The Importance of Inventories

Introductions

Andy Featherstone – Licensed Inventory Provider Scheme (LIPS)

Richard Davies – RJD Property Services

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.

TDS RecommendationsDispute 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.

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

Inventories - Current Examples

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

ICR demonstration

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

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