What is an inventory and why have one?
I was once speaking to a landlord at a forum for lettings agents and landlords and we got onto the topic of inventories - the subject being my stock in trade. He remarked that he never has one done. "Each time I re-rent a property, I throw away damaged furnishings and get replacements from the local British Heart Foundation shop". Well if that works for him then well and good. I wouldn't recommend that as a viable strategy. It's not that difficult to get one done. There are plenty of resources available to do a decent job.
"What is the point of an inventory?", you might ask. Briefly, an inventory is a statement-of-condition report for a property at the point at which rental commences. It is also a record of all the items in the property and a place to verify the correct functioning and testing of safety devices such as smoke alarms and carbon monoxide detectors. Its principal purpose is to help protect the deposit from a tenant's perspective and the condition and contents of a property from a landlord's perspective. Ideally, it should be carried out by someone independent of both parties but that is not something mandated in law. The main objective is that it should be a fair reflection of the condition and contents, without any bias, and a document that can be used by a third party to arrive at a decision should a dispute arise.
To make that decision process as easy as possible, the report should contain a sufficient level of descriptive information - text and photographs. Any significant observations should be highlighted and be easy to review. The level of detail is important as often one work or phrase description can be easily interpreted differently. Whether an item is in "good condition" or not is be open to individual interpretation. So, it helps to have a glossary of terms as to what is meant by each level of condition, to provide some basis for the use of a term. "Good condition" might be defined as "an item or content that is not new, that has been used, but is still usable as intended and free from damage or contamination, or free from marks and scuffs in the case of walls, doors etc.". A good inventory will have a glossary with such terms and more defined.
It helps to have identifiable sections for meters, keys etc. Always look for images that time-stamped so there can be little doubt at check-in and ultimately at check-out. That brings us to the topic of multiple reports - Inventories, Check-ins and Check-outs. Something for next time. Till then, adios...
Ben, 24 July 2018
Post Titles
- What should you check for when Inspecting your Rental Property?
- How to Hire an Inventory Clerk
- Is an Inventory Report needed for Unfurnished Properties?
- The Reasons why you should carry out a Mid-Tenancy Inspection
- The Perfect Inventory App for Landlords
- Check-In and Check-Out reports: What you need to know as a Tenant
- Carrying out Mid-Tenancy checks: What you Need to Know
- You’re not still living in the 20th Century, are you?
- What to check for when doing an Inventory Report
- Use Speech Recognition tools to reduce time doing Reports
- Our Dictation App saves you a Huge Amount of Time
- Mid-Tenancy Reports are Critical when Letting a Property
- There may be Errors in the Inventory Report
- Reports2Go: the 21st Century way of creating Property Reports
- How to do a Condition Report for your BTL
- The work of an Inventory Clerk can be exceedingly varied
- What should you check for when inspecting your Lettings Property?
- Some things you need to know about Mid-term inspections as a Landlord
- The Reports2Go App makes Property Reports simple
- Why you should carry out Interim Inspections as a Landlord
- Why Check-In and Check-Out Reports are important for Tenants
- Some things to consider if you are thinking of buying a BTL
- The clever way for Letting Agents to create Property Reports
- Our FREE app makes Inventory Reports so much easier
- What to do if your Tenant has Damaged your Property?
- Inventory Reports and Check-Ins – are both really necessary?
- Who should pay for Property Cleaning - Tenants or Landlords?
- Is a Check-in Report Really Necessary?
- New plans and improved resolution for images
- Overheads of being a Landlord
- It is Critical that Inventory Reports are Accurate
- Mid-term Inspections of your BTL are Essential
- Minimising risks with proper tenant checks
- Making a Claim on a Tenant’s Deposit: What you need to consider
- The Importance of an Inventory for Tenants
- Things to note when conducting Check-In/Check-Out reports
- Our App saves a huge amount of time carrying out Inventories
- 5 Handy Screening Topics for New Tenants
- Busting Property Management Myths
- Six Money-Saving Tips for Landlords
- Rules for Tenants and Pets in 2021 - What are the Changes?
- As a Landlord you need to carry out Interim inspections
- Giving your Feedback on an Inventory as a Tenant
- Inventories made easy with Reports2Go
- New to Letting? What you should know about Property Reports
- Three Pillars of Good Property Management
- How can PropTech reduce your Property Inventory burden?
- Choosing the right Rental Management Strategy
- Some Tips for Promoting your Letting Agency Business
- The Importance of an Inventory to you as a Tenant
- Some Ideas to Consider in Order to Reduce your Overheads
- Legislation Concerning Landlords and Tenants is Constantly Changing
- What’s your Property Management approach?
- How to maintain a Positive Relationship with your Tenant
- How important is a Condition Report?
- Tools for New Landlords and Property Managers
- The Check-in Process in the Reports Cycle
- Doing an Inventory: Part 5 - Enhancing the Report
- Doing an Inventory: Part 4 - Finishing Up
- Doing an Inventory: Part 3 - Describing Items
- Doing an Inventory: Part 2 - At the Property
- How to do an Inventory: Part 1 - Preparation
- All you need to know about Property Reports as a Tenant
- Use the FREE Reports2Go App to Speed-up Inventories
- Using on-board Dictation Software for Reports
- A guide to Inventory, Check-In, and Check-Out reports
- Reasons for Landlords to carry out Mid-term Inspections
- How to Carry out an Inventory Quickly, Accurately, and Easily
- What does an Inventory Clerk do, and should I hire one?
- Inventory – A Guide for Tenants
- Things to keep in mind when conducting a Check-in Report
- Free Schedule of Condition - Why You Need it
- End-of-Tenancy clean? All you need to know
- Reports During Covid - 19 Restrictions
- Mid-term inspections as a Landlord
- How to avoid Deposit Angst with the Reports2Go app
- The Importance of the Reports2Go App for Inventories
- All about the Reports2Go App
- The Importance of an Inventory for a Tenant
- Dictation makes for a much faster and more Accurate Inventory
- How the Reports2Go app works
- Free Property App
- Completely Free App
- Tenant Fees Act and Inventories
- When you have a lot of Inventories, Reports2Go will save you time
- Periodic Inspections and why they are good idea
- Inventory meets the 21st century with Reports2Go
- Our App saves you a lot of time on Mid-Term inspections
- What is an inventory and why have one?
- Text Mode
- Audio Mode
- Our Inventory App
- Inventory Associations
- The life cycle of a Report
