Build to Rent
Getting the full picture about inventories
B uild-
‘before’ and ‘after’ comparison when an occupant leaves the property. Inventory Hive offers free training to ensure its clients’ employees are aware of all of the software’s functions and capabilities. It also provides support – including an online chat system – to answer any queries users may have. This training element is something the company believes is key, particularly because it sees inadequate training and change management as a barrier to the widespread adoption of Proptech. Since launching four years ago, Inventory Hive has grown rapidly. It currently generates between 45,000 and 60,000 approval emails each month and stores 18m images, with more being added all the time. The company has also recently become a member of the UK Apartment Association. It isn’t resting on its laurels though. The software is updated regularly by its team of in-house developers, often in response to feedback from users. An application programming interface (API) will be released in the next few months enabling the software to be integrated across a range of systems in the market. This accompanies integrations already in-place with maintenance programme Fixflo and has further plans to partner with other system providers across the PRS, BTR and student accommodation sectors.
to-rent directors and property managers
will know the headache that comes with the conundrum of performing inventories in-house or outsourcing. As an emerging market, the BTR sector hasn’t typically had time to find its status quo in terms of administering this function. Richard Abbots, founder of Inventory Hive explained: “BTR providers must cope with compliance demands of the private rented sector (PRS), whilst also delivering the benefits of on-site amenities and scale challenges similarly faced by the purpose-built student accommodation sector. “Fortunately, this has created a perfect storm for us! Our platformmanages the inventory reporting processes for university halls like Cambridge, Coventry and Northumbria, alongside thousands of PRS letting agencies. We’ve taken the lessons learned from both these sectors, listened to BTR providers’ needs and are now setting the new status quo, having gone live with over 20 sites in the last year with lots more to come.” Inventory Hive aims to make what has long been a painful process simpler and more transparent. The company’s software is a paperless reporting platform with 360° photos. Its in-built remote signature and feedback- capturing enables property managers to effortlessly handle the tenant check-in inventory, interim and check- out processes, creating an audit trail and minimising the likelihood of a dispute when the tenant moves out, which can
Build-to-rent is an exciting, growing sector and with it comes new challenges. But one smart technology platform is ready to make property managers’ and tenants’ lives easier
feedback, but many now see it as an advantage that bridges the gap between the tenant and landlord or manager, encouraging problems to be dealt with as they arise rather than at the end of the tenancy when they can cause delays and contention.” Aside from basic property reporting, the platform can also serve new tenants with pre-arrival documents, such as fire evacuation procedures and appliance manuals, thus evidencing safe receipt prior to occupancy and creating an easily accessible reference point. The software directly integrates with Ricoh Theta 360° cameras to capture whole rooms allowing more robust
sap time and create ill-feeling. A key function of the software is tenants’ ability to interact and upload issues by taking and uploading a photo of a deep scratch on the door that was there when they moved in, for example, which will be saved as proof that the damage was caused by a snagging issue or previous occupant. Launched in the summer of 2015, the software dovetails with the changing relationship between tenant and landlord in which the former is increasingly treated more like a customer than a rent-payer – particularly in the BtR world. Mr Abbots added: “At first, letting agents were wary about the idea of enabling tenants to use the software to provide
Richard Abbots, Director at Inventory Hive
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