Think outsourcing Inventory services could damage your Landlord retention? Perhaps it’s time to think again!

ARPM Inventories, one of the largest nationwide providers to the lettings industry offers consistent reporting, on-line booking technology and following a recent survey conducted via LAT and EAT was interested by the fact some Letting Agents avoid outsourcing their Inventory services as they worry Landlords would not approve. Here, Kate Maddison – Business Development Manager – provides details as to how utilising independent Inventory Clerks could actually assist to increase Landlord retention:

“Social Media, along with the world of on-line forums, is an extremely interesting territory and can provide fantastic insights into the people’s perceptions of the Lettings Industry as a whole and more importantly for us, the Inventory Industry.   18 months ago, Landlords were less ‘switched on’  to the benefits of utilising independent Inventory companies and I can certainly see that in some instances Agents may have been justifiably worried about advising Landlords that they should have a professional inventory, however, times have changed. 

After only two minutes of searching the social media sites and regular forums, there are numerous comments and posts from Landlords who have taken a ‘financial hit’ due to poor quality Reports and the majority of them whom let their property via their Agent, are expressing various forms of dissatisfaction with the Agent for not making it clear to them that they would have been best placed to utilise the services of a professional Inventory provider.  Until I saw the results of the Outsourced Lettings Survey, I would have guessed that the Agents ‘under fire’ would have indeed recommended a professional Inventory to be untaken and the Landlord would have simply just chose to ignore them – however, I now doubt whether this would have been the case in all instances.

Quite simply, Landlords – in general – utilise the services of a Letting Agent as they want to benefit from their expertise and advice.  If it then later transpires that the best possible advice wasn’t provided to the Landlord then it is highly unlikely that they will look to utilise the services of the Agent again – resulting in reduced Landlord retention.  If however, the best advice was given (and there is documentary evidence of this – such as an ‘Inventory Disclaimer’) the majority of Landlords are likely to kick themselves for not trusting in the advice and happily re-instruct the Agent to re-let their property, comforted in the knowledge that their property is in safe-hands!

In my opinion Landlord retention is developed through offering a service which provides expert knowledge, advice and support.  I cannot stress enough the importance of all  Letting Agents providing each of their Landlords with a full range of options relating to Inventory services prior to any tenancy commencing, highlighting the pros and cons of each one and furthermore ensuring that there is documentary evidence on file supporting the fact that the Landlord has been made aware of their options”.

If you are considering changing your Inventory provider, then ARPM Inventories would welcome the opportunity to discuss their nationwide services with you. To arrange a without obligation consultation or to request a price list please contact us. Tel: 01923 731110 or email inventories@arpm.co.uk .  Follow us on Twitter, find us on Facebook, or connect on Linkedin to receive free tips and advice!