Rental property inventories and why agents should provide them

A property inventory is a crucial tool in the property manager’s tool belt for all let and manage residential units. Its also a great way to create an additional revenue stream for your let-only clients.

Why a property manager should provide rental inventories from Rentview on Vimeo.

Historically, the inventories provided by the majority of agents were written reports, they were time-consuming to compile and really only protected against the theft of an item.

If a dispute arose at the end of a tenancy about the condition of a said item, it normally would result in one of the agent’s clients being unhappy. As both landlords and tenants are clients of the agent, it is essential to protect both parties against disputes.

Now, through the Rentview Inventory App, you can provide that transparent inventory easily. This is proven to be a great way to improve customer service and reduce end of tenancy disputes. 

As always we would love to hear your feedback.

Please feel free to Tweet, Share, Like and everything else that makes us social 😉

by Andreas Riha

Video Blog-Cormac speaks on the benefits of adding tenants to Rentview

This is the latest of the Rentview video blogs where I take you through the top benefits of uploading your tenants onto the Rentview system. As many of you are aware Rentview differentiates itself from other software solutions with its unique tenant and landlord features available due to the the software operating on the cloud. 

I note the various benefits a tenant receives such as the online lease, the utility set up, online inventory and statement of rents paid and due and an end of tenancy reference. I also note the benefits to the agency as you can manage your database with more ease & efficiency as well as the end of lease benefits such as retention and word of mouth marketing.

Enjoy the video and ignore the few stumbles and interesting facial expressions I like to make, the video blogs are a new area in which we look to create useful content that’s easier to digest and more appealing for engagement.

Video Blog – Uploading tenants details to your Rentview.com account from Rentview on Vimeo.

Be sure to click the ‘LIKE’ button below to share this onto your Facebook or Twitter or drop us a comment with your thoughts below & tweet @Rentview_ 

Cormac

Property management- Wear and Tear of a rented property

Property management – wear and tear of a rented property

No property will remain in pristine condition throughout its existence. The mere act of people living in a property means that wear and tear will occur. This is especially true for rented properties, as the volume of people moving in and out can be quite high. It is the main sticking point when it comes to inventories and is the source of many disputes, with tenants claiming normal wear and tear and the landlord holding deposits and claiming damages. For this reason, it is important that both parties are clear on what defines normal wear and tear.

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More often than not, it is a grey area. A hole in a plaster wall, a broken window and wardrobe doors torn off their hinges are fairly obviously damages but what about cracked bathroom tiles or a worn place in the carpet? Are they wear and tear? The legal definition of ‘normal wear and tear occurs where deterioration of the subject matter takes place over a period of time due to ordinary and reasonable use of the premises’ would suggest they quite probably are, but it’s still not entirely clear-cut. Keeping records of when items were bought or installed can help reduce the ambiguity. For example, a good quality carpet laid down a year ago would be expected to show less wear and tear after a one year tenancy than one laid down five years ago.

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The best ways to avoid wear and tear disputes are to ensure both parties agree to a definition and a detailed inventory is taken at the start of the tenancy. Photographs in particular can be a great aid in settling such disputes.

Why not read our blog on ‘Dispute over the condition of the Property’

As always please feel free to comment, share, tweet or follow us

Thanks for reading!

by Andreas Riha

Letting agency software

Cloud Computing for Property Letting /Management

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Cloud computing is very much in vogue at the moment. It’s one of the latest “buzz” phrases in business today. But what is it? How can it help you as a property manager?

 

Simply put, cloud computing is the applications and services offered over the internet. Resources, software, information are shared and delivered as a service. All data and documents are stored on a server. It is not locked to any one device or operating system; it can be accessed by any device that has an internet connection.

 Some benefits include:

  •  It’s cheap – no hardware/software upgrades, installation fees etc., all you need is an internet connection
  • Great Storage capacity
  • Maintenance is provided by the seller
  • Flexible – accessible anywhere at any time

There are a vast amount of vendors to choose from for property management applications, Rentview being one of them. With Rentview, a single click of the mouse can inform both the landlord and tenant that rent has been received, send the latter a receipt and update the accounts. All records can be accessed instantly, there’s no need to frantically search the filing cabinet for the relevant document. There’s also an inventory facility, allowing pictures to be uploaded and text to be entered which can go a long way in solving a dispute at the end of the tenancy. It reduces the stress and hassle that comes with managing a property by storing the data in an easily accessible place. Visit the website rentview.com to find out more.

You may also enjoyreading – Landlords accounts and maintaining them

by Andreas Riha

Final inspection and return of your tenants deposit

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So your tenant has just moved out and wants to get their security deposit back. Well just before you do this there are a number of steps to follow to insure everything is in order and the tenant gets the correct amount due. 

Inspect the property. This is best done once the tenant has moved out and preferably in your own time rather than the tenant walking around the property with you.  You may have built a relationship up with the tenant and having them follow you around whilst looking through the property can be difficult to give a thorough inspection.  A couple of pointers here is to check everything for anything above normal wear and tear.  Move the furniture about slightly and make sure nothing is wrong with the flooring i.e iron burn mark on carpet caused by a tenant ironing clothes on the floor.  Check on both sides of a sofas removable cushion, a common area for liquid stains. Check behind any pictures or posters that were not there before , these can be typically placed to hide any holes or major scuffs on walls. 

You might get benefit from reading a previous blog on Wear and tear in a rental property

Inventory. Make sure to go through the inventory, it may appear to have everything in place but its always best to check. If you have no inventory done on this letting make sure to have one on the next letting. (Check out our previous blog on inventory)

Utility readings and accounts being closed.  So the tenant has been kind enough to close and forward their account to their new property, excellent but make sure the correct readings were given. Just because a closing bill has been produced it doesn’t mean the readings were accurate; open your meter and double check.  A couple of hundred units below the correct readings and this could cost you around €50. Call the utility company and double check. 

How to read your electric bill

Waste collection. Similar to that of the utilities some waste collection companies invoice in arrears and they won’t forward the bill on with the previous tenant. They want full payment or no collection of your waste next time around. Waste collection blog

Rental payments up to date. Cross check all your payments received and insure that they tally with all that is due.  Sometimes it can be easy to assume that because the tenant paid in full every month when you checked that he continues to do it when you don’t. Rent payment blog

Returning the deposit should be done as promptly as possible for your tenants and the PRTB states it should be done in a speedy fashion. The time limit without a dispute is 2 weeks but this should be ideally done within 48 hours of a tenant leaving the property. This should give you more than enough time to go through everything and more than likely in today’s climate your tenant will be deepening on it. 

Whilst some of the above may seem excessive to some it all comes from experience as a property manager and all of the above areas of caution have come up many times.

As always please feel free to comment, share, tweet or follow us

Thanks for reading!!

by Andreas Riha

Letting agency software

Dispute over the Condition of Property

Disputes of this kind occur the most frequently out of all disputes. Generally they take the form of a landlord withholding a deposit to cover the cost of any repairs that have to be made to return the property to the condition it was in at the beginning of the tenancy. Tenants will often argue that they are leaving it as it was, and any damages were already there before they moved in. Taking the dispute to the PRTB can be a lengthy and costly process, so it’s better to prevent the dispute from occurring in the first place. How is this done? Quite simply really, take an inventory.

An inventory is a log of the property, the contents and the condition of them. They reduce the occurrence of disputes and can speed up the resolution process and reduce costs if a dispute does arise. If the inventory taken just before the start of a tenancy is comprehensive enough, there shouldn’t be a problem in spotting damages or anything that goes beyond normal wear and tear. A landlord can choose to do it themselves or hire a professional inventory clerk. To do it themselves, a landlord will need the following: 

  • Patience. A proper inventory takes time to complete
  • A clear and methodical process is needed to ensure everything is noted correctly and can be easily checked. For example: take one room at a time, noting the main items first and their condition. Be sure to note if there’s currently any damage or if an item is brand new. Then list the smaller items e.g. pictures and their condition
  • Be detailed and realistic in your descriptions e.g. say one brown leather two seater sofa with scuff marks on the left back leg, instead of one sofa 
  • Take photographs (preferably with a digital camera) of the rooms as a whole from multiple angles as well as of individual items
  • After the inventory is complete, walk around the property with the tenant and agree the descriptions, ensuring that the tenant checks and signs the inventory list. Sign it yourself, keep the master list and hand over a copy. 
  • If any changes are made e.g. new curtains, an amendment should be made to the inventory. 
  • While this option is cheaper, it does involve the risk of bias. 

For the professional inventory clerk option: 

  • Dedicated inventory companies haven’t taken much of a foothold in Ireland as yet although there are some companies who provide this service. 
  • These companies take over the landlord’s role by doing a full inventory, walking around with the tenant and reaching an agreement and at the end of the tenancy they’ll carry out a full analysis of the original report and compare it to the current condition. 
  • They also carry out inspections throughout the tenancy and adjust the inventory when needed. This keeps things up to date to prevent disputes at the end of the tenancy. 
  • As they are trained for the job you can expect the final report to be well structured and very detailed with possibly more observations, more so than if it was just an ordinary landlord conducting it. 
  • Also, a third party will more likely be impartial so the bias pitfall is easily avoided and better judgement calls relating to wear and tear can be made. 
  • A letting agent will do close enough to the same job as a professional inventory clerk. If your letting agent uses Rentview they will have the ability to share a full picture condition property inventory report directly into your email or through your Rentview account.

The decision of which option to choose is a matter of preference. Landlords who have the time, patience and ability to be methodical, concise and realistic will probably do it themselves but those who live a distance from the property or who just don’t want to go through the hassle of it all will probably choose the dedicated service. Or if the landlord is confident that the letting agent will do a good enough job then that will suffice. 

To find out more about the Rentview Inventory app contact 

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Twitter: Rentview_

Email: info@rentview.com

Facebook: Rentview

Why a letting agent must have a smart phone

Smart phones; necessary for a letting agent!

With now more iPhones sold than babies born, not having a smart phone and being a letting agent is not a option. A letting agent without a smart phone is like a carpenter without a saw. It is now a vital tool needed to carry out your daily tasks and continue to bring in revenue.

With the huge amount of apps available, I have selected the top 10 tools of the trade to stay ahead of the competition…..

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Google calendars

While answering your phone on the go for a letting agent is as common nearly as blinking your eyes, it’s easy to forget who called 5 minutes ago. Now when you take a call take note and set a reminder on your calendar. Allow it to remind you with an alarm alert with required notice. This way you won’t forget where and when you had to be somewhere.

Hootsuite

Keep up to date with your social media marketing with this great app. HootSuite is a social media communications dashboard used for online brand management. It publishes to websites such as Facebook, Twitter, Google+, LinkedIn, Foursquare, MySpace, and WordPress. It also publishes to Flickr, Tumblr, and YouTube via HootSuite Apps. It is also a Twitter client. So keep all your social media followers up to date with the latest listings, offers and lettings completed from one location. Bye bye multiple entry updates!

Camera & Pic Stitch

The smartphone has replaced the digital camera, well the ones with a 5 mega pixel plus have anyway. With the iPhone 4s having a 8 megapixel camera with flash, there is no longer any need for a separate digital camera. You can now take several snaps and mail them back to the office and get them published on your website NOW rather than wait until you return to the office. Edit your photos and light effect on your smartphone and even stitch them together to provide your potential tenants with 360 degree shot. 

Genius Scan

Have you ever needed a copy of a document such as a tenant reference or ID whilst out at a viewing or lease signing? With Genius Scan you can take a snap shot of any paperwork and have it stored on your phone in seconds. Send it on via email, fax or even edit the document all on your smartphone. This is a must when conducting viewings and gathering copies of references from potential tenants.

Rentview inventory app 

With this app you can now record the full contents of a property in images and voice notes through your smart phone. Take photos through the app, speak into your phone and when you get back into the office you now have a full inventory with images and text. All your images and voice notes are complied automatically into a full inventory report. Bye bye end of tenancy deposit disputes, hello happy landlords and tenants! 

Nav Free

Sat Nav. Why pay €50+ for a sat nav app when you can get this great one for free? Picture this, we have all been there; your current location is on the south side of the city and your next showing is taking place on the north side of the city. You are in traffic and the only route you know, you just realise is a traffic black spot ahead. You have an appointment in 20 minutes 4 miles away and you have only moved 250 meters in the last 5 minutes. At this rate you won’t get there on time and possibly lose the potential let due to your own no show. With a built-in Sat Nav, easily find another route quickly and get there on time.

Dropbox

With Dropbox you can access all your documents located on your office computer. Need a copy of important documents relating to a rental property; like a copy of a signed lease, proof of ownership, registration documents or anything else you can think of? Now with Dropbox, you can have these documents to view or forward at your fingertips wherever you are located. This can save vital time for you to stay on the road and close more deals.

Email

With so many of your potential viewers now choosing to email you for a viewing time, rather than pick up the phone it’s a must to have constant email access. Out of the office all day conducting today’s viewings and checking your emails when you return to the office to set up for the next day may result in you not having viewings tomorrow. More and more property hunters now choose to email rather than call to set up viewings.

Daft.ie

Keep up to date with what’s available on the rental market and ensure you update your listings daily with Daft’s free app. Available on the iPhone and Android.

Rentview 

Letting agency software

Now with Rentview, you can access all the information you need on the go relating to your property portfolio. Instantly retrieve any clients information you may need on the go. Copy of accounts, recent payment history, yearly accounts, issue rent arrears notice, transfer utilities and so much more. Also with the Rentview tenants referencing system you can find tenants authentic previous rental reference once they have been on the Rentview system.

I hope that these apps will find there way onto your smartphone and if you are an agent and don’t have a smartphone you now know why its an essential tool.

Andreas Riha

Email andreas@rentview.com

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Twitter Andreas_Riha

www.Rentview.com