Blog: The importance of an independent inventory
NRLA partners No Letting Go explain the importance of carrying out an independent inventory.
If you are a landlord, then enlisting the support of a qualified inventory specialist can save you time and hassle as there can be no question of bias. A professional service means that your report will be fair and accurate, and is less likely to have important points missed off. It can also ensure that any disputes at the end of a tenancy do not get personal, and are resolved fairly.
A common bone of contention for landlords and tenants is - what counts as fair wear and tear and what is damage. An inventory specialist will consider factors including the quality of an item, its condition at the beginning of the tenancy and if the property had been let to a single professional or family with young children.
Here are 10 reasons why you should consider using an accredited independent inventory company:-
1. Members of ARLA Propertymark or APIP, will have in depth training and specialist knowledge. Members must adhere to a strict code of conduct, which protects you against any problems or disputes that you (hopefully don’t) encounter with your inventory company.
2. Being part of an official organization will keep the inventory company up to date on current legislation and changes to the law in relation to the inventory and buy to let sector in general.
3. If a deposit dispute is raised, an independent adjudicator will lend more weight to an inventory that’s been compiled by an independent third party.
4. An inventory company will provide a visual and written report on the condition of the property including detailed information and observations on all contents, fittings and fixtures at the beginning, middle and end of the tenancy. This is supplemented by high quality date stamped, digital photographs of every room, any specific damage and the level of cleanliness.
5. A third party supplier can be relied upon to produce an inventory that reflects the property exactly as it is.
6. The check-out report will detail whether any deterioration is beyond normal wear and tear and whether they consider any damage or deterioration to be the landlord’s or the tenant’s responsibility. This should make it easier to decide what, if anything, to deduct from the deposit.
7. Independence demonstrates to tenants that you are professional, transparent and have their best interests at heart.
8. Comprehensive property reporting and photographs take up a lot of storage. A professional inventory company will securely store your reports remotely for you, providing you access at all times.
9. Fire and CO alarms will be tested according to the fire safety regulations, and some inventory companies will provide an on-site replacement service, saving the hassle of using another contractor.
10. Professional inventory companies will be covered by public liability and professional indemnity insurance.
No Letting Go specialise in providing comprehensive, unbiased, detailed inventories. We’ll take out the hassle of carrying them out for you, by ensuring every inventory is done by an expert, to the highest standard. This will not only help mediate disputes, but prevent them altogether, ensuring every tenancy is a happy one! For more information, please read our blog “Professional v’s DIY”
How to deal with landlords and tenants in conflict
Sign up for this free webinar from No Letting Go – 10.30am, Wednesday 16th December.
Whether you are a landlord or agent our webinar will help you prevent deposit disputes. Book your spot on our end of tenancy deposit disputes webinar with Lisa Williamson - Head Of Compliance. Learn how to prevent deposit disputes and how to calculate a fair cost. Review genuine examples and see the outcome. Register here.