All Inventory providers essentially offer the same product - albeit formats of Reports will differ. Establishing the best provider can therefore sometimes be a fairly tricky task. Kate Maddison, Key Accounts Manager for the Live Letting Exchange, offers the following advice to Letting Agents:
“Over the course of any month, I am certain that the majority of Letting Agents will be contacted by a number of Inventory suppliers promoting their services. Each Inventory provider will undoubtedly state that their Reports are ‘detailed’, ‘include photographs’ and that their Inventory Clerks are ‘experienced’. These statements are not ‘selling points’ however, as in all honestly all professional suppliers should be providing this service as standard. Finding a provider's unique selling point can be difficult in some instances, and some will simply not have one. The trick, therefore, is to ask any provider what their USP is and see what they come up with, if they are simply repeating that they produce detailed Reports etc, it is likely that there is nothing unique about the service which they provide against that of their competitors.
Before engaging with any new Inventory provider, I advise Agents to make sure that samples of their Reports are reviewed. With so many different formats and styles within the market place, it is essential that a provider is chosen who provides clear Reports that can be easily and uniformly interpreted by Landlords, Tenants and Property Management Departments alike. For example, some Inventory providers use a colour coded system to distinguish between Inventory, Check-In and Check-Out comments made on one document, meaning that black and white photocopies cannot be taken and is obviously an issue for anyone who is visually impaired. Others rely heavily on abbreviations which can become confusing and exhausting to the reader. Others do not embed photographs within the actual body of the Report which unfortunately offers very little value in such evidence. The quality of the photographs themselves is also crucial; photos taken on mobile phones or PDA’s often have a ‘greenish’ or ‘pinkish’ tinge which can compromise evidence.
Asking the provider questions relating to the Lettings Industry is a good way to determine their calibre. Any credible provider should demonstrate that they have an in-depth knowledge of the Lettings Industry to ensure that the procedures and practices adopted within their businesses are of the highest quality. Looking at a providers website, social media sites and advertising normally provides a good indication as to their level of understanding of the Lettings market.
Across the UK the cost of Inventory services differs immensely, as does the standard of Reports. Cost is normally one of the major considerations for Letting Agents when they are seeking an Inventory provider and in the current economic climate, that is of course understandable. However, there are some factors for consideration. Firstly, if a provider is offering extremely low cost Inventory services, it is vital to check out their credentials. Unfortunately an increasing number of new entrants are being enticed into the market through the ever increasing DIY technology solutions which in some instances, are promoting Inventory preparation as easy. Any provider that has been operating within the market for a length of time will know that there are many associated costs in running an Inventory business to deliver a good service and therefore below ‘market rate’ charges cannot be sustained for a long period. Payment terms should also be investigated to make sure they fall inline with your procedures and practices; if a provider only offers 14 day payment terms and it is your businesses practice to only settle invoices once a month to assist with your cashflow, this could lead to problems almost immediately.
All potential providers should also be questioned regarding their compliant procedures. Whilst no one likes to admit to mistakes, it is highly likely that a Landlord or Tenant will find a reason to complain about a Report at some point or another - whether the complaint is justified, however, is a different matter. Understanding a suppliers complaint procedures, timescales for requesting amendments and what is, and what is not included within Reports etc, from the outset is vital. Ideally all this information should be provided within ‘Terms and Conditions’, or a similar document, and I would urge Letting Agents to be wary of any supplier whom cannot provide this.
In my opinion, Lettings businesses and Inventory companies work best when engaged in a business partner relationship, rather than simply on a client/supplier basis. Partnerships may take a little time to develop, but by investing time into the same, finding the perfect supplier who delivers quality Reports which can stand up to the scrutiny of adjudication , offers value for money and can support your business through peak times as well as quieter months is achievable”.
The Live Letting Exchange is a nationwide Inventory provider. To find out how your business could benefit from their services, please contact Kate Maddison, Key Accounts Manager, 07736517459 or kate.maddison@live-lx.com
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