How we've made inventories easy - and why you need one
Maryanne Bowring 20/10/2020
2578
The Importance of Rental Inventories
According to the National Residential Landlords Association (NRLA), only one in eight landlords uses an inventory as part of their property management. This is a significant oversight, as a well-documented inventory can protect both landlords and tenants by clearly outlining the condition of a rental property at the start of a tenancy.
What Should an Inventory Include?
Even if a property is unfurnished, an inventory should cover fixtures and fittings, including:
- Carpets and curtains
- Wall and ceiling finishes
- Kitchen and bathroom fittings
Accidents happen—even good tenants may spill a glass of wine on the carpet or chip a sink. Without an inventory, disputes over wear and tear can become complicated and stressful when it comes to returning deposits.
How an Inventory Protects Both Parties
A comprehensive inventory benefits both landlords and tenants by:
- Providing a clear record of the property’s condition at the beginning and end of the tenancy.
- Ensuring fair deposit deductions, preventing unnecessary disputes.
- Helping tenants feel reassured that any charges are legitimate and not arbitrary.
The NRLA advises landlords that in the event of a damage dispute, the claimant (landlord) must prove the damage occurred. Without a properly documented and agreed-upon inventory, successful claims are unlikely.
Our Solution: Easy & Automated Inventory Management
To simplify inventory management, our PlanetRent platform offers a DIY inventory tool that automates the process for landlords. This tool:
- Auto-feeds inventory details and meter readings into Move-In Checks.
- Emails the inventory to tenants for e-signature, ensuring agreement.
- Provides access to Quick Inventory (QI) for seamless documentation.
Professional Inventory Services Available
For landlords who prefer a professional touch, we also offer access to a national network of licensed inventory clerks. These experts can create detailed, independent reports that further protect landlords from disputes.
Why Choose PlanetRent?
Our pay-as-you-go platform ensures that landlords get access to professional property management tools without contracts or subscriptions. With no long-term commitments, you can experience hassle-free rental management. Why not try PlanetRent today and take the stress out of managing your rental property?
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.