Property Inventory Services Explained
You may find yourself a little unsure as to the exact property services you require as a landlord or letting agent, or what the different terminology means, if this is the case, this article will help you...
Below are the terms used by professional inventory clerks.
Inventory Compilation or Make
An inventory compilation or make is essentially a documented report on the condition of your property and the contents therein.
This includes but is not limited to:
Curtains / Blinds
Pictures & Ornaments
Check-in or Move In
The Check-In or Move In takes place when new tenants move into the property.
The inventory compilation is used as the foundation for the condition of the property and everything in the property at the time.
The tenant agrees to this report by signing the "Check-In" report, which also acts as proof of condition at the end of a lease should there be any discrepancy in terms of property damage.
Once the Check-In report is signed the tenants have up to 7 days to make any queries against the stipulated condition, and amendments to the condition where needed.
Once 7 days lapses, the signed Check-In report forms part of the tenancy agreement.
Typically compiling the inventory and doing the Check-In report takes place at the same time to ensure an up-to-date condition assessment.
If there is a pre-existing inventory compilation it must be updated to reflect the latest condition.
The Check-In report is then scanned together with supporting documentation like detailed photographs and forms the new Inventory document for the property.
This up-to-date inventory report is then emailed to the instructing party (letting agent or landlord) who is responsible for distributing it to the tenants and other concerned parties as applicable.
Check Out or Move Out
The Check Out or Move Out occurs when the tenant leaves the property.
At this time the original Check-In document detailing the condition of the property is compared to the current state of the property.
Any discrepancies in condition are highlighted and commented upon in the inventory document and used to create a Check Out report.
In the Check Out report liability for damages, cleaning and maintenance is apportioned.
The report is emailed to either the landlord or the managing agent for distribution to the tenants and other parties concerned.
Costs to be deducted from the tenants deposit are calculated by the landlord, letting agent or other responsible 3rd parties.
Schedule of Conditions
Landlords sometimes elect a Schedule of Conditions report in order to save money but risk being unprotected in the event of a tenancy dispute as no detailed inventory report exists.
We do not recommend Schedule of Conditions reports for this reason in addition to the fact that when compiling this report no remedial action comments are given.
The moral of most stories is saving money upfront on a sub-par reporting process creates headaches down the road.
Snagging is common practice on new properties before owners complete the purchase and take ownership.
This report highlights defects seen in the property.
The snagging report is then handed to the developer or builder to rectify and thus protects the property owner.
Re-inspection is carried out once the highlighted snags have been remedied.
Midterm inspections are generally carried out every 3 months during the tenancy.
These inspections are carried out to establish:
Condition of the property
Potential problems with the property (information supplied by tenants or observation)
Maintenance work required
If any terms of the tenant’s contract are being breached
Working with a professional property inventory services company like Attic Inventory helps protect you in the event of a tenant dispute as well as maintaining professional documentation on the condition of your property.
Should you have any further questions do not hesitate to contact us.
Attic Inventory has provided professional inventory services in the Greater London area since 2004 and works with several of the most reputable property companies in the market.