Inventive and inventory aren’t two words we often see together in lettings. Let’s face it, inventory reporting isn’t one of those activities that fires off the creative brain cells. In fact, it’s a highly factual report that should leave inventing well alone if you want to stay on the right side of regulations.
But, when it comes to proptech, there are inventive ways to use digital inventory tools you may not have thought of that can make the whole process easier and, dare we say, even a little enjoyable.
Hands up who loves property regulations and knows all the very latest guidelines? One of the greatest hacks for digital inventory reporting tools is the hidden information they hold on all the compliance essentials.
Inventory software often includes the most current legal data and, with platforms like Inventory Hive, they are also configured to deliver prompts if you forget any critical regs while doing your check-in and check-out reports.
As a landlord, there’s a lot to remember when it comes to compliance. Proptech can give you that helpful nudge and peace of mind.
There is nothing like first-hand evidence, as Sherlock said, and this is very much the case when it comes to tenancy deposit disputes. The thing with evidence is that it is often scattered, disorganised and ambiguous (especially over a long tenancy) making it unusable by adjudicators.
Inventory tools can be used to make evidence water-tight from the offset. Instead of using a separate camera and filing system, spending hours dating, annotating and linking the photos to report fields, the software can do it for you.
Sophisticated inventory platforms come with intelligent camera tech built-in that makes it easy to capture all the detail you need for each room and item in the property. It will also remind you what to photograph and note down as you conduct your property visit. It’s then automatically filed in a centralised, easy-access location too, saving hours in admin and unnecessary stress.
No, it won’t organise your next holiday, but the clever inventory tools can help you plan your property visits to maximise on travel costs and time if you have a larger portfolio of properties. With Google Maps synchronisation, they can help you plot your route efficiently and automatically email or message tenants to arrange dates and times to fit with those plans. The to-and-fro communications with tenants when setting dates for check-ins and check-outs eat up valuable time. This proptech hack can cut that time in half or more.
Often, with proptech, the developers have added powerful features into the software that aren’t always obvious – but can be incredibly useful in ways you may not have thought of.
Always ask for a walk-through of the platforms and ask sellers to show you what these features can do. That process alone can spark new, inventive ideas for streamlining your daily workflows too.
Learn more at Inventory Hive.
The Tenancy Deposit Scheme and Inventory Hive run two expert led, CPD accredited courses.
Led by Michael Hill of TDS and Richard Abbots of Inventory Hive, the courses guide property professionals through reporting at each stage of a tenancy, making the process as smooth as possible.
Course 1 ‘Pre-tenancy activity and inventory check-in’ – The first course includes an introduction to inventory check-ins and practical tips for compiling reports. The session focuses on key vocabulary/terminology and what to include in an inventory report.
Course 2 ‘Mid-term visits and end of tenancy check-out’ – The second course focuses on mid-term visits and end of tenancy check-out reports. The session includes practical guidance on undertaking reports, alongside how reports are approached by an adjudicator when considering deposit deductions.
To register for the on-demand training, visit TDS Academy.
About the author
Richard Abbots is founder and CEO at Inventory Hive, which is a simple cloud-based property reporting and 360° virtual tour software – allowing for market-leading paperless management of inventories, check-ins, interim visits, comparative check-outs, customisable reports, and easy-to-use 360° virtual tour.
Sign up for your free 30 day trial (no card details required) here.