Landlords could save £3.4bn with regular inspections

Letting agents and landlords could unlock annual savings of £3.4 billion by carrying out inspections every THREE months, one firm says.

The study from Inventory Base says this strategy will act as a vital shield, catching small problems before they balloon into hefty bills or regulatory violations.

It will also, they claim, boost an agent’s credibility as a dependable ally for landlords.

Inspections should be a core strategy

The firm’s operations director, Siân Hemming-Metcalfe, said: “Regular property inspections should be at the core of a letting agent’s property management strategy.

“Not only do they enhance tenant wellbeing and mitigate long-term costs, but they also protect asset values – a key concern for landlords.”

She added: “Thanks to technological advancements, property inspections no longer need to be costly or time-consuming.

“End-to-end solutions allow agents to schedule, perform, and report on inspections seamlessly, ensuring fast turnaround on repairs and maintenance while improving service efficiency.

“This benefits everyone – from single-property landlords to agents managing large, diverse portfolios.”

Inspections help landlords

The firm says that a solid evaluation system equips agents to deliver precise, evidence-based updates which helps landlords to act swiftly and curb ongoing expenses.

It says that a minimum inspection period should be carried out every six months, but for older properties and busy HMOs, this should be increased to every three months.

Inventory Base offers these four advantages of carrying out systematic inspections:

·        Early action cuts expenditure

Agents arranging frequent evaluations enable landlords to nip budding issues in the bud, averting steep repair charges. For instance, catching a slight drip early spares thousands in ceiling and roof fixes, safeguarding investments and cementing agent-landlord bonds through clear benefits

·        Safeguarding against penalties

With landlord adherence to rules a top priority, agents overseeing checks can prevent expensive fines and legal woes. Breaches under Health and Safety Executive rules could cost up to £30,000 each, underscoring the need to spot dangers like dodgy electrics or uneven flooring promptly

·        Halting escalating harm

Neglected troubles like damp or mould can spiral into serious health and legal risks. Awaab’s Law will soon mandate quick fixes, positioning routine checks as a critical offering from agents to ensure compliance and tenant safety

·        Boosting asset worth and returns

Agents providing detailed inspection and upkeep reports stand out, adding tangible worth. Properties left unchecked may shed 5-15% of their market price, making pre-emptive reviews a shrewd choice for landlords’ financial health.

The firm points to findings from the National Residential Landlords Association (NRLA) which reveal that spotting upkeep needs early trims landlord outlays by £1,200 annually, underlining the worth of a diligent inspection framework.

With government stats showing nearly 2.84 million private landlords in Britain, this £1,200 saving per landlord could yield a colossal £3.4 billion nationwide windfall yearly.