One of the most important jobs that you have to do when you are a managing agent is to create an inventory report for all of the properties that you manage on behalf of your landlords. If you only manage half a dozen properties, more or less as a side-line, then carrying out inventories won’t take up too much of your time.
Creating an Inventory is a critical task for a Managing
Agent
One of the most important jobs that you have to do when you are a managing
agent is to create an inventory report for all of the properties that you
manage on behalf of your landlords. If you only manage half a dozen
properties, more or less as a side-line, then carrying out inventories won’t take
up too much of your time.
However, if you have 100 or 200 properties to look after, it follows that it is going
to take up a lot of time. Indeed, you may employ a staff member just for that job
alone. There are always going to be tenants leaving properties and new ones
arriving, and, of course, you also have to carry out interim checks in addition to
check-in and check-out. So, inventory can keep someone very busy.
It is even more the case when a property is let fully furnished.
There are umpteen things that need to be checked, and of course
the records need to be accurate, both from the point of view of
the landlord and the tenant.
However well the tenant cares for the property, it is not going to
be in exactly the same condition at the end of a tenancy as it was
at the beginning. Fair wear and tear take place during the course
of a tenancy, and so things such as carpets will get worn, curtains
may be affected by sunlight and fade, and contents will
deteriorate over time.
The Tenant is Liable for Damages beyond Fair Wear
and Tear
Of course, the tenant is liable for things such as breakages,
missing items, and damage to the property in excess of fair wear
and tear, such as chips on paintwork, damage to a fridge door, or
stains on furnishings as a result of spills, for instance. If these
arise because of a tenant’s carelessness, misuse, or even
deliberate damage, and it is only right that the landlord should
have resort to the tenant’s deposit to make good. But there can
be a fine line between what is deemed to be fair wear and tear
and what is damage. This is why the inventory needs to be very
accurate.
It is also why so many managing agents who have to ca