Landlords – ways to cut down costs with the use of inventories
With landlords facing rising costs, many are looking at ways in which to make efficiencies where they can.
Inventories, which offer a detailed list of all items and their condition included in the property – contents, fixtures, and fittings, etc – can help to reduce the chances of disputes occurring or landlords not getting money towards any repairs or maintenance for damaged goods.
Inventories can ensure a stress-free changeover between tenants, protect your investment, and ultimately help you cut costs in the long term. Although this is not a legal requirement, it is best practice since having a complete record of the condition of your property and its contents before and after the tenant’s stay will save you a world of hassle later if a dispute should arise between you and the tenant.
To ensure that the sector remains compliant, and evolves in a sustainable way, streamlined processes and time-saving efficiencies with the use of inventories has become a vital aspect in helping the letting industry while keeping standards at an exceptional level.
Here at the Association of Independent Inventory Clerks (AIIC), we recognise the financial trials landlords are faced with. Below, we look at how inventories can aid in cutting costs which will save landlords money and stress in the long-term.
Reducing the number of errors
Since inventories are meant to be a compilation of all the contents within your property along with details about the condition of the property – if done thoroughly and correctly, as a landlord you should be able to reduce the number of errors that may occur if you’re solely relying on memory.
For example, if contents are damaged and you don’t have evidence that it was in mint condition before the tenant moved in, then it will fall to you to replace the item – unnecessary expenditure on your part.
Therefore, having an inventory can prevent these occurrences from happening and can make clear that any damages or repair costs should be taken out of the tenants’ deposit. This way, you as the landlord won’t be liable for paying for repairs that were caused by the tenant and weren’t natural wear and tear.
Disputes can be another costly occurrence and if an inventory hasn’t been carried out correctly, this could make deposit disputes more probable, and also make the odds of you getting a deposit back less likely.
Therefore, having a concise, clear compiled inventory will help to prevent or lessen the chances of deposit disputes occurring. With a clear evidence trail for all parties to see, you will be able to avoid forking out cash to resolve the issue, which can take time to resolve – and we all know the saying, ‘time is money’.
By protecting yourself and your asset against deposit disputes with the use of an inventory, you can focus on things like growing your portfolio and sourcing the best kind of tenants.
Stress and finances have always been linked to a certain degree, and as a landlord you are already faced with many potential stresses on a daily basis, which is why cutting costs with the help of inventories can drastically make a difference to your overall wellbeing.
According to research, more than three in four Brits (74%) feel overwhelmed by stress, especially due to their financial situation. Having a comprehensive inventory not only gives you peace of mind, but will ultimately help you save a few pounds that’ll keep your blood pressure lower knowing that you’re protected.
As an agent or landlord, you want to protect your investments and establish smooth transitions from one tenant to the next. Here at AIIC, we are dedicated to promoting the highest possible standards of accuracy and reliability in the inventory process and have been endorsing high levels of professionalism in the inventory business since 1996.
It is our mission to ensure proper information and training is provided and our bank of highly skilled members will provide the best possible service. For more information, please contact us or search for your local AIIC member clerk now.
You can also download a copy of our Code of Practice and Guidelines for Professional Practice guide here.
Published on 03/10/2022