Importance of Inventories
- 1. The Importance of Inventories
- 2. Introductions Andy Featherstone Licensed Inventory Provider Scheme (LIPS) Richard Davies RJD Property Services
- 3. Background Inventory Clerks currently unregulated Govt Regulation? - Rugg Review 2008, ARLA representation to Government, licensing of landlords Tenancy Deposit Protection Scheme since 6 April 2007. Independent Adjudicator determines release of deposit in event of a dispute. Inventory is key to this process Current Standards of inventory vary enormously There is a need to be objective and impartial There is a need to improve consistency and quality in advance of regulation. Compliance with Tenancy Deposit Scheme is essential.
- 4. TDS Recommendations Dispute Resolution Service handle TDS appeals and have advised: Inventories need to be clearly presented Condition statements must be consistently applied throughout. Condition statements should be backed up with clear photographs A summary of Changes in the condition will assist in negotiations .
- 5. An inventory Is a snapshot in time At the beginning of a tenancy At the end of a tenancy Very important tool for the letting agent and / or the landlord in managing the property An accurate inventory agreed between the parties will reduce the risk of dispute about damage to the property or the contents between landlord and tenant at the end of the tenancy Protects both landlord and the tenant
- 6. Inventories - Current Examples
- 7. www.lipscheme.org Licensed Inventory Provider Scheme introduces: Benchmarked operating Standards Members provide evidence of competence - training and exam Members CRB checked Standard Report Format the Inventory Condition Report (ICR) PDA data collection, electronic report production Regular Auditing and Monitoring Complaints Procedure Consumer protection PI/PLI cover
- 9. The Inventory Condition Report A new and unique report product in a prescribed, standardised format Photographs and Standardised Reporting Reports delivered electronically and are designed to be viewed on screen Printed copy for check-in purposes
- 10. Why should you use a professional inventory provider? Licensed Inventory Provider Scheme members:- A quality assured product - audited Knowledge through training and accreditation Safety CRB checked Professional Indemnity & Public Liability Insurance LIPS block policy Compliance with LIPS codes of conduct Avoidance of any conflict of interest A consistent high quality service