Being a landlord can be quite a tasking role. There are a lot of things that you need to keep track monthly, weekly, and some, daily, such as the payments of your tenants, their documents, and the maintenance of the fixtures and other amenities. At some point, some landlords already find it hard to keep up and keep tabs of all these things. You may also see application inventory examples.
This is why a landlord inventory is very helpful for you if you have a very hard time in keeping tabs of all the things you need to regularly check up on. While there are a lot of landlord inventory templates that can be bought online, this will only add up to your stress and to your list of payments. Why not just check out the landlord inventory examples that we have here in this article? No need to worry because these are free and easy for you to download. You may also see system inventory.
Generally, a landlord inventory would contain the list of all of the furnished contents or items in a property or space that is being rented out by a tenant. A landlord inventory should contain unbiased reports of the condition of each of the contents or items of a property or space. Each condition should be described in a way that its quality is elaborated well. You should not also miss taking note of the condition of the property’s or space’s decorations, fixtures, and fittings—both interior and exterior, at that. You may also see system inventory examples.
The schedule of the checking of its entire condition is scheduled usually once every month to see whether the item is still in good condition or not. However, most landlords would only opt to check it before the tenants would move in and before the tenants would move out. While this is not all too bad, it is encouraged that it should be scheduled at least once a month so that if ever there are damages done on the contents or items of a property, it will not be too late and that you will still be able to fix it if ever it can still be fixed. You may also like asset inventory examples.
A landlord inventory checklist is more effective if it has supplement photos of the furnished items before the space or property is being rented out. It is in this manner that it can help a landlord to easily monitor the previous and the current condition of the property as well as its items before the tenant had moved in and right before the tenant is going to move out. The landlord will then have something to refer to or compare with to be able to see clearly what are the damages done, if there is any, and be able to easily determine the compensation in case there is indeed damage done. You may also see inventory checklist examples.
The unfortunate thing about landlord inventories is that most landlords would skip doing this altogether. There are even some tenants who do not find the importance of having one that they will not ask the landlord for an inventory list when he or she does not provide the tenant any. Little do they know that having a landlord inventory list an actually provide both parties, the landlord and the tenants, protection in the event that there are damages done on the items or contents of a property or space. Damages on items in the property is an extremely common reason for disputes among landlord and tenants. You may also like inventory examples in PDF.
Purpose of a Landlord Inventory
As a landlord, there are a lot of things that you need to check and keep tabs on regularly and at some point; it can really get overwhelming to the point that you will miss out on the important things. If you will keep a landlord inventory, it can surely help you get organized and that it can ensure you that every item or contents of the property that you are renting out will be checked regularly and will be surely in good condition before and after renting the property to tenants. You may also see accounting inventory examples.
A landlord inventory list can help you as a landlord to check out on the condition of the property or space and its contents or items as well as putting it in detailed words the necessary measures that will be done once the contents of the property or the entire property itself will get damaged or get into bad shape. It is through this that the landlord and the tenant can easily come to a mutual agreement in the event that there will be disputes and the like. You may also see store inventory.
If you have just become a landlord recently, you should consider taking note of the process of an inventory.
There are two possible ways to handle your inventory: one is to have an agent or an independent clerk and the other is to do the inventory by yourself. If you are going to have an agent for the inventory, make sure that they will be able to advise you accordingly on how the process of an inventory will work. However, if you are going to do it by yourself, make sure that you will be able to prepare the inventory as soon as the move in date of the tenant or even just shortly before if ever the property is already complete and ready to be occupied. You may also see free inventory examples.
It is important that you will be conducting the inventory before the tenants will start occupying the space. This is for you not to get confused with the things you personally bought for the unit and the things that the tenants have bought and brought for themselves for the unit. There is that possibility wherein your tenants might break or damage the things you have furnished for the space they have rented. In the event that such things might happen, you will be able to easily document the faults or the condition of every item. You may also like landlord inventory examples.
Now, an ordinary list of your inventory might not just be enough—it will be best if you will provide supporting images for each item on the list. In the event that your tenant will do things that can affect the condition of a certain item on your inventory list and that he or she would insist that “it has been like that since I’ve moved in”, you will have a ready, supporting images to back your claim. You may also check out sample inventory.
Once you ave already complete your inventory list, both parties, you and the tenant, should acknowledge and sign it. Additionally, you should also provide a copy of the inventory to the tenant for guidance. You might be interested in school inventory examples.
How to Create a Detailed Inventory for Your Property
If you are just starting out as a landlord, do not make the mistake of not creating and seeing the importance of a detailed inventory for the property that you are renting out to tenants. With that, you have to ensure that you will always create a detailed inventory of every single property or space that you are going to rent out. You may also see system inventory examples.
If you have a difficulty of what you should include in your inventory, break down your inventory into key areas. And from this areas, write down below it a comprehensive list of the contents or items and make sure not to miss anything. You may also like asset inventory examples.
Here are some of the key areas that you have to consider:
Aside from the contents or the items of the property or space that you are renting out, you should also ensure the following contents that can make your inventory list more effective:
As mentioned above, include a clear and thorough list of the interior and exterior details such as the fixtures and fittings.
Dates of when the inventory was conducted, along with the name and signature of the person who conducted it.
The full name, addresses, and contact numbers of both parties, the landlord and the tenants and agents, if there are any. Also, include the signatures of both landlord and tenants to show that both parties have acknowledged and agreed to the inventory list.
The detailed state or condition of each of the items or contents that is being rented out along with the property or space.
Do not forget to include any of the important meter readings, serial numbers, and key lists.
The photos of each of the furnished contents or items as well as a broad photo of the entire property or space.
If there are important receipts, make sure you include all those.
Sample Landlord Inventory and Schedule of Condition Template
Below are some general tips on how to prepare your own inventory report:
It is suggested that you should use a spreadsheet format when listing down the furnished items or contents of the space or property that you are renting out. This is because it can help you list down all of the items feasibly, grade each of its condition easily, and keep detailed descriptions of each item on the side without hassle. You may also see inventory checklist examples.
If you will include photos for each of the items condition before the move-in of the tenants in the property, it is best if you will take high quality and well-lit photos of each of the items. Do not bother with the art compositions of your photos since you are not going to display it in an exhibit. Just take clear photos where anyone can see the condition of the item before the move-in of the tenants and right before the tenants would move out. You may also like inventory examples in PDF.
When taking photos, do not forget to turn on the timestamping option of your camera or your cell phone camera. This is to be used as proof that it was taken, indeed, on that date and time. And if the person who denies the damage he or she has inflicted on one of your furnished items or contents, you can make use of a newspaper with its clear time and date along with that photo of the furnished item to make it more believable. You might be interested in school inventory examples.
Aside from taking photos of each of the items you have furnished for each of property or space that you are renting out, you should also not forget to take broad or panoramic photos of the entire space or property to capture the entire look, feel, and condition of the space before the tenants are to move in. Make sure that you will be able to capture the details and especially the expensive items like the appliances and furniture.You may also see free inventory examples.
Do you want to get the extra mile that goes beyond images? Take a video of your property and the contents or items that you have furnished for it. Just do not get overboard and go for the extra, extra mile; you can always just take a video in your cellphone camera and take a video of the space or property before you have them rented out to tenants. You may also see application inventory.
Do not forget to have both parties, the landlord and the tenants, to sign the inventory list or inventory report. This is important in order to ensure that both parties have recognized it and in the event of disputes, it can be used as proof by either or both of the parties. Also make sure that each of the parties has copies of the inventory list, and other pertinent documentation from the inventory. You may also check out sample inventory.