Fifty property professionals attended the official launch of Inventory Genius at the University of Derby today, where it was revealed that agents and landlords need to prepare for new and upcoming legislation, which is foretasted to impact profits.
David Cox, managing director of The Association of Residential Lettings Agents (ARLA), was guest speaker at the event and delivered a presentation which outlined what guests could expect from the upcoming changes in the property market.
Professionals from across the property sector gathered in support of Inventory Genius, a revolutionary new inventory web-app. Created by Rachel Hudson, a mum-of-two from Derby, who has been in the property business since the age of 17, the software provides a simple, easy and effective way for property professionals to complete their own inventories – helping them to avoid disputes and deposit losses.
During the launch, David advised agents and landlords to prepare for property legislation changes such as Mortgage Interest Relief, which will be gradually introduced from April 2017 over four years. David then went on to demonstrate how a landlord who was currently making £4,000 profit, may only make £1,380 profit after the new 'treatment' is introduced.
David told guests: With ever more complex regulation and legislation coming out of Government, landlords and agents really need to understand the law that they need to comply with in order to be letting safe, legal properties.
"Events like today and companies like Inventory Genius really help landlords and agents to understand the regulatory environment in which they're operating."
Rachel, 43, has invested her own money in developing the inventory software which is set to revolutionise the property market. The product aims to provide inventory clerks and property professionals with a fast and simple service, as the software automatically highlights any changes between the original document and the check-out inventory, indicating any changes to the property since the tenancy.
Throughout her career - which began painting and fitting windows - Rachel has repeatedly filled out inventories and found that other applications didn’t quite meet her standard, if an inventory was needed for a dispute or in court as they didn’t contain enough detail. This sparked the inspiration to design and launch her own online inventory system to help make the process simple and accurate.
Speaking at the launch, Rachel said: “An inventory is just as important as the original tenancy agreement in its own right, as it catalogues the condition of the property and the contents that were provided originally. It is vital that it is filled out correctly with the right contents and I have designed something that meets these requirements.”
Known as the only effective way of cataloguing a rental property and all of its contents before a new tenant moves in, an inventory is a fundamental document for landlords and tenants. Its importance is often overlooked, yet it can be used to settle property disputes in court regarding property damages, contents and deposits.
For more information, please visit www.inventorygenius.co.uk