New research from Inventory Base highlights a significant opportunity for letting agents and property managers to drive cost savings for landlords.
By implementing a structured property inspection strategy, agents could help landlords across Britain save up to £3.4 billion annually in repair and maintenance costs.
Regular property inspections serve as the first line of defence against costly repairs and compliance breaches.
Identifying maintenance issues early prevents minor problems from escalating into major expenses, ensuring landlords can manage their properties more efficiently and cost-effectively.
PROACTIVE INSPECTIONS
For letting agents, providing a proactive inspection service not only enhances their reputation as trusted advisers but also strengthens client relationships.
Agents and property managers play a vital role in protecting property value and ensuring tenant satisfaction. A well-structured inspection process enables them to deliver accurate, data-driven reports that support landlords in making timely and informed decisions.
Industry best practice suggests properties should be inspected at least twice a year, with more frequent checks – every three months – recommended for older homes or high-traffic rental properties such as HMOs.
KEY BENEFITS
A robust inspection strategy provides multiple advantages, benefiting landlords, agents, and tenants alike:
Lower Maintenance Costs: Early detection of issues prevents small faults from becoming expensive repairs. A minor leak, if caught in time, can save thousands in structural damage.
Regulatory Compliance: Health and safety regulations impose significant fines on non-compliant properties. Regular inspections help landlords avoid penalties, which can reach up to £30,000 per breach.
Preventing Long-Term Damage: Problems such as damp and mould can have serious legal and health consequences. Under Awaab’s Law, landlords are now legally required to address these issues promptly, making routine inspections essential.
Protecting Property Value: Properties that suffer from neglected maintenance can lose 5-15% of their market value. A structured inspection process helps landlords maintain and even enhance their investment returns.
FINANCIAL IMPACT
According to the National Residential Landlords Association (NRLA), landlords who catch maintenance issues early can save an average of £1,200 per year.
With nearly 2.84 million private landlords across Britain, the cumulative sector-wide savings could amount to £3.4bn annually.
Siân Hemming-Metcalfe, Operations Director at Inventory Base, says: “Regular property inspections should be at the heart of every letting agent’s property management strategy.
“Not only do they enhance tenant well-being and reduce long-term costs, but they also protect asset values – a key concern for landlords.
“Thanks to technological advancements, inspections no longer need to be time-consuming or expensive. Digital solutions enable agents to schedule, conduct, and report on inspections seamlessly, ensuring rapid maintenance turnaround and improved service efficiency. This benefits everyone, from individual landlords to agents managing large portfolios.”
