How important is the condition report?
How important is the condition report when you lease a property? Very important!
At Buyer Solutions, we believe that a thoroughly prepared, detailed and comprehensive condition report is vital to both a landlord and a tenant. Professional, high quality Property Management will produce a detailed photographic condition report to protect both the landlord and the tenant from future disputes. Every detail of the property should be noted. If there is a dispute at the end of tenancy, this document and supporting photos will become very important. The bond refund is important to the tenant. Covering cost of any damage or lack of care will be important to the landlord/s.
Landlords may be interested to know that at a furnished, 3 bed, 3 bath plus study plus powder room property that we manage, the most recent condition report took 5.5 hours including inventory.
What???? That’s right 5.5 hours.
Why???? Because we need to be thorough. The written description needs to be detailed and correct. Then we take photos. Then we check the mandatory check boxes on the form to be triply thorough.
A typical 2 bedroom, one bathroom apartment may take 2 hours. New photos must be done each time there is a change of tenancy for our photographic condition reports. Descriptions must be updated.
So, if you have a rug on the floor, do you need to move it to prove the floor was undamaged underneath. We would argue yes.
If power wasn’t connected at the time of doing the report, we assume all lights and appliances work . Tenants need to advise us as soon as they move in and power is on if this is not the case.
As an in-going tenant you need to pay attention to the detail in the condition report as it may affect your bond refund when you vacate. Property Managers are thorough but may miss something. Go over the written description and compare with the photos. Any additional damage or wear and tear should be added to the report as soon as you move in. Sign and date the report and return it to the managing agent within 3 business days.
No one wants a dispute at vacate time, not the tenants, not the landlords and certainly not our staff at Buyer Solutions.
Anyone looking for a better management and leasing experience for your investment property, feel free to call Janet on +61 3 9816 8555. We will happily forward you our Rental Solutions information and take over care of your investment property.
Investment, Investment property, Janet Spencer, Landlords, Victorian Regulation
+61 39816 8555