Why Young London carries out its own inventories
October 3, 2012
A warning to landlords, from The Association of Independent Inventory Clerks (AIIC), has been issued saying that they are potentially exposing themselves to a greater risk of deposit disputes if they carry out their own inventories.
Recent research shows that half of landlords have experienced a dispute in regards to the return of a deposit, with 88% saying the most common grievance that they had was with cleanliness.
At Young London, we do our inventories in-house – by a fully trained Property Manager (PM) – rather than outsourcing it to a third party company. The check out is usually undertaken by the same PM who completed the check in, as well as managed the property throughout the tenancy. This means that the person doing the inventory has an intimate knowledge of the property and its occupants.
We’re very particular about how a check-out, and check-in is carried out and the importance of preparing a fully comprehensive, accurate and detailed inventory. Both landlords and residents know they can trust us to do a thorough job and make sure that it is fair to all parties.
Having a detailed and accurate record of the condition of each and every aspect of the property is imperative in protecting both parties come the end of a tenancy. All of our inventories are accompanied by a selection of detailed photographs. . This makes sure that there’s no room for misinterpretation as to the condition of the property upon check-out or check-in.
All good inventories should, as ours do, make an allowance for fair wear and tear to items with in the property and a resident should not be penalised for this. A detailed inventory, showing the precise state of condition at the start of a tenancy, helps to remove some of the ambiguity that can lead to landlords and resident’s not seeing eye to eye at the end of the tenancy.
By taking such a rigorous approach to the inventory process, landlords and tenants are more likely to agree upon any necessary deductions come the end of a tenancy. This is reflected in the extremely small percentage of deposit returns that are disputed at Young London, meaning our landlords and tenants are spared the often drawn-out process of having to go through dispute resolution.