Hey there, #StoreTroopers!
Back in the day inventories were a time-consuming affair that involved a paper mountain and several hours. Now, creating a digital inventory is straightforward and can significantly streamline the process of documenting a property's condition. Here are seven easy to follow steps on how you typically make one:
Step 1: Choose a Digital Inventory Tool
First, you’ll need to select a digital inventory software or app. There are many options available, each with various features. Some popular choices include InventoryBase, Imfuna Let, and No Letting Go. These platforms offer user-friendly interfaces and are designed specifically for creating detailed property inventories.
Step 2: Schedule the Inventory
Plan to conduct your inventory just before a new tenant moves in or right after the old tenant moves out. This timing ensures that the property's condition is accurately recorded at the start of the tenancy.
Step 3: Gather Your Equipment
Nowadays, most digital inventory apps will work easily on a smartphone or tablet. The only thing is ensuring your device has a good camera and enough battery life. Some landlords still prefer using a digital camera, but most phones provide super high-quality photos now.
Step 4: Conduct the Inventory
Walk through the property room by room and use the app to record details. Here’s what to include:
Photographs and Videos: Capture every room from multiple angles. Be sure to include images of the floors, ceilings, walls, windows, and any fixtures or fittings. Open drawers, cabinets, and take pictures inside for a thorough record.
Descriptions: Most apps allow you to add notes or select the condition of items from a preset list. Be as detailed as possible. For example, rather than noting "good condition," specify details like "newly painted, no scratches."
Meter Readings and Keys: Don’t forget to record the readings of any utility meters and note the number of keys handed over.
Step 5: Review and Edit
Once you’ve captured everything, review the inventory to ensure all parts of the property are adequately documented and that the photos and videos are clear. Make any necessary adjustments or add additional notes as needed.
Step 6: Share and Sign Off
After completing the inventory, share it with the tenant through the platform. Most digital inventory tools allow tenants to review and add comments if they notice discrepancies. Both parties should sign off on the inventory digitally, which timestamps the approval and ensures that everyone agrees with the document's contents.
Step 7: Update During Check-Out
When the tenancy ends, perform a check-out inspection using the initial digital inventory as a reference. Update the digital document with new photos and notes to reflect the property's condition at the end of the lease. This can be crucial for resolving any disputes over damages or changes to the property.
Final Tips
Consistency is Key: Always follow the same process for each inventory to ensure consistency. This helps in maintaining professional and standardised records.
Secure Storage: Make sure the digital inventory is stored securely in the cloud, allowing easy access for future references and providing a backup in case of data loss.
Using a digital inventory not only modernises the property management process but also provides a reliable and efficient way to manage rental properties, reducing disputes and ensuring a fair process for both landlords and tenants.
Until next time, keep your investment compass steady and your dreams of property prosperity alive!
The Anonymous Investor.
*This blog post is for general information only and is not financial advice. Always speak to a financial advisor for guidance on your specific situation.
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