Mr-Landlord | Real State rentals.

 In recent years, the lettings market has grown considerably, even during these tough economic times.  You may think the economy is slowing down, I can assure you the lettings market is booming. Inventories London, in fact is one of the few businesses benefiting from the property market slowdown. As you may be aware, across the many countries property prices are falling.  According to many experts property will continue to decline in the near foreseeable future.  This has had a positive effect on the increasing lettings market. Builders remain cautious, repossessions are high, homeowners in negative equity and list goes on.  What does this all mean you ask?

The time now is great opportunity to set up, start and launch an Inventory business.

 The marketplace has never been better! The demand for a professional, detailed Inventory service is in demand by Landlords and Estate Agents.  It's now an essential requirement if you are involved in property rental.  A change in UK legislation in April 2007 means all Landlords must join and comply with the Tenancy Deposit Scheme.  The scheme protects unscrupulous Landlords holding back the tenants deposit at end of tenancy.  All Landlords must join a deposit scheme, if they take a financial deposit from a tenant.  Penalties are high should the Landlord chose not to comply. The penalty could mean the Landlord pays the tenant 3 times the initial deposit. EPC's are also required once every 10 years, my advice stay clear!  The Inventory clerk will need to attend a very expensive training course in order to offer this service.

What is an Inventory Report?

An Inventory Report is a visual inspection and written description to record the fixtures, fittings, decoration and furnishings of a property and their condition. Depending on the property size and furnishings, the report could be detailed on 30 pages.  Service readings may also be required, such as electricity, gas and water.

Mid Term Inspections

At each six monthly intervals, the landlord may instruct the Inventory Clerk to carry out an inspection during the tenancy.  The clerk inspects the property with the tenant present to see how the tenant is looking after the property, taking in to consideration wear and tear, neglect, cleanliness, maintenance problems and any outstanding issues the tenant may have or improvements they have been done. This would allow the Landlord to remain informed during the tenancy. This may contribute to a hassle free end of tenancy and result in the tenant not taking action against the Landlord.

 I hope this brief article gives you a better insight into the Inventory Business.