If you are a landlord, you know the importance of documents in your business. There are so many regulations for landlords to consider these days; it is easy to see why many professionals feel overwhelmed by administrative duties.
However, there is one document that helps a landlord run their business. This document is also of benefit to tenants too. An inventory list is one of the most important documents for landlords and tenants, and it is critical you have an inventory check carried out at the time of a tenant moving in.
With landlords no longer being able to charge tenants for the inventory check, it is understandable some landlords question its importance and relevancy. However, inventory lists save landlords time and money and are a justifiable investment.
Get help in managing rental property
A dependable inventory list states the contents of the rental property and the condition of these items. This is a document which should be referred to over the lifetime of the tenancy. While natural wear and tear is expected over a rental agreement, items must be maintained in reasonable condition. The inventory check provides all parties with a list stating the status of items.
For tenants, they know what standards are expected from them. If an item or piece of furniture in the house is already damaged or looking worse for wear, they have proof to say the item wasn’t damaged by them. Equally, if an item was in good order at the start of the tenancy but becomes notably damaged, landlords can point to the inventory list and state the condition has deteriorated.
Many disagreements between landlords and tenants relating to the condition of the property. An inventory list helps both sides as it creates a platform for discussion.
Independent advice makes a massive difference in letting property
To ensure confidence in the list, it is best to hire an external and independent adjudicator to review the premises. If the landlord takes responsibility for the check, the tenant will have doubts as to the integrity of the list. Conversely, if the tenant arranges the inspection, some landlords will doubt it is a balanced report. In the long-term, hiring an independent professional makes sense.
Daniel Zane is a director of an inventory list company, who has spoken about the need for independent adjudication. It shouldn’t be a surprise that a company of this nature calls for independent inventory tests, but the logic behind their reasoning is sound. Zane said; “Some agents have taken to compiling inventory reports for their landlord clients. This is both unprofessional and not acceptable evidence in order to offer the high level of protection all parties deserve. Alongside this, it can mean the landlord losing any valid claim made by them for damage or neglect within the property.”
We know landlords and tenants have many problems and issues to contend with. If you’re looking for support and guidance, contact Bond Oxborough Phillips. We are pleased to say we have assisted many landlords and tenants in caring for the rental property, and we look forward to helping you.