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We understand that in the past the cost of inventories, check ins and check outs being charged to the tenants was a common practice. In some cases, the landlord would still pay for the inventory and check in, but the tenants would be charged for the check out and so on. Now, with this cost coming under the tenant fee ban, are these reports something that you'd consider doing yourself?
Or would you still be looking at having your agent, property manager or going directly to an inventory company to compile the reports?
I have carried out inventories myself in the past but then changed to having a inventory clerk for ingoing and outgoing inventories. I was charging tenant for ingoing and paying outgoing myself.I will continue using the clerk and now pay both costs .
I also carried out my own inspections but now employ the clerk to carry out . Done properly an inventory is a lot of work but a good investment .
Can I ask how much you pay for this service
Differs with size property . 3 Bed ingoing around £90.00 and outgoing around £65.00 .
But thats with a discount as I use same clerk for all my properties.
How long were you taking when you created the inventory reports yourself? It's can really be underestimated how much work goes into creating a quality inventory report. It sounds like you have yourself a great clerk.
Agree with SPRITUAL.
Save your time and outsource it. Your time isn't tax deductible plus it's probably safer to use a third party.
I personally feel 3rd party inventories aren't as good as the ones I create but happy to let that slide!
To be honest the inventories have so many date stamped pics and are so detailed with every mark and scratch .I do know that clerk can be at one of my 3 beds for nearly hour and thats with him knowing my properties well, as I have used him many years now . I feel I have more than enough to do and much better if I dont produce my own .Third party carries more weight if claim made
I think it should be a third party, as discussed in this recent video:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thank you for responding Vanessa and sharing this video. It's good to hear the team from inventory base talking about the importance of quality of report too. Quality = Clarity within a report.
As a lettings manager, I will actively plead with landlords to conduct an inventory. If it's independent there should be no bias there and that is a good thing.
The inventory clerk we use also looks for HHSRS and Fit for Human Habitation risk which is worth its weight in gold and has avoided, and will continue to avoid, a lot of deposit disputes as things have been clearly documented at check-in, interim reports throughout the tenancy and then at check out.
Any recommendations for good inventory companies?