Professional Inventories for Landlords – the devil is in the detail

by Mark Alexander

12:32 PM, 5th August 2013
About 5 years ago

Professional Inventories for Landlords – the devil is in the detail

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Professional Inventories for Landlords – the devil is in the detail

There have been several discussions here about inventories, why they are necessary and which is the best software to use to produce them etc.

What we’ve never had before though is the ability for landlords and letting agents to download a professionally prepared inventory for benchmarking purposes against what they have been doing until now.

With this in mind I  asked two major contributors to our forums and supporters of The GOOD Landlords Campaign for their help.

Sian Hemming-Metcalfe is an independent inventory professional and has produced a sample inventory for ARLA agents LettingSupermarket.com

The inventory comprises 75 pages of detail – take a look if you want to compare it to what you might be producing for yourself.

As you probably know, landlords lose deposit protection arbitration cases more often than they win. This is not because the process is biased in any way, it’s simply because their evidence for claiming damages is insufficient, usually due to the quality of the inventories produced at the point of check in and check out.

It needn’t cost a fortune to have inventories of this quality produced. In the case of LettingSupermarket.com, it’s all part and parcel of the service they provide from just £24.99 a month plus VAT, nothing up-front to pay by the landlord – see this thread where I have reviewed their offering.

To download a copy of the example inventory which Sian produced for LettingSupermarket.com please complete the form below. Details of your enquiry will be provided to LettingSupermarket.com to follow up with a sales call and/or email.Professional Inventories for Landlords - the devil is in the detail

Download the sample inventory

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Comments

Paul Willetts

12:58 PM, 6th August 2013
About 5 years ago

Hi Mark
Regarding inventories and letting agents... Here's an interesting one ... I have a number of BTLs and one of them is a 200mile round trip for me so use a letting agent to fully manage. This has been the case for approx. 7 years. I have never once seen an inventory, this is until my latest tenant moved in. Then I realised some of my furniture was missing. With a value of about £650 I contacted the agents asking where the furniture was, when it went missing and why wasn't it picked up. Cut a long story short, I have now appointed a solicitor to reclaim my lost money as the agents have not been able to produce any previous inventories or state when my belongings disappeared. They offered me £120 as compensation and you can guess my response!!! They lack of communication, huge delays in any responses and general attitude has left me no choice but to pursue matters. I suspect I won't see my full £650 and then it will be minus legal fees... I have 5 properties and this is my first encounter of this kind since I started as a landlord in 2001. The way I see it, I will only be letting unfurnished (apart from my holiday let in France) and will ALWAYS ask for check-in and check-out inventories/reports before any deposits are paid back to the tenants...

LESSON LEARNT!

Regards

Paul

Sian Hemming-Metcalfe, MARLA (INV)

10:25 AM, 28th September 2013
About 5 years ago

Reply to the comment left by "Paul Willetts" at "06/08/2013 - 12:58":

I know exactly how you feel Paul!

The whole reason I started providing inventories is that I too was let down by an agent and a very poor inventory which left me out of pocket in both time and lost rental income!

I still find it difficult to understand that a landlord with so much invested in a property or portfolio won't pay for a comprehensive inventory. They don't have to be expensive although I would urge that an inventory on a 4 bed house for £35 will probably not be as detailed as it should!

We also offer periodic reports so that you don't get a nasty surprise at the end of a tenancy.....

We've recently been inventorying properties for the student market and I've been very impressed at the standard of decor and furniture landlords now seem to be offering their tenants.

They clearly care which is why we care..

Vanessa Warwick

11:28 AM, 29th September 2013
About 5 years ago

Hi Paul,

I would be most grateful if you could add your important story to a thread on Property Tribes.

http://www.propertytribes.com/no-inventory-giving-your-tenant-an-unfair-advantage-t-6923.html

It is true stories like yours that bring home how important an inventory is!

Adam Alexander

19:34 PM, 29th September 2013
About 5 years ago

No landlords wants these headaches and now they don't ever have to worry about these things again.

We offer:-

1) Rightmove advertising for a one off fee of £5
2) FREE guide to finding perfect tenants
3) Rent on the due date whether your tenants pay on time or not
4) Professional tenant referencing which you don’t need to pay for

It’s all explained on the National-Lettings Website.

http://www.national-lettings.co.uk
.


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