As the build to rent (BTR) market continues to grow to cater for ‘generation rent’, we look at how important inspection reports are, both from a legal compliance and asset protection perspective.
Inventory Hive, the UK’s award-winning inventory reporting app, has seen usage of its software gain a steady stream of users from the BTR sector in response to increasing legislation. Whilst the regulations are necessary for raising standards in renting, they can increase the workload for build to rent operators.
Interim property checks and legal compliance
From check-ins to mid-tenancy inspections, it’s essential that properties are regularly checked to maintain safety compliance and to carry out repairs to the property in due time. And, most importantly, property managers and operators need to be able to show they’ve met these obligations to a satisfactory standard.
Inventory reporting is that proof.
Those reports, providing they show comprehensive, dated detail, will help to prevent tenancy disputes and deposit issues for both, the resident and asset operator.
They also demonstrate commitment to tenancy compliance, should a safety or legislative case arise. From certificates to assessments, an operator must adhere to their legal responsibilities. Keeping up with the ever-increasing and complex industry regulations isn’t easy but apps like Inventory Hive make the process infinitely more straightforward with timely prompts and current information.
Protecting build-to-rent assets
But it goes further than compliance and responsibility. With build-to-rent, it’s also important that heavy investment is protected. This is a new, shiny property with perfect interiors. The longer that quality is maintained, the greater the return on that building.
Interim checks and inspection reports introduce an organised maintenance process and record of repair. Lessons learnt from one property can be duplicated throughout a portfolio to help avoid property issues and maximise efficiencies. These inspections serve as a valuable roadmap for future build-to-rent developments too.
Interim inspections and comprehensive reporting can often feel like an extra admin task to add to an already heavy day for the BTR operator, but the pay back is worth it – and then some.
Moving away from manual
The trick is to find the most efficient way to bring these checks and reports into daily practice, taking advantage of today’s tech automation and savvy software. The more we can move away from manual admin for straightforward but necessary tasks, the more time is left for focusing on people-centric delivery.