Property investors who hold landlord insurance policies are being encouraged to invest a little of their profits in professional experts who can save them time and money in the long run.
The Association of Independent Inventory Clerks (AIIC) believes many landlords run shy of using their services because they are afraid of incurring a bill for something they can do themselves. However, the revelation that over half of landlords admit to having being embroiled in a dispute with a departing tenant over the return of a bond or deposit illustrates just how valuable a professional inventory can be, especially as 65% of landlords in the same survey agreed that an inventory was the most vital piece of evidence in such disputes.
Chair of the AIIC, Pat Barber, believes a good relationship between landlord and tenant is essential for both parties, and a professional inventory at the outset of the agreement will foster the relationship. She said: “It is vital for landlords and agents to ensure they have ongoing dialogue with tenants and that they get all the paperwork right at the start and at the end of a new tenancy agreement. Aside from ensuring there is a fair contract in place at the start of a tenancy agreement, landlords should have a professional and detailed inventory which will enable both parties to be treated fairly and reasonably. By opening a dialogue and using an independent inventory clerk, disputes can be resolved quicker and without the hassle that is often experienced at the end of a tenancy period.”
Many landlords will be surprised to learn that the cost of a professional inventory for the average two bedroomed flat is as little as £70 and yet it can be invaluable if a dispute arises at the end of a tenancy. Most letting agents can put landlords in touch with a member of the AIIC and landlords who manage their own properties will find the AIIC quickly via an online search.