As a landlord, rental property can offer a wealth of benefits and investment opportunities whether these be the residential, hospitality or business sectors. Whatever your rental objectives, it is imperative that the tenancy is managed appropriately to protect your property and tenant rights.
There are great expectations when moving into a rental property: the excitement of a new home, a new venture or a new investment. However, correct administration with the appropriate tenancy agreement in place and a full inventory of the property outweighs this excitement. The inventory must not only list the fixtures and fittings of the property but provide a full ‘Schedule of Condition’ describing the state of the property. This offers landlords protection against any structural damage that may occur during the tenancy.
Even if the property is unfurnished it is always advisable to carry out a full inspection before moving in. As landlords, you will know the inventory is a vital ingredient to a successful tenancy, and understandably can be extremely time-consuming, which is where InventoryBase steps in to help.
InventoryBase provides online property management software that supports you from the start to moving in right through to moving out of the rental property. It understands the important role an inventory plays in providing an accurate assessment of the rental property together with clear photographic and video footage. This, in turn, provides the landlord and the tenant with strong evidence should a dispute arise. It thus protects both the landlord’s investment and the tenant’s deposit.
Landlords should be aware that it is advisable to use a professional body for the inventory because the Tenancy Deposit Protection Schemes tend to favour professional reports than those completed by the landlord. Recognising the preparation of such detailed inventories can be a lengthy process whether carried out by a letting agent, inventory clerk or the landlord themself, InventoryBase provides the answer to onerous processes.
It offers an online property inspection app to produce professional property reports using bespoke templates catering to all industries from residential to commercial, from hospitality to block management. The templates can be customised and edited while unlimited photos and videos can be taken, all downloadable at a click of a button using the mobile app.
The property management software enables the user to book online appointments with its built-in calendar, complete reports at the property and send these directly to landlords and tenants before having even left the property. Reports can also be shared with staff and suppliers. The tenant can comment on the report and upload their own photos should they wish. The management software provides a property platform enabling instant delivery of reports, thus saving valuable time for everyone.
Once the inventory is complete, check-in can take place. This should ideally be carried out just before the tenant moves into the rental property. It is always advisable that both parties inspect the report and clearly highlight any point they disagree with at the point of check-in. Reports can be easily edited online using property software.
Providing both the landlord and tenant are happy, the inventory must be signed before the tenant moves in. Throughout the tenancy, all parties can have online access to the property report via InventoryBase ensuring interim inspections are conducted and the report can be referred to at any time if required.
At the end of the tenancy, the report will provide a reference point once more. Again, this will be easily accessible using the online property platform, where photos and video evidence are at your fingertips. It is at this point in time that the landlord – who may have had the great expectation of the property having been well looked after – discovers the property has been enhanced from its previous condition, or, they may realise how little the property has been cared for.
Whatever the condition of the rental property, having a professional inventory in place will ensure the right result is reached for both parties. The report will confirm which party is liable for the damage and the reasonable costs to be paid. If the tenant is liable money can be deducted from the deposit. Moving in and out of a rental property can come with great expectations. However, providing the tenancy is managed correctly – made a great deal easier using the online property management software InventoryBase – these expectations should be met, if not exceeded.