Property Inventory Companies and their Fees - Eutopian Lettings

Property Inventory Companies and their Fees

A property inventory report is collected from a property review originating in a report and is usually carried out by a professional and certified inventory officer. The report includes descriptions and conditions, often referred to as fixtures and fittings, of all items in the property (fixed and adjustable). The status of these is always noted as seen at the start date.

SUMMARY

Reasons for creating a Property Inventory Report

How To Check A Property Inventory Report

Who Conducts The Inventory?

Property Inventory training providers

Property Inventory Checklist

Check In Process

Property Inventory Companies

Property Inventory price comparison chart

Conclusion

Reasons for creating a Property Inventory Report

  • Conducting an inventory will give both parties (landlord and tenant) accurate measurement of the current status of the property.
  • The property inventory will include anything that needs a label and stipulate exactly who is responsible for their restore.
  • Having the complete document to hand will assist tenants on exactly how the property should be returned to the landlord and provide a proper guideline as to how the property should be properly maintained.
  • Inventories easily distinguish between damage and perfect condition.
  • Property inventories also help to preserve both the landlord’s investment and the tenant’s deposit.
  • Carrying out a detailed inventory reduces the risk of conflicts occurring until the lease has finished its path.
  • Similarly, keeping an inventory in order will help ensure the correct outcome is obtained if a dispute occurs.

The Inventory Report also gathers evidence relevant to Gas Safety Certificates and other records. The inventory report consequently shows enforcement proof and offers signed consent from all parties.

In case you are conducting a property inventory yourself, here is a property inventory template.

Here is a room inventory template you ca download and use.

In brief, a property inventory declaration signed and approved by both parties is able to provide signs of conformity with all kinds of regulations.

Inventories differ widely according to their level of details, in the type, shape, and structure they offer. These have sections devoted to the description, condition, and photographs of all the objects.

How To Check A Property Inventory Report

Inventory clerk

Every landlord wants to secure their property at the completion of the lease. The purpose is to prevent problems by making sure that the tenant maintains the property and all included items in the same condition before the lease begins. With the help of this property inventory guide, you can easily understand the need for property inventory, the few websites that are providing the services, and how much they will charge you.

One of the most frequent clashes between tenants and landlords is arguments about the property’s condition and its contents, and deductions from the deposit if any loss or mishandling occurs. These claims can be removed or mediate by drawing up a detailed inventory of the property.

Since the implementation of the Deposit Protection Schemes, landlords who want to deduct money from the deposit of their tenants must prove proof of the damage that has been inflicted. So if you’re a landlord and don’t have a correct inventory, you’ll find it hard to support a tenant’s deposit deductions. As part of the Property Management process, If you would like to find out more about the deposit protection schemes, you can read this post published by OnTheMarket.

This property inventory guide will give you detailed information to do a property inventory.

Who Conducts The Inventory?

The safest way is to have the inventory done professionally, by a company that is independent of the landlord, agent, or tenant. You can hire them by yourself or your letting agent can also do this on your behalf.

Property Inventory report Includes:

Wherever possible, all meter readings, keys, lightings, furniture conditions, fixtures, and all other details are generally followed by photos recorded. Usual checks which include a garden and any outbuildings can also be included in the report. This property inventory guide helps the tenant or landlord to make correct decisions on damage and maintenance problems.

Property Inventory training providers

First Inventory

First Inventory logo
First Inventory logo

This company used to offer in-person courses but now they have started working with people from their homes. I am not sure if they send the study materials to you via email or they actually ave some online training courses already recorded. They offer email and phone support and their 2-day training course is currently priced at £137.

ARLA

ARLA Logo

The acronym stands for the Association of Residential Lettings Agency. They offer may courses and certificates. Currently, they have three courses all at Foundation Level between 3.5 to 7 house each. Unfortunately, they don’t offer any online courses or prices on their website.

AIIC

AIIC Inventory training provider logo

They now offer fully interactive live video courses. The downside of that is that they have a limited amount of places available.

Check In Process

If any tenant has showed interest in your property, it is common to ask for some payments to perform the needed administrative tasks. They usually manage this for you if you use a letting agent, but instead you can start collecting some relevant documents.

This typically include: a rental application form, checking, credit checks, Right to rent checks, and the development of a standard rental contract (usually a Guaranteed Shorthold Tenancy).

Property Check In

You will demand your applicant to pay a deposit, which you must cover under a security scheme authorized by the Government. 

Once all relevant processes have been completed and you have agreed on a date for the tenant to move into the property, it is a smart idea to consult with the tenant before handing over the keys to proceed over the rental arrangement and inventory.

To go through the inventory, you can visit the property with the tenant, so that any issues can be resolved and confidentiality assured. Both participants must then agree on the agreement, and sign it.

For your renter, you need to take a stroll around the entire property and have a look at everything about it. This is to ensure they are in accordance with the property and the condition plan. You should address anything that is not obvious at this point, and fix any possible problems. This is a good opportunity to explain to the client what you expect during their lease.

To ensure that tenants understand and accept every point, you can go over the checklist with them:

  • All devices work properly 
  • Readings of meters
  • Fuses, taps, and switches 
  • Locks and keys  
  • Sign the inventory and rental agreement and collect the deposit and rent for the first month.

The rental agreement with the tenant should always be passed so that they know what their roles are, the duties as their landlord, and the specifics of the contract.

Then you should hand over the keys and the tenant moves in!

Depending on the term of the agreement, you can choose to carry out frequent checks at the property during the renter’s time. These visits help the tenant to address any concerns they may have and encourage you to verify if the tenant is adhering to the rental contract. Usually, routine inspections are planned about every three to four months.

Property Inventory Checklist

property inventory keys

A property inventory report must base on the following key components:

  • A record of meter readings
  • The condition of each room, including every appliances, fittings, and fixture
  • Condition of the garden and any outdoor, including any damage
  • A signature from the tenant confirming they agree with the contents of the report
  • In fully furnished properties, a record of the condition of the mattresses should also be reported
  • Photos of the property and its contents with date & time stamped on them

It must also include essential safety points, like:

  • A record of furniture and furnishing fire safety labels
  • Checking of Smoke and CO alarms comply with working order & correct placement
  • A record of damaged and rough carpets, cracked glass or windows etc.

Have a look at their pricelist or get in touch to obtain a quote for your portfolio

Check Out Process

When the tenant has told you that they are moving out of the house, it is best to approach them with specifics of their obligations at check-out. For example, it might be useful to resend the initial inventory of the property and.

property check out inventory

To identify any damage, you may review the state and contents of the property against the original inventory at check-out. However, reasonable wear and tear cannot be charged from the tenant’s deposit as losses. You can allow your tenant to accompany the check-out inspection, so you can negotiate with the original inventory on the state of the property.

If you have moved through the inventory, you may then take the keys and the check-out is done.

After you both decided how much of the deposit should be returned to the tenant, you have then 10 days to refund the money.

Sometimes a tenant is not happy with the amount that a landlord wants to deduct for damages. In this case, they can go to the Resolution Centre of the deposit protection scheme of the deposit.

Property Inventory Companies

ASSIST INVENTORIES

assist inventories

Features

Agent Assist – exclusive benefits and pricing for agents

Discounted prices, no cancellation fees and prioritised slots

Fixed, simplified price list

Get in touch to tell them what your requirements are and they’ll tailor a package for you.

Exclusive Pricing for Letting Agents

Discounted prices, no cancellation fees and prioritised slots

Pricing for Landlords

INVENTORY HIVE    

Features

  • Easy to use without compromising on detail
  • Manage reports from desktop or App (or both)
  • Paper or paperless approval options
  • Helpful prompts to identify areas of common dispute
  • Huge auto complete library
  • Voice dictation describing
  • Compliance checklist recording
  • Information remembered when tenants come and go (just update pics)
  • Ongoing updates
  • Online helpdesk
  • FREE 30 day trial

Inventory Price Chart

ALL PRICES EXCLUDE VAT

UNFURNISHED:

 Studio/1 bed2 bed3 bed4 bed5 bed6 bed
Inventory & check in120130140155170185
Inventory100110120135150165
Check in / out90100110125140155
Interim Inspection6060607070POA

FURNISHED:

 Studio/1 bed2 bed3 bed4 bed5 bed6 bed
Inventory & check in130145160180200220
Inventory110125140160180200
Check in / out90105120140160180
Interim Inspection6060607070POA

PIXEL

Features

  • Reliable, fast property inventory services in London
  • Inspection performed on a room to room, item to item basis.
  • Item description, its condition.
    Photographs.
  • Report available in one click in your mailbox & easy to download as PDF.

Inventory Pricing Chart

PIXEL Inventory fees chart

INVENTORY BASE

Features

  • They can build unlimited property reports to capture property condition, photos and issues right from your mobile or tablet using our inspection app.
  • They can produce professional inventories, check-ins, check-outs, interim inspections, building inspections, risk assessments & more using our award-winning inspection software.
  • Inventory Base is your own personalized platform for effective property management and reporting.

Inventory Pricing Chart

INVENTORY BASE fees

INVENTORY PLUS

Making Property Reporting Better

  • Their easy to use reporting software creates detailed inventory & ‘right to rent’ reports with step-by-step guidance from desktop & App.
  • Their property Inventory software like no other
  • They manage & evidence reporting with ease

Inventory Pricing Chart

INVENTORY PLUS fees

Property Inventory price comparison chart

Property Inventory companies cost uk
Property Inventory Comparison chart – Source: https://pixelinventory.co.uk/

CONCLUSION

Every landlord wants to secure their property after the completion of tenancy. In order to secure the property and every other asset included in the property, landlords should consider making a property inventory report. The Deposit Protection Schemes do not require you to submit an inventory when sending the deposit. However, you need one, in order to prove damage to the property. In an ideal scenario, you should hire a professional company to do the inventory. This should be independent of the landlord, agent, or tenant.

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