Why use a Third Party for your Inventory Report?

Outsourcing property reports to a third party at the tenant is popular.

An inventory is an integral part of the deposit recovery process, and many landlords and agents use external companies to produce their inventory reports.

Why? Because it’s an impartial set of eyes during a process that can be stressful for landlord and tenant alike. The landlord wants their property inspected and in a good enough standard for the next tenant to move in. In contrast, the tenant wants to secure the return of their deposit.

Outsourcing: The Benefits

Having your inventory report produced by an “impartial third set of eyes” can help to mitigate the risk that inventories may be challenged during a referral to an adjudicator. It means that the process is fair and unbiased to both landlord and tenant.

If you have a lot of properties even just one or two, the overhead of completing all reports – inventory, check-in, check-out and mid-terms can be significant. Do you have the time?

A trained clerk will spot blemishes and issues quickly. They will also carry professional indemnity, if they are member of a trade organisation, in case a report misses something significant which could amount to a large loss.

In addition, a third party can help should there be a deposit dispute if the property is damaged.

Good Software

A third party may use inventory report software on their iOS or Android device and have high resolution pictures available above and beyond the quality in a PDF or printed document.

Images added to such software can be time dated so all parties can see the evidence further down the line. Good software will provide secure storage of images and media.

The Deposit Protection Service (DPS) reports that fewer than 3% of tenancies it supports end in disputes, and those that do either relate to cleaning (23%) or damage (19%). It is possible that using a third party can help facilitate such a low statistic.

Finding a Third Party Inventory Service

Although fees will dictate choice to some extent, it’s essential to also look at how comprehensive the report you receive will be. It’s vital to remember that inventory reports are some of the most important documents related to a rental property. They contain detailed descriptions of the condition of your property alongside important information like initial meter readings and the state of smoke and carbon monoxide alarms.

Finding an inventory clerk that fulfils these aspects using the latest inventory report software is essential. Ideally, they should produce good-looking reports and downloadable PDFs.

Look for an Inventory clerk who is member of a recognised body such as ARLA Propertymark Inventories and see what their sample inventory report looks like. Most association have a member directory by postcode or region. Remember, your inventory report is an important document, and a trained clerk is worth having.

Get in touch today to learn more about our inventory management software and how you can benefit from it.

Panos, 26 August 2022
Why use a Third Party for your Inventory Report?

Post Titles