Professional inventories could save landlord’s money

Independent inventories are a fundamentally important part of the lettings process

‘Fair wear and tear’ can be a grey area for most landlords as it can widely vary between each property instance.  As one of the least understood areas within the rental process, it creates uncertainty and can cause high levels of disputes between landlords and tenants at the end of a tenancy.

Disputes can often lead to the involvement of a formal dispute resolution service that will usually side with a tenant if the landlord is unable to present appropriate evidence to support their claim.  From an adjudicators’ perspective, a tenant’s deposit belongs to the tenant unless a landlord can prove the condition the property at the start and end of the tenancy.

When an inventory report has been compiled at the start of a tenancy, damage and discrepancies are easier to identify allowing the landlord to make a claim on the tenant’s deposit to cover the cost of repair.

A detailed schedule of condition is becoming an integral part of tenancies, nearly as significant as the actual tenancy agreement.

Patricia Barber, chair of the Association of Independent Inventory Clerks, said: “It’s clear that while the PRS remains a strong investment option – with high tenant demand and the opportunity to generate strong yields – government intervention in recent years has made the prospect of being a landlord more expensive.  That’s why it’s so important that landlords make sure they cover themselves when it comes to property damage caused by tenants.”

A comprehensive inventory compiled at the commencement of a tenancy can highlight to a tenant what is expected of them during their tenancy and should therefore help landlords avoid disputes when the tenancy comes to an end.

Full article available on LandlordTODAY: https://www.landlordtoday.co.uk/breaking-news/2017/2/inventories-offer-peace-of-mind-and-could-save-you-money

RentPro has been providing letting agent software for over 10 years. Our property management solutions are available in a number of plans for landlords and letting agents alike

 

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