London is a hotbed of people and property. Today, the majority of the population living there, be it in the city centre or its many boroughs, are predominately renters.
Recently, uncertainties have arisen surrounding the financial implications of the British government’s announcement to remove administration fees from the rental process. During his Autumn Statement, Chancellor Philip Hammond said that shifting the cost to landlords would save up to 4.3 million households hundreds of pounds.
With the realities of this legislation slowly looming overhead, landlords and estate agents have begun to speculate on what this will mean for renting in the UK. Many foresee the competition between estate agents increasing threefold because more and more people will turn to private landlords to fulfil their property needs. However, this reality presents landlords with an extensive list of new costs to cover and potential fiscal headaches to consider.
And, even if you are using an agency to fill your vacant property, most of these costs are still going to be shifted to the landlord no matter what.
So, what can be done to reduce costs for both landlords and agents to ensure their smooth running in these times?
Property Inventory Services
Initially, you would be forgiven for thinking that shelling out for a professional inventory service could be an unnecessary use of your budget. However, it’s time to consider two key factors:
We have all heard the story of ‘that tenancy’. Whether it’s a ruined carpet or mysterious holes in the wall, the cost of the damages that many landlords have had to incur over the years from problem tenants is remarkable. Not to mention, the costs of the legal disputes that often result from these tenants refusing to take responsibility for their actions. However, by using a professional inventory service, you can absolutely make sure that the potential costs of replacements and repair are removed from your long-term equation.
Professional inventory companies’ use certified agents to rigorously determine, categorise and monitor the status of a property throughout a tenancy. This means that should any damage or legal problems occur, the inventory agency provides a landlord with indisputable proof of the property’s pre-tenancy condition.
Time and Effort
As a result of the legislation, landlords might think that it is far easier to do an inventory check of their own property in the future. However, for an inventory to be satisfactory enough to avoid the problems in the above paragraph, a lot of time and effort must be spent getting it right.
Now, that’s not to say it’s impossible. But, taking on average 150 photographs (of the relevant parts of your property) and accurately describing its quality can be very time consuming for someone without the appropriate training. The process becomes more cumbersome when you consider the implications of gathering your tenants to sign and agree to the documents, and the costs of providing all of the tenants with their own copy of the report.
Find Out More
If you would like to know more about using a Property Inventory Service to assist in the rental of your properties or properties you represent then talk to us. Our experienced, London based inventory clerks are knowledgeable and efficient therefore able to provide you with the service you need in a timely and thorough manner. We can even assist you with last minute bookings.
Call or email us today.