Inventory for commercial real estate refers to the detailed documentation of all fixed and mobile contents within the premise of the property. This document contains a list of all items of durable and non-durable on the property, along with their date of purchase, the value at the time of purchase, the conditions at the time of preparation of the document and the rate of appreciation or depreciation of each item.
Inventory is a very important document for real estate property management, as it provides a picture of the net worth of the property and helps communicate the details of the real estate to tenants. You can check out property management companies in Canberra online.
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Here are reasons why the property manager must keep supplies for commercial properties.
1. Inventory helps in the assessment of the property: A real estate appraisal by a licensed appraiser is essential for the correct assessment of each property. Although assessors basically using resources and their own techniques to determine the real value of the property, they often demand to see the inventory of the property.
2. Inventory maintain transparency between landlords and tenants: At the beginning of each lease, discussions were held between real estate owners and tenants regarding inventory that build trust among them, a very necessary aspect of a good real estate management. Tenants are allowed to check the condition of each item in the premise is in accordance with the inventory.