Articles

2010-02-25 11:18:03

Imagine this scenario for a minute and remember the words, home inventory.

You’re out of the house that you’ve owned for a good many years, maybe at a friend’s dinner party, you drive back, snug in the warmth of good food and friendship, and come to open your front door. It’s ajar, you are gripped by a sudden sense of panic and as you tentatively push the door open, a scene of utter chaos greets you. Furniture has been smashed, books upturned, possessions thrown around and empty spaces where the TV and computer once sat.

You tread carefully through the house, finding that the chaos is repeated in every room; items senselessly smashed, valuables missing and graffiti scrawled across the walls.

It’s a nightmare for everyone who owns, or rents a property.

And when you’ve calmed down, tidied things a little, the police have been and given you a crime number (having a pulled a grim face when you ask what’s the chance of getting your goods back) and you’ve rang your insurance company, the nightmare continues.

A burglary is not something you can forget in a hurry and you won’t be allowed to, well after the event, mainly because filling out the insurance forms is such an arduous task. You begin by trying to remember exactly what was stolen, or damaged; when you bought it; how much you paid for it; and, what the replacement value is. You tend to forget many small items which you took for granted, and now are no longer there, and forget to claim for those, or try to claim, but just can’t really prove their existence in the first place.

This is where a video home inventory comes into play. For only a small outlay, a professional inventory clerk can come around before any crises (burglaries, flooding, etc) and take a written inventory of not only all your belongings (and make notes as to their value and date of purchase, and whether you still have a receipt) and support this with video evidence.

It’s common knowledge that insurance companies, understandably if you think about it, are cautious about some claims, as people are tempted to embellish what they owned and its value; and this then harm’s everyone else’s claims. So if you present your insurance company with a video home inventory, prepared by an independent third party, then your claim will by based on sure facts and not conjecture. You can then expect a speedy and fair response.

So remember, think about a video home inventory. It can save you heartache, as well as money.

Property Inventory

2010-02-25 11:18:36

Are you are a landlord who is tired of disputing deposits with tenants? Do you long for a property inventory solution, which can help you avoid these stressful and often time consuming problems? Well a video inventory may be the answer. The service we provide has become the recommended standard within the industry.

However, you may be asking yourself why you even need a property inventory in the first place? The best way to explain this is by using a scenario. Let’s say you rent a flat or house to a lovely couple for 3-4 years, they appear to have been model tenants, never late with rent, never call with tedious problems, indeed, you never here from them at all. So with all this in mind you appear to have saved yourself a few pounds by not getting a rental inventory, you apparently have nothing to worry about, after all you have 1 month’s rent as a deposit.

Sadly, the time has come for them to move on and they end their tenancy. On the last day of the agreement you venture over to your investment property, taking into account you probably used your life savings to buy this property in hope of making a good return. You enter through the front door only to find that the property you bought some years ago does not look quite the same. You are beginning to realise that you should have commissioned a property inventory. In fact it looks nothing like the property you bought with all your hard earned cash, it’s a disaster zone!

We’re not talking normal wear and tear. You’re looking at ripped curtain rails and curtains. You can see numerous cigarette holes in the carpet artistically combined with red wine stains. On your house of horrors tour you find holes in walls and an oven which looks as though it has never been cleaned. Not only this but the television, microwave and washer dryer you provided is also conveniently missing.

You come to the conclusion that your model tenants were not perfect at all they were in fact a landlord’s worst nightmare. Worst of all of this could have been avoided, if only you had arranged for a video inventory to be taken. Instead and with the inception of the Tenancy Protection Scheme in 2007; you as the landlord are now obliged to prove the tenant is in breach of the tenancy agreement.

Also because you did not obtain a property inventory at time of check-in, you are going to find it extremely difficult to prove any of the damage was done by the tenants in the first place?

Property Inventory get it right

2010-02-26 15:28:37

Property inventory is a tricky business but getting it right is crucial if you are a letting agent. As a home owner choosing to rent out a property you must abide by numerous laws with a tenancy agreement in place to protect both parties involved. If you create a list of items that are in the house when you rent it out then you know what has to be there when your tenants leave. Simple right? Wrong.

The benefits of video inventories…

Lists get lost, they can be forged and they can be altered whereas a video in a fool proof way of recording all of the items that belong to the owner of the house; whether that is you or your client. A video can’t be changed, unless you are Steven Spielberg, so new things cannot be added and a whole new list cannot be forged making it an unbeatable way to document personal belongings.

Rental inventory via video can be used for many different scenarios from theft to breakages as not only is the item listed but the original condition of the item is also documented. This can then be used as proof of damage by a tenant in a way that a piece of paper cannot. As a letting agent you have a duty to your client to ensure their renting process is as smooth as possible, which we all know can be hard work. The use of rental inventory by video is priceless and many landlords will be looking for a letting agent who can come up with innovative ideas to help them to be as protected as possible. Welcome property inventory via video and see what a difference it makes to your clients experience as a landlord…

Inventory Services

2010-03-02 17:21:37

The whole area of providing inventory services is not as simple as you might first think.

Any reputable inventory agency has to provide a number of key services in order to provide a truly professional service. This starts off by providing, before tenants move in, a check-in inventory, an interim property inventory, during the tenancy and then finally, a check-out inventory service.

The inventory service

The inventory service involves the inventory clerk making a visit to the property in order to ascertain its status, its condition and what it contains.

A comprehensive video of the property and its contents can then be made. This includes walking around the property and preparing a comprehensive video of its contents. In effect, a schedule is prepared on the condition of each and every room. Alongside the video inventory is a detailed inventory list.

Combined, the video inventory and inventory list go into some detail as to the property’s condition and its contents. For example, it records the number and state of all the property’s fixtures and fittings.

Remember that as regards the video part of the inventory, it is all recorded on high quality video tape.

What’s more, a detailed record is made of the utility meter readings, so that there can be no confusion as to what they were and what they relate to. Bear in mind that a source of many arguments has been meters which consist of a number of readings, such as the amount of daytime energy used, as opposed to night-time energy.

The video inventory will also record and note the working status of any alarms, including household security, smoke alarms, or carbon monoxide alarms. Also, the video can act as an aide memoir, making it clear to the landlord any obligations on their part that have to be fulfilled, including the cleanliness of the property at the start of the tenancy.

Thus, all rooms and areas of the house, and garden, and any other area included in the tenancy agreement, will be fully scrutinised.

As part of the inventory services, all this information is then collated and prepared as a high-quality video, stored on disc, complete with voice-over, and the inventory list is then presented via a PDF.

Inventory Check

2010-03-09 12:17:10

When it comes to preparing a proper tenancy agreement which avoids arguments between landlords and tenants, an inventory check is vital.

But an inventory check prepared in the traditional way, a written report drawn up hurriedly by the landlord themselves, or a rental agent – even those supported by photographs – can be fraught with problems.

Many property inventories can be read in so many ways, that inevitable confusion can follow.

Not so with a video inventory. Here there can be no confusion because the written report is fully supported by a video which makes it clear to the landlord, tenant and indeed, any independent body which is brought in to adjudicate over a disagreement, what was agreed.

An inventory check, within a video inventory, is made up of three key components, apart from the actual drawing up of the inventory itself (property contents and the state of that property).

Firstly, there’s the check-in inventory check, which has to be right in order to get things started properly. Get this stage wrong and there will be certain disagreements at the end of the tenancy period.

And a good check-in should include various key parts. Top of the list is a meeting between the video inventory clerk and the tenant. Next the parties sign an agreement which testifies the accuracy of the video inventory. Copies of the inventory are then handed over to the various parties that require one. There’s a handover of the keys, the utility meter readings are confirmed and then an explanation, for the benefit of the tenants, as to how they should look after the property and what is required of them.

Secondly, comes the interim inventory check, which tries to ensure that any problems are stillborn. This includes a property visit, a thorough inspection and then a complete inventory check which compares all the items on the main video inventory, with the state of the property at that time. This will check everything is in place, hasn’t been mislaid, or damaged, and if anything has, then it can be rectified before it becomes a major problem. And all the issues are recorded in a new video if that is appropriate, and copies provided to the landlord and tenant.

Thirdly is the all-important check-out stage. This is where the inventory check comes into its own. And if all the other stages have been carried out properly, then this stage should be straightforward. But is also a very stressful stage for all concerned parties. The landlord is usually anxious that the tenancy finishes on the best note possible (no monies outstanding and their property in good order). And the tenant is preoccupied with moving, thinking about packing, moving into a new property and coping with bills coming from all directions.

And this is the stage that can cause the most trouble. Which is why a good video inventory agency will usually undertake this final part of the inventory check without the tenants present. A number of elements are ticked off, including highlighting any discrepancies between original inventory and the state of the property and its contents; taking a note of tenant’s forwarding address details; and, reminding the tenant about their responsibilities regarding utilities.

In short, an inventory check is there to protect both landlord and tenant.

Rental Inventory

2010-03-19 13:59:49

A rental inventory is hugely important to anyone thinking about becoming a landlord. And it’s not just for rental properties; anyone with a home insurance policy should also prepare a property inventory.

Have a look around your home and then think if half of the items were removed, would you a) remember all that had gone missing and b) when you’d listed all the items that had gone. Would you then be able to give a current value?

But what is worse, if you had lost the original receipts, could you even prove at some stage you did own those items.

Part of the problem is most insurance companies place the onus on the policy holder to prove they possessed the items in question in the first place. And without receipts, or written records, this can be very difficult.

The Tenancy Protection Scheme legally obligates a landlord to prove a tenant has breached an agreement; this includes damage to fixtures and fittings beyond reasonable wear and tear. A rental inventory based on video footage actually provides landlords with near irrefutable evidence.

Think how much easier it would be if when you made a claim, you have a video inventory to support your statements. Even the most assiduous insurance company might found it hard to question your possessions in that case.

Of course, it is always vital that you do keep the receipts of all the goods you own, as these, with a video inventory, will be about as safe as you can get in providing a strong case to an insurance company.

Furthermore, this is even more important if you own valuable antiques, or works of art. In this case, up-to-date valuations, plus a video inventory, would form the basis of a powerful claim to an insurance company.

But a good rental inventory is of course not only useful before the event, but after the event. Consider that if your house is flooded, then a video record of the aftermath would be a valuable aid in providing evidence as regards to the extent of your losses and damage.

So, a regularly updated home inventory can be an essential asset for any property owner.

The Video Inventory Agency

2010-03-26 18:02:58

The Video Inventory Agency was born more out of necessity, than just a brilliant idea. Manchester businessman Frazer Fearnhead has a fair-sized property portfolio, but in the past he was becoming more and more frustrated over small disagreements with tenants over property inventories from his rented properties.

Leaving the process of inventory compiling to his letting agents, as most professional landlords are in favour of doing, meant that the first time he would hear of a problem was when a dispute had broken out and suddenly the tenants bond became a source of wrangling and argument.

And such disputes, many of very minor items, would escalate very quickly if he wasn’t on hand to take control and sort out a compromise.

Mr Fearnhead acknowledges a lot of time can be wasted just trying to get to the bottom of the disagreement, then checking back to a rental inventory which turned out not to be conclusive anyway.

He is amazed how many interpretations and views can be held from one single written inventory, even if it is accompanied by photographs. A list of the items, a few notes and jottings, in his view, is very subjective and does not provide the landlord with any real protection.

So when things changed in 2007 and independent bodies were brought in to hold tenant’s deposits (previously the landlord had mostly kept hold of the monies to guarantee against rent loss, contents going missing and damage), there had to be a better way to protect the people owning and renting out their properties.

So when Mr Fearnhead got the chance of being part of a company which actually produced inventories, he was keen to have a go and place the emphasis not on written inventories, but on video inventories.

Thus The Video Inventory Agency in its current guise was born.

It’s his view that property inventories should always be supported by video. Afterall, as someone once said, a picture is worth a thousand words.

So now when Mr Fearnhead rents out a property, he sends in his video inventory clerks to do a thorough inventory check. That way, he can spend more time on his business interests, than discussing how many teaspoons were lost during a tenancy.

Home Contents Inventory

2010-03-30 15:09:06

A home contents inventory is not something many people think about when taking out home contents insurance. But if you were burgled or your home burnt down through no fault of your own. Would you be able to accurately itemise all of your possessions? Even more important than this, would you be able to prove to your insurance company you even owned the items in the first place?

In this case a home contents inventory can provide you with peace of mind and the proof needed to accurately record your prized belongings. A written inventory could easily be disputed in a court of law, but a video inventory with detailed accompanying written documentation is far more reliable.

In the buy to let industry many landlords rely on a video property inventory to protect their investment. So it only makes sense to do the same with all your prized possessions at home. You may own particularly expensive pieces of art, furniture or kitchen appliances which require specialist home contents insurance, in which case having a video inventory prepared can protect yourself if you ever need to make a claim.

A home contents inventory is not just for residential use either, you can also use it for commercial purposes as well. This is especially relevant for companies who have lots of branches, equipment and furniture. They can be used to provide your business insurance provider with additional valuable evidence of items located on site.

Property inventory services are changing for the better and it would be no surprise if specialist insurance providers started to make video inventories mandatory. At the moment in some cases loss adjusters have to go by written documentation created by underwriters, it would be far more useful to have video evidence on hand to provide visual support.

Landlord Inventory

2010-04-06 16:14:37

A landlord inventory is used to provide evidence of the state and condition of a buy to let property. This is usually in the form of video and or written documentation and generally takes place on check in, check out and in some cases interim as well. If you own a property and want to rent it out a property inventory is supposed to ensure you can prove what condition the property was in before the tenant moved in. In some instances proving such things can become very difficult which is why video inventories have come into play.

The recession hit the property market very hard. A property investor can no longer rely on rising house prices to make a large profit. Now more than ever rental yield is integral to savvy investing. In this respect avoiding damage to an investment property and keeping costly disputes with tenants to a minimum is very important.

However even though the recession caused house prices to dive; obtaining a mortgage has become much more difficult. In addition to this affordability for first time buyers has become a real matter of contention. The rental industry is set to grow by 20% over the next 10 years which means increased demand for rental housing.

Landlords Inventory services are available to private individuals or lettings agents who represent landlords themselves. In the past the only service available was a written document covering the bare essentials. Nowadays with the evolution of the digital age landlords can also commission a video inventory to back up written documentation with professionally taken video footage.

This has dramatically reduced the number of disputes between landlords and tenants making it far easier for landlords to prove the damage was done during the tenant’s occupancy.

Landlord inventories which use video footage provide landlords and letting agents peace of mind in the event a dispute does arise.

Property Inventory Disasters

2010-04-09 17:05:46

A property inventory is normally completed to avoid disasters and disputes. But in some case this is simply not the case. This is because the old fashioned out dated written inventory is flawed in its method.

In my days as a lettings agent I came across dozens of disputes over check out property inventories. The cause of the problem was not caused by the check out inventory, it was the check in part which set the writing on the wall.

A seemingly incomplete inventory which failed to highlight some wear and tear items or perhaps did not conclusively highlight the general condition of the property in the first place which as a result allowed the tenant room to dispute, was the primary reason problems occurred.

A video inventory completed by a professional company such as The Video Inventory Agency ensures when the tenant checks in every detail of the property is covered, resulting in no questions being asked and no disputes ensuing.

Property inventory disasters occur when you cut corners and a standalone written inventory simply is not a sufficient way to protect your investment.

If you ask any landlord what one of the biggest drawbacks of renting a property is, they will inevitably answer dealing with problem tenants. The problem is if you want to be a property investor you will come into contact with tenants. In this case the best tactic to take is minimise opportunity for problems to arise. A video inventory is one such tool which a landlord can use to avoid costly and time consuming disputes with tenants over rental inventories.

Top Five Property Inventory Tips

2010-04-14 23:16:31

A property inventory is considered the best way for landlords and tenants to prove the condition of a property on check in. Below are 5 top property inventory tips.

1. A landlord inventory ideally should be done using video footage. Disputes often arise because the evidence on offer is inconclusive and not accurate. A video inventory backed by written documentation diminishes the risk of disputes.

2. As of 2007 by law all tenant deposits up to £25,000 should be kept by a tenancy deposit protection scheme. However, this does not ensure you are entitled to receive your deposit back. If you move into a property ensure a rental inventory is completed. This means when you check out your landlord cannot unreasonably dispute damage. Ideally video footage should be present. So before you move in ask what kind of inventory is done and suggest a video inventory is completed. The cost is not much higher and you and your landlord have greater peace of mind.

3. As a landlord you don’t often get to see your property during a tenancy. In some cases a management agency may have the responsibility of looking after your investment. This means you may not see the condition of your property for years. Also tenants sometimes neglect to inform landlords of damage for fear of disputes or to maintain privacy. In this case commissioning a property inventory, which checks the condition of your property on an interim basis is the best way to accurately gauge the condition of your property mid-tenancy.

4. As a tenant you may want to be present at the time of the inventory. This way you can be fully aware of how the inventory was done and what areas were covered. When you check out this may be especially important as you can explain certain matters at the time which can be detailed on the inventory details sheet.

5. As soon as you receive your video inventory make sure the footage and accompanying written documentation is accurate and complete. A copy should also be sent to the letting agents for safe keeping.

If you are commissioning a landlord inventory have a chat with the company first and ask lots of questions about the service, costs and the quality of the video footage.

Home Inventories

2010-04-21 12:22:09

A home inventory is completed for a number of reasons. Usually they are commissioned by landlords or letting agents to accurately record the condition of a property for rental purposes. A property inventory is generally issued on check in and checkout but sometimes on an interim basis as well.

A home inventory inspection comprises of detailed documentation of all fixtures and fittings at the property. The best way to accurately record the condition of premises is to use a video inventory. In the past photos and written documentation were never really sufficient or accurate, which is why so many disputes emerged between landlords and tenants over deposits. Nowadays landlords use video footage to reduce disputes and better protect their investments.

When a home inventory takes place it is done on a visual basis meaning the condition of fixtures and fittings will be ascertained by how they look as opposed to if they meet with the official technical specifications of the manufacturer.

A house inventory is not to be confused with a buildings or structural survey, which covers the actual stability of the building for purpose of buying or obtaining a mortgage. It is also not used to evaluate rental value.
Upon inspection furnishings, carpets and flooring are inspected based on the general condition, how clean they are and if they have defects. This is where video footage becomes of particular use; landlords can now accurately record the condition of these items with high quality video footage.

If the property has a garden our home inventory service can cover the tidiness and condition of the garden on check in. Some tenants fail to properly maintain the garden in which case when they leave a gardener needs to be employed to tidy up, which can be expensive. A video inventory can accurately prove the condition of the garden on check in.

Home Inventories Are Not Rubbish

2010-05-19 20:51:20

A home inventory is supposed to accurately document the general condition of fixtures and fittings in a house, flat or commercial property. The truth is the old written inventories don’t work and have proven not to on many occasions. If you have ever commissioned a traditional property inventory you will be aware the method is flawed, why? Because a written house inventory list is in effect just a few words and maybe some accompanying pictures, not necessarily conclusive evidence.

What this means for the average landlord or tenant is a host of potential headaches and disputes. Home inventory forms are sometimes just a few tick boxes with a remarks category. This little rectangle is supposed to protect your investment which could be worth hundreds of thousands pounds and is supposed to withstand scrutiny in a court of law.

Nowadays landlords and letting agents have a new tool which can effectively reduce disputes to a minimum, avoid costly legal proceedings and the cost of repairs when tenants cannot be proven to be at fault. A video inventory backed up with a household inventory list is the best way to protect your investment; this combination provides detailed evidence of the condition of all fixtures and fittings in a property.

A professional home inventory program should be undertaken. This should comprise of a check in, interim and check out inspection. At these times your home inventory manager will compare the condition at each period. The tenant will obviously determine you are very serious about the maintenance of your property and are willing to commission a home inventory service which can accurately determine the condition using video footage.

If you are a property investor or letting agent avoiding disputes can save you lots of time and money. A property inventory with professional video footage can cost as little as £40 which is virtually the same as the old written house inventories.