Some inventory reports are not a requirement for landlords

Some inventory reports are not a requirement for landlords https://t.co/mBhBRziO4i pic.twitter.com/z0T8lQXw0T

— Mortgage Introducer (@MortgageChat) August 5, 2019

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Why you need a proper inventory

Why you need a proper inventory and schedule of condition https://t.co/EAqTNcWdF4 pic.twitter.com/y3iMNSzPLq

— Tessa Shepperson (@TessaShepperson) January 22, 2019

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Inventory Assoc. calls for compulsory independent inventories??!!

Calls for government to make independent inventories compulsory https://t.co/AvvyFdwDj3 #property

— NALScheme (@NALScheme) June 20, 2017

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Take datestamped photos for inventory

A picture can paint a thousand words...take datestamped photos at the start and end of every tenancy.

— The DPS (@The_DPS) March 17, 2016

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Get tenants to countersign inventories

Inventories were discussed at today’s dispute workshops. We always recommend the tenant countersigns to agree the condition report.
— The DPS (@The_DPS) March 4, 2015

Read more advice on preparing a property inventory

Creating your property inventory

It's vital that landlords now prepare a property inventory.  Since the arrival of the Tenancy Deposit Scheme has made it essential for any landlord to establish the condition of their property at the start and the end of the tenancy.

To create your own inventory have a look at Property Hawk's free property inventory software.

Using photographic and video evidence in a property inventory can make a valuable contribution to the validity of the evidence.  However, be careful that you don't rely entirely on it. It should always be prepared in conjunction with a comprehensive written inventory.

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FREE Inventory and Masterclass

A residential inventory is vital for landlords to protect their buy-to-let property and also ensure that they stand a good chance of winning any disputes with a tenant at the end of the tenancy.

To find out how to create a meaningful residential inventory that will stand up to scrutiny follow the link.

Landlords can create an inventory using the FREE property manager software.

We now have additional features that enable landlords to create a copy of their inventory where they had a number of similar properties with different addresses

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What's a residential inventory for?

The residential inventory is a record of the condition of a property before allowing the marauding tenant classes into occupation. It often has several uses:

· It is schedule of condition of the property being let

· It forms a record of the items and chattels attached to your buy-to-let being let

· It forms part of the legally binding contract that is set out in the tenancy agreement and is part of the agreement between the two parties

Create your own free residential inventory here.

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Unfurnished property damage

DAMAGE TO UNFURNISHED PROPERTIES IS COSTING LANDLORDS THOUSANDS

Landlords with unfurnished properties often fall into the trap of thinking that as there are no actual 'loose' contents, there will be nothing to worry about at the end of a tenancy. However, according to The Association of Independent Inventory Clerks (AIIC), landlords can face very expensive repairs due to damage on doors, walls, carpets and worktops and is urging landlords to have professional check-ins and check-outs to avoid potential costly bills.

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Pat Barber, Chair of the AIIC, said: “A rented property is made up not only of contents, but of fixtures and fittings too and these are often the most expensive things to repair. A recent example brings to life the potential costly damage facing landlords with unfurnished properties. A tenant had cut out a large piece from a sitting room carpet where there was a sizeable burn. He then cut carpet from inside a fitted cupboard and placed it in the hole in the sitting room carpet. Fortunately, the AIIC clerk carrying out the check-out inspection had the experience to detect this kind of damage and managed to save the landlord the cost of a new carpet.

“Another recent case featured and landlord’s hand written inventory that consisted of a short list of contents covering just one A4 page. During the six month let the tenants set up a cannabis factory in the garage, causing damage to the structure of the house due to fitting of heating and watering systems. The tenants also wrecked the property, leaving a huge amount of rubbish to be removed. Extensive cleaning, repairs and redecorating needed. However, due to lack of firm evidence of the original condition, the landlord had to cover all these costs himself.”

According to the AIIC, the most common damage found in unfurnished properties includes the following:

• Doors and walls - Damage/holes from impact, walls - nail and screw holes, drilled cable holes, impact indents from door handles, general excessive dirt and marks,
• Painting and redecoration - Tenants repainting without permission in outrageous colours. Often redecoration is required before the property can be let again
• Carpets - Stains, burns, tears, sometimes whole sections cut out due to tenant damage and replaced with off cuts of a similar carpet found inside cupboards or wardrobes
• Light fittings - Tenants take bulbs and lampshades, sometimes whole fittings and the bare wires are hanging from the ceiling
• Kitchen worktops – Damage, burns to worktops, knife marks in worktops and chips
• Kitchen appliances - Damage to ceramic hobs, one recently was cracked right across, fortunately the inventory was professionally compiled and the tenant was made to pay for a new hob. Broken shelves in fridges, damage to washing machines and dish washers
• Bathrooms - Cracks in sinks toilets and baths - bathroom suites are very expensive to replace and sometimes hard to match when replacing only one item
• Windows - Common damage are chips and cracks, broken window fittings
• Gardens - If the condition is not clear at time of check in, gardening is very expensive - £20 per hour is normal - and the landlord, without any firm evidence, will be picking up the bill. Every area of a garden needs to be listed on an inventory, not just the grass, but the condition of the borders, weedy or not, patio - weedy, mossy, stained etc. Loose or broken flagstones - as always detail is needed to be able to judge what additional damage has occurred
• Cleaning - if the inventory does not categorically state the cleaning condition of every area, then the landlord will be stuck with the cleaning bill after the check-out

The AIIC is committed to excellence and professionalism in the property inventory process and works hard to ensure that all landlords, tenants and letting agents understand the importance and benefits of professionally completed property inventories.

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Time to Tech Action?

Jax Knepper, creator of digital inventory system Imfuna Let

We commissioned a research project recently, asking 100 lettings agents a series of questions about technology – from how they use it today to how they intend to use it in future. Admittedly ‘we’ (or rather the digital inventory system Imfuna Let) have a vested interest – having just launched our iPhone and Android app designed to take the user through the entire process of collection, reporting, editing, sharing and ultimately storing the full history of a property. What we discovered via the survey helped us realise that we were doing the right thing. Many, 78%, said that those who embrace new technology are more likely to be successful. In addition, 90% of those surveyed said that technology could improve their service to clients, speed up the entire letting process (77%) and generally improve productivity (75%).

However, the survey also revealed a significant challenge for the business. Only 11% of the lettings agent we surveyed said they were planning to invest in new technology in the next 12 months and 67% admitted that they do not use devices such as Smartphones or tablet computers, despite the overwhelming take up of such technology by UK business in general. This begs the question; are letting agents in danger of falling behind in the technology stakes and ultimately holding back the development of their business?

What is surprising is that whilst there is a noticeable acceptance of the importance of technology, conversely there is a real lack of adoption. For example 77% said they had never considered using a dedicated inventory software.

Furthermore 43% of those surveyed said that they believed landlords are more likely to claim against tenants at the moment, throwing the spotlight on the all important inventory report and check in/check out reporting process. Improving the efficiency and accuracy of the inventory process is critical but many of those in the study have yet to be convinced about the value of the current inventory software on the market. Only 28% felt that software could improve the standardisation of reporting and 36% believed that they offered secure storage.

Indeed, change is not something that the letting industry is accustomed to. The inventory process has remained largely the same over the last 20 years but there is technology available today that can make this process simpler, more efficient and ultimately improve any letting business.

Digitising the process has a number of benefits, beyond reducing the time spent recording the condition of a property. Looking at the bigger picture, having a legally robust historical record of a property is, surprisingly, an industry first. It’s hard to believe in fact that in the second decade of the 21st Century such a glaring gap has been allowed to remain. We hope to be able to close that gap, and drag the inventory process, kicking and screaming, into the 21st Century,

Jax Kneppers has been in the construction and building industry for over 25 years. After qualifying as a mechanical engineer Jax then went on to set up his own company called Jax Kneppers Associates which he still runs today. One of the USA’s most highly respected construction consultancies, Jax Kneppers Associates also works for government agencies as well as developers, insurance companies, owners and design professionals. Jax’s depth of knowledge has also meant that he is frequently called upon to act as an expert witness in construction and property litigation cases often with millions of dollars at stake.

The changing face of inventory

Inventory Clerks , Inventory House have been established since 2004 providing inventory services to more than 5000 properties per year in that time. Kevin Crack managing director talks us through the changes and developments in this emerging industry.

As a lettings negotiator and manager based in Wapping and Docklands in 2000/2001, inventory check-ins, check-outs were a service landlords and tenants were either unaware of or knew very little about. Landlords who provided an inventory tended to do so hand written on a scrap bit of paper. When a professional inventory was called upon it was often difficult finding a good inventory clerk, they were either not open for business, unavailable when tenants wanted to move in or were unable to travel in to London.

So Inventory House was formed. Our aim, to fill this gap, to provide a corporate, professional property inventory service with a corporate brand, corporate clerks, the highest quality reports and yes branded Smart cars! A service estate agents, landlords and tenants could rely on to always be available when needed. The key to it was to raise the standard of quality in the reports produced and to offer a more dynamic service than that seen anywhere before. It wasn't easy; I remember walking into one particular estate agent in our first week trying to sell our services and on announcing that I was an inventory clerk, one gentleman shouted across the room, what, as in foot soldier?

Then in 2007 the government introduced the Tenancy Deposit Scheme which in turn led to inventory reports having far greater importance and independent inventory services being taken far more seriously than ever before. Landlords and tenants suddenly became interested in what we were doing at check-in and check-out appointments and were taking the time to read through our reports.

Doubts raised on video inventories

An inventory business has cast doubt on the effectiveness of video inventories.

To check out our views have a look at this recent article.

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How to conduct a 'check out'.

A tenant of mine has recently moved out.

As part of the process. I had to carry out the 'check out'.

This is a vital part of ending the tenancy.

Find out how to conduct a 'check out' including how to calculate 'fair wear and tear'.

Remember you will need a comprehensive Inventory.

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Famous landlord couple put property portfolio up for sale

Time to sell? The UK's most famous landlords, the Wilsons ( ex teachers, you know the ones ) are looking to sell their portfolio of 700 properties to take advantage of the recent bounce in property prices.

Do they know something?

My guess is that they see it as the 'dead cat bounce ' we've predicted.

Anyway, apparently a consortium of football players and middle eastern investors are interested,... that lot will buy anything, won't they?

See full article in the Times

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