This week Paul Shamplina, founder of Landlord Action and celebrity in the field of property, took to the Direct Line for Business blog to discuss the importance of getting your property inventory right. In this piece Paul discusses the need for property inventory services and recommends No Letting Go, explaining that the cost of the package is easily outweighed by savings and benefits. Paul also shed some light on the need for quality inventories and outlines what a landlord really ought to know. We’ve put together a few of his key points here for you.
Paul Shamplina’s Views on Property Inventory Services
Paul Shamplina writes about how landlords can ‘save a great deal of time and hassle’ by using property inventory services like No Letting Go. The benefits put forward by Paul centre upon the professional expertise and advice as well as the protection that comes with the impartiality of our service. Paul does rightly highlight the need for landlords to be selective in their choice of services, only opting for companies that are a member of The Association of Independent Inventory Clerks or The Association of Professional Inventory Providers. Paul ends his discussion of the topic with a strong recommendation for No Letting Go (a member of The Association of Professional Inventory Providers).
65% of Landlords Do Their Own Inventories
In the video accompanying Paul’s blog, he becomes animatedat the mentioning of this statistic. As a landlord carrying out your own inventory you are ‘exposed to more risk of a deposit dispute’. Paul attributes this to most landlords not putting detailed, correct or required information on the inventory. With an impartial service, this is not a problem that would be encountered.
Property Inventories on Unfurnished Properties
Paul’s article highlights a topic that we’ve encountered many times. Some landlords are led to believe that an inventory is only needed for furnished properties. Paul reiterates that this is not the right view to take. Decoration and condition of the floors, walls and garden should all be noted in the inventory. Mould and discolouration can appear very quickly if your property isn’t being maintained properly, the inventory will detail this clearly. If you do not include an inventory with your property, irrelevant of furnishings, you are opening yourself up to the potential of losing any deposit costs that you may wish to hold back.
Paul Shamplina goes on to highlight the importance of a mid-term property inspection. This visit is the ideal opportunity for you, as a landlord, to check that the property is being looked after in the correct way. The best time to do this is after at least three months of the tenant being in the property, though this is at your discretion. Don’t forget that by law you are required to give 24 hours written notice of any inspection. We highly recommend that you are flexible with your approach to inspections, this will help take the intimidation factor away from the process.
Are you looking to take away the stress and hassle of writing your own inventory? Get in touch to find out more about our property inventory services.
Keep up to date: Free newsletter
You might also like
What landlords need to know about Smoke and Carbon Monoxide alarm verificationUpload on March 1, 2021 by Lydia Horsley
Are you keeping your tenants safe and your property protected? Are you sure that it has fully functioning smoke and carbon monoxide (CO) detectors installed? Here’s a reminder of your responsibilities to your tenants as their landlord. What are your responsibilities? Regulations for private sector landlords were introduced in October 2015 detailing a legal responsibility [...]READ MORE
Rental property visits during lockdownUpload on March 1, 2021 by Lydia Horsley
Despite the challenges of lockdown, landlords and property agents still have responsibilities to tenants to maintain their properties. At No Letting Go, we have tailored our service to ensure that we can still deliver regular property checks safely and effectively even when we cannot physically visit a property. Keeping priorities in check The landlords and [...]READ MORE
How you can become a No Letting Go franchise ownerUpload on February 8, 2021 by Lydia Horsley
At No Letting Go, we are very proud of the market-leading property management franchise business we’ve built together with our franchisees. As we continue to grow, we thrive on working with dynamic and driven individuals looking for the opportunity to run their own business, and we’re looking for new business partners. What we do at [...]READ MORE
What does good inventory management consist of?Upload on January 18, 2021 by Lydia Horsley
A property inventory process is crucial if a landlord wants to protect themselves against picking up the bill for property repairs caused by a tenant. However, to be useful during a dispute, especially if the matter goes to court, it’s important that the inventory has been thoroughly completed as part of a well-managed process so [...]READ MORE