So What Exactly Is An Inventory Business?

 

Well in simple terms running an Inventory business involves compiling a report which details the condition and contents of a house or flat prior to the property being let out to a Tenant.

This report is known as an Inventory Report. In addition to this, a Check-In Report, Interim Report and a Check-Out Report are also required at appropriate stages of the tenancy. They are required and commissioned usually by Letting Agents but sometimes directly with  Landlords or Tenants.

Why Are Inventory Reports Required?

In today’s letting market it is essential for Landlords to safeguard themselves against damage to the fixtures and fittings of their property. Since the introduction of the Tenancy Deposit Scheme it is not sufficient to just take a damages deposit from the Tenant. It needs to be proven that any damage or breakages have occurred during the tenancy.

The most effective way to do this and to avoid disputes arising at the end of the tenancy is by having the Tenant agree on the specific condition of the property and it’s fixtures and fittings before they begin occupancy. This can be achieved by having an independent professionally prepared Inventory Report drawn up and then signed by the Tenant.

By doing this a clear signal is given to the Tenant that they will be held fully responsible for all damage, necessary repairs and renewal costs other than acceptable fair wear and tear.

When you consider the costs involved with both the purchase and maintenance of a property, plus the time and expenditure spent on the presentation, there is no doubt whatsoever that an independent professional Inventory Report is an essential tool in successful property management.