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Know-how and Tips – What’s important for London Landlords and inventory management

Posted on August 2nd, 2017 by Tick Tick Check Team
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Rental inventory and London landlords

Why is inventory management of such crucial importance to London landlords?

In this simple guide, we cover what is the actual management of housing inventory and how it can benefit the average London landlord. Even if you are one, and you do not impose strict control as a landlord, I hope that this article can help you understand some of the fundamental tenancy concepts and ideas. To store, track and ensure all property inventory sure does come with expenses on its own. If you start from scratch and you haven’t monitored what is the condition of your assets during tenancies, here’s what you need to know:

Definition:

The process of accurate and precise monitoring of all property aspects such as buildings, other land belonging, various inventories, as well as the overall condition of these assets at any given moment, is by definition the essence of “property inventory management”. The capital of any rental businesses’ represents an investment, that is tied up until it’s still no good of further use, or if sold. Many housing landlords feel tired and every here and there decide to end leasing out rental abodes.

The definition is not limited to only documenting tear and wear of what you possess, but to track it as it goes through the various stages of usage, so you do not harm yours or your tenants’ interests. In the meantime, mismanaged inventories can cause major financial problems for any landlord, whether the mismanagement results in property damage or inventory loss (especially prior to an end of a tenancy cleaning).

Make a map of all property locations.

Label all your housing locations, not only those in use. An accurate list of each address can help organise where your belongings are at any given moment. To keep track of inventory condition is indeed quite time-consuming. Landlords should regularly visit tenants to check how they take care of what is rent. This can be both a risky and expensive practice. In most cases, it can be avoided if you hire a third party property inventory service prior or at the end of a tenancy.

“Having a proper map of all rental property locations can and will save you hours of circling around and that is something both landlords and agents,”  say the Guaranteed Specialists from Assetgrove.co.uk

Label all inventory.

Every item you own must have its own unique, short, and easy to remember the number. What professional inventory clerks do, is a precise written and visual description of both the building itself and all that goes with it as well. If you can’t pinpoint where and what you left for your tenants to use, both time and money will be at stake. If needed, unused items can be moved to serve another leasehold or to help a good rental deal to be closed. You better double check for labels without any logic tied to their label.

“Try to design a label system that refers to what and where things are. If it doesn’t clearly show which location it’s referring to, then it is certainly of no help and won’t work for you as it should,” says Denhan Guaranteed Rent.

Keep descriptive descriptions of housing inventory.

To have accurate records of property condition and value is simply mandatory.

“No matter if you own french furniture, contemporary or any other type of furniture, If preserved and taken good care of, your home assets will be in service for a longer period.” Dean J Signori from HomesDirect365.co.uk – The Furniture Shop.

Truth is, you can never predict what will happen to your property.

“Furniture, carpets or bathrooms could cost you less to maintain in the long term if regularly inspected and document for their condition. Renters often act irresponsible and cause extra damage, which otherwise could have been avoided,” says Declan Adams, tenancy cleaning professional at Move out Mates (London).

What are the Pros and Cons of Rental Inventory Management?

Huge Amounts of Time are Invested

Landlords often rent and take care of more than one house, building or apartment. To monitor and control what happens in each property is often impossible. It takes a decent amount of time to check and ensure what the state of the abode is. If a renter damages a wardrobe or other solid furnishing, he/she will most likely try to cover the deed, which is something landlords often fail to notice.

The Benefits of Accountability

To document property damage and loss helps landlords identify which are the right steps to handle unwanted situations. To have a database of all your housing inventory can be of significant use to every landlord by providing statistics over the course if property tear and wear.

Database Software

Software like that can allow you to keep track of how your property inventory is used in real time. Detailed results and state description of all assets is a benefit, that landlords can not afford to miss.

Mobile or Tablet?

Your landlord business needs mobile inventory updates in real time. If you are often on the move and you can’t make changes or updates to any physical records storage, keeping track of your inventory on mobile is your best choice.

Photo or a Video Camera?

To have a valid proof of the condition of your property and all its inventories prior to end of tenancy cleaning, you’ll need a device, that provides high-quality images and videos. Such hardware often requires specific knowledge as well as regular maintenance.

Every landlord in London needs property inventory services one way or the other. You could either do it on your own, which won’t have any value if you go to court, or hire the professional clerks at TickTickCheck.co.uk to assist you. Bare in mind, this is not valid for end of tenancy cleaning, where as a tenant you could clean the property on your own. The process requires a lot of effort, dedication, as well as knowledge. That’s why we would advise you to leave your rental inventory with real professionals, no matter if preparing for a fast let or a new tenant.