Can Inventory Services Save You Money?
November 26th, 2014
Statistics published in September 2014 by the National Landlords Association suggest more than a quarter of London property landlords (27%) who let out a single property only break even or run at a loss. Further, one fifth (19%) who let out between two and four properties also just break even or lose money. On the flipside to this, students need affordable and comfortable housing, so how does a student landlord manage property, make money and keep rent at a price students can afford to pay?
UK home inventory services, clear contracts and payment structures seem to build the foundation of great relationships with students, so what does each of these elements entail?
Carrying out an inventory check on a property that is furnished offers peace of mind for a landlord, this can reduce the possibility of having to payout for new furniture throughout the tenancy.
Student flats and properties are liable to student parties these are part and parcel of student life. However, this shouldn’t mean that a landlord’s business is put at risk.
With regular checks any regular wear and tear can be picked up along the way, with the property maintained to prolong life, any breakages at fault of the tenants can be paid for by themselves over time.
Having contracts suited to students may also benefit a landlord. There isn’t a one size fits all university course and properties reflect this. Landlords should think about what they can offer in a contract that will benefit a student, this could include flexibility in contract length and clear insight to how a contract can be altered should circumstances change for a student.
There should always be a balance, the contract also needs to work to protect a landlord against missed payments that have been agreed and clauses to protect against damage mentioned earlier.
Any deposits, and what is payable in from this deposit, should be agreed before contracts are signed.
Consider a payment structure that is built around student loan payments. This could be the bulk amount upon the payment of a student loan and smaller amounts throughout the term. This protects both a student from paying larger amounts throughout the year and reduces the risk of missed payments for a landlord, protecting an investment.
In the end, whether it is protecting a property through inventory services or using a well prepared contract, a landlord has a business that needs to make money and a student needs a service to be provided, working together can achieve a positive outcome for both parties.
Inventory House provide inventory services for landlords and property letting agents across London and the South East. Contact us to find out how we can help you.