Property Management - Inventory & Check Outs
AND WHY?
- Inventories are reports that accurately describe the condition of a rental property and a crucial tool for effective rental property management. This report can be used in addition to, a thorough check-out report to assess claims for damages at the end of a tenancy and for resolving deposit disputes.
- Formal adjudication relies exclusively on the inventory to decide if the tenants have caused the property to lose value.
- It is simply, one of the most important documents during a rental period.
- In cases where no move-in inventory is present, tenants are often exempt of a damages claim.
THE BENEFITS
- Landlords and Tenants are generally good at inspecting properties, but they are not rental property management professionals or specialists in inventory management.
- Both Landlords and Tenants can have an interest in manipulating reports. Trained inventory clerks typically fill the voids between the two creating a fair and concise inventory and check out procedure.
- The Tenants' Voice recommends to hire the services of a professional inventory clerk.
- Indeed, it is logical to use an impartial party to verify the condition of the property, just like you entrust your deposit to an impartial deposit protection scheme.
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Though a majority of owners say they are happy with property management, there does seem to be room for improvement, in particular around the areas of communication and customer service.
Those who love their property manager say:
“Very pro-active and engaged in the overall process.”
“They are very transparent, efficient and sensible.”
“They are brilliant and save me time and money.”
However those who are unhappy with their property manager say:
“Their goal is to make money for themselves, not for me.”
“Poor communication and no value add.”
“They make decisions without consulting me which cost me money.”