the rental agreement.
Reports2Go offers a free inventory and check-in app that allows you to record inventory, capture the state of rooms, enter meter readings and complete a quick appliance and decorative order survey.
As part of a new wave of PropTech innovations, our app offers landlords and property managers an easy way to stay ahead by implementing fast, safe, and reliable property processes with the support of smart tools.
Gary, 12 February 2021
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