Posts with tag: inventories

AIIC Announces Training Dates for 2017 – Take a Look

Published On: January 25, 2017 at 11:18 am

Tags: inventories,inventory clerks,property professionals,training

The Association of Independent Inventory Clerks (AIIC) has announced its training dates for 2017 – take a look if you want to find out more about inventories:

AIIC Announces Training Dates for 2017 – Take a Look

The two-day Guidelines for Inventory Professionals course will be taking place in February, April, June, September and November this year.

The training dates for the course are open to experienced clerks and those new to the industry. They are also suitable for landlords and letting agents who want to gain a comprehensive understanding of the inventory process.

The course includes sessions on check-ins and check-outs, legal guidelines and how to asses property damage. It also covers practical issues, such as dealing with tenants and the business side of being an inventory clerk.

The Chair of the AIIC, Patricia Barber, says: “A professionally compiled inventory has become an integral part of the pre and post-tenancy process.

“Our training courses, which are the best recognised in the industry, help to raise standards and make sure that independent inventories are being compiled fairly, accurately and legally.”

Last year, the AIIC also launched a range of online courses for those unable to attend its training dates.

Barber adds: “Our online courses provide an alternative route to gain membership to the AIIC, and have proved very popular since we launched them last summer.”

The training dates for 2017 are as follows: 18^th and 19^th February; 8^th and 9^th April; 10^th and 11^th June; 9^th and 10^th September; and 18^th and 19^th November.

All Guidelines for Inventory Professionals courses will take place at the Hilton Hotel in Bracknell, Berkshire.

For more information and for the full range of the AIIC’s training dates and courses, please visit: http://www.theaiic.co.uk/product-category/training/

If you’re a landlord that compiles their own inventories, make use of the training available to you in order to stick to the law and protect your investment.

How Electronic Signatures can Make Things Easier for Landlords

Published On: November 28, 2016 at 11:18 am

Author: Em Morley

Categories: Landlord News

Tags: inventories,landlord admin,lettings,tenancy agreements

Ignorance isn’t always bliss – electronic signatures make things easier for you and your clients…

How Electronic Signatures can Make Things Easier for Landlords

Property is an area of business which constantly needs contracts signed off. Tenancy agreements, guarantor forms, inventory reports… The list goes on. And if your business needs to send documents in any capacity, adopting an e-signature solution is incredibly beneficial.

Once upon a time, it wasn’t out of place to see rows of filing cabinets lining office walls and piles of paper on your desk waiting to be organised; that no longer makes sense today. Electronic signature solutions, like Signable, help increase productivity by sending documents to its signer instantly and by removing a time consuming, paper-based filing system. It doesn’t make sense for businesses to waste time on admin tasks when there are solutions available to speed things up, but more importantly; it also doesn’t make sense for your clients.

Physically signing documents can get problematic for signers sometimes. For lettings, it can involve tenants trying to find the time during work hours to visit an office, and often landlords aren’t in the same location. Of course, there’s the option of emailing the signing page, faxing, or even posting it – but waiting for it to be returned signed can take days or even weeks.

When considering the sales side of property, e-signatures help enormously during the offer stage after a viewing. With potential buyers completing an offer form, providing information around broker’s details, solicitors, if they have a mortgage in principle, etc… And as vendors may not live together once selling a property, or even live locally, electronic signatures remove the need for them to visit the office regularly.

Businesses always see costs associated with both email and e-signatures generally lower than more traditional methods. It’s easy for businesses to keep their spend down by using email services, as any postage costs are quickly eliminated. Money is also saved by the speed of email – and these savings add up significantly for your business over time.

Being able to manage documents on the go was once a dream for many of us. Now sending a tenancy agreement from from your laptop in the office then viewing its status at home from an iPad, signing it off on the train from your mobile, and viewing it again whilst you’re overseas on your laptop is now truly a reality, and apps like Signable are making this process slicker than ever.

When it comes to finalising contracts, ask yourself: Can your signer be relied on to have access to a printer and a scanner? Can their schedule accommodate visits to your office? Can admin time spent organising paperwork be reduced? The development of electronic signatures can be your solution.

Higher Deposits Reinforce the Need for Good Inventories, Insists AIIC

Published On: November 10, 2016 at 11:37 am

Author: Em Morley

Categories: Landlord News

Tags: deposit disputes,good inventories,inventories,tenancy deposits

Higher deposits for private tenants are reinforcing the need for good inventories, insists the Association of Independent Inventory Clerks (AIIC).

The Deposit Protection Service (DPS) recently revealed that between April and June, the average tenant paid a deposit of £970.48 when moving into a rental property.

Higher Deposits Reinforce the Need for Good Inventories, Insists AIIC

This is almost 5% higher than the average deposit amount recorded between January and March, and over 10% higher on an annual basis.

According to the DPS’ data, the average deposit cost in the capital rises to a whopping £1,800.

The AIIC warns that as the cost of deposits continues rising, landlords and tenants cannot afford to start a tenancy without an independently compiled inventory.

Inventories outline the condition and contents of a property at the start of the tenancy, and should be signed and agreed by the tenant at check-in.

This guide will help you create a professional and comprehensive inventory: /guide-compiling-good-inventory/

The Chair of the AIIC, Patricia Barber, says: “With the average renter now paying a deposit of almost £1,000 to rent a property in the UK, it’s vital that an independent inventory is carried out in order to protect both landlords and tenants.”

Now that there are hundreds, and even thousands, of pounds worth of deposits at stake in the average tenancy, deposit deductions or disputes at the end of a contract could be costly for both parties.

Good inventories can help landlords, or their letting agents, determine the condition of the rental property at the end of a tenancy, and any subsequent deposit deductions that need to be made.

Should a deposit dispute occur, a professional and thorough inventory will help the landlord’s chosen protection scheme make the correct and fairest judgement.

“Landlords who do not have a comprehensive inventory to hand at the end of a tenancy could make it extremely difficult for themselves to claim back funds for damages and lost items,” Barber explains.

She also advises tenants to take extra care when checking the inventory, to ensure that all items listed are present.

She says: “In the event items listed on the inventory are broken or lost, it can often be cheaper for the tenant to replace them, rather than waiting till the end of the tenancy.”

Landlords, always make sure that your inventory is thorough, professional, and easy to comprehend.

What are the strangest items tenants have stolen following tenancies?

Published On: October 13, 2016 at 11:31 am

Author: Em Morley

Categories: Landlord News

Tags: inventories,landlords,tenancy agreement,tenants,tenants stealing items

A concerning new investigation conducted by Direct Line for Business has revealed that almost one in three renters have taken items that do not belong to them at the conclusion of their tenancy agreement.

Items that tenants have removed from their rental property include fridges, freezers, light fittings, televisions and sinks!

Taking items illegally

Some of the most common reasons for tenants taking items for properties include:

believing the landlord wouldn’t notice
taking items by accident
forgetting the item(s) was not theirs

However, more than one fifth of respondents to the survey who owned up to stealing valuables said that they simply wanted to take them!

The overall cost to landlords of replacing these items is not cheap, with the report indicating that tenants believe the overall value of items they have stolen amounts to more than £500. This underlines the need for a good landlord insurance policy!

Nick Breton, Head of Direct Line for Business, stated: ‘The range of items that tenants feel that they can take with them when vacating a property is quite amazing. It isn’t even just small items that go missing; our research found that renters are helping themselves to beds, sofas and cupboards once their tenancy agreement comes to an end. These are expensive to replace and could have a knock-on effect for future tenants of that property. Plus a tenant could find that they lose their deposit.’[1]

What are the strangest items tenants have stolen following tenancies?

Importance of inventories

Additionally, the research shows that 21% of respondents to the survey who had pinched items said they did not complete an inventory when moving into a property.

Nearly one quarter of tenants who had signed an inventory said the items they had stolen were on this list, but they were undeterred!

Some more unusual items taken were coconuts and a bee hive!

Concluding, Mr Breton said: ‘The research highlights the importance of having a thorough inventory before your property is vacated. Building a relationship with your tenants is a bonus and can open up communication which could minimise issues further down the line. If the property is furnished then make sure you have the right insurance in place so you’re covered should things go missing – like the kitchen sink!’[2]

[1] http://www.propertyreporter.co.uk/landlords/what-are-the-strangest-items-tenants-have-taken-when-moving-out.html

Cost of Moving House Totals £2,000 in London

Published On: August 2, 2016 at 9:21 am

Author: Em Morley

Categories: Property News

Tags: inventories,moving house,rental property,tenants

The cost of moving house in the private rental sector totals around £2,000 in London, according to flat and house share website SpareRoom.co.uk.

Cost of Moving House Totals £2,000 in London

The site reports that the most expensive part of moving house is the large deposits required by many landlords at the start of a new tenancy. This initial expenditure, which usually includes a deposit and the first month’s rent, is usually required alongside letting agent fees and the cost of a removal company or van.

The cost of moving for tenants in London comes in above the national average, at £2,043, while the rest of the UK tends to spend £1,175 on moving house.

However, property inspection firm Imfuna Let notes that one way that landlords, tenants and homebuyers can increase the efficiency of moving house, as well as protecting their valuable assets, is to compile a professional inventory that details the condition of the property and all items within it.

Imfuna Let’s reports are generated on either smartphone or tablet, using photographs and voice notes to detail the state of the property.

Over in the USA, in-state moves are slightly less expensive than the UK, at $1,170. However, moving from one state to another will cost you around $5,630, according to the American Moving and Storage Association.

The Director of SpareRoom, Matt Hutchinson, comments: “With renters having to find a new deposit before they get their old one back, many simply can’t afford to move. That can mean missing out on employment opportunities or having to put up with rent increases.”

Having a thorough inventory at check-in and check-out will not only help landlords ensure that their property is looked after by tenants, but will help tenants get their deposit back faster when they move out.

Always put a report together before new tenants move in, and compare the state of the property when they move out to the initial inventory. Through highlighting any differences from check-in to check-out, you can easily deduct any necessary costs from your tenant’s deposit, meaning that they get their money back as soon as possible.

To help keep tenants’ costs of moving down and to ensure that your property remains in a good condition, remember to compile a detailed inventory.

Calls for Government to rethink Renters Rights Bill

Published On: June 29, 2016 at 11:50 am

Author: Em Morley

Categories: Landlord News

Tags: inventories,landlords,Renters' Rights Bill,tenants

The Association of Independent Inventory Clerks has called on the Government to continue to let letting agents charge tenants for inventory checks.

According to the industry body, these fees will then be transferred to landlords, who will in turn incorporate them into tenants’ rents.

Inventory fees

Just this month, the Renters’ Rights Bill was given an unopposed second reading in the House of Lords. The Bill includes measures to ban letting agents from charging tenants registration, admin, reference check, renewal and exit fees.

Given the unopposed reading, the Bill is thought to have a very strong chance of success. It is running alongside a petition challenging agent fees being charged to tenants, which has more than 250,000 signatures.

Patricia Barber, Chair of the Association of Independent Inventory Clerks, said, ‘here at the AIIC, we’re strongly opposed to the banning of inventory fees charged to tenants by letting agents. We envisage that if banned these charges would continue to be charged to tenants through the unspecified and unclear means of a higher rent.’[1]

Calls for Government to rethink Renters Rights Bill

Concerns

Barber is concerned that being unable to charge tenants a fee could encourage some agents bypass inventories completely.

She notes that, ‘a detailed inventory helps landlords, agents and tenants to determine exactly how the property’s condition has changed over the course of the tenancy, what can be deemed fair wear and tear and what needs to be replaced and therefore deducted from the tenant’s deposit.’[1]

‘We totally understand that some fees charged to tenants are too high and complicated, but we believe that if fair and worthwhile feels like inventory checks are made clear to the tenant then there should be no problem in them being charged,’ Barber continued.[1]

Concluding, Barber acknowledges that, ‘the vast majority of letting agents are transparent in the fees they charge to tenants. Banning fees altogether and particularly inventory check fees is certainly not the answer and could contribute to more deposit disputes and property damage further down the line.’[1]

It must be noted that the Renters Rights Bill remains a long way from becoming law. There is still the House of Commons to negotiate, before receiving Royal Assent.

[1] http://www.propertyreporter.co.uk/landlords/government-urged-to-re-evaluate-renters-rights-bill.html