5 Key reasons to have reports prepared independently

5 KEY REASONS WHY YOU SHOULD HAVE AN INDEPENDENTLY PREPARED INVENTORY

  1. It shields tenants’ deposits, as long as they hand back the property in a similar condition
  2. It helps identify fair wear and tear and responsibility of either the landlord or tenant to attend to agreed discrepancies
  3. It helps with the ongoing maintenance and general upkeep of the property throughout the tenancy period
  4. It clearly sets out the state of the condition, cleanliness, and content of the property at the beginning and end of the tenancy
  5. It provides an evidence-based approach to restore the property to its former condition, given allowances for fair wear and tear

David Cox, Chief Executive at Propertymark said:

“The Tenant Fees ban will have a profound impact on the whole industry, but the sector must not underestimate the importance of a thorough inventory.

They provide certainty for all involved, add clarity at the end of a tenancy, and help resolve disputes. In the new world after the tenant fee ban comes in agents will need to take an evidence-based approach to default fees, damages, and disputes.

Only by ensuring that an inventory took place can agents protect their clients’ investments and reduce costs in the long-run”

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People and property are my passion, and I love it when they work together in harmony, especially when it involves a binding legal agreement that provides an accurate written record of the condition, contents, and cleanliness of a property at the beginning, during and end of a tenancy. My role is to share insights, knowledge, skills, and know-how with people invested in property. Read more about the evolution of IAM Inventories.