The Video Inventory Agency (TVIA), which was launched by Frazer Fearnhead in 2009, found that poorly prepared inventories are costing the UK residential property market an estimated £12 million every year in lost claims.
Fearnhead launched TVIA after an incomplete photographic inventory on one of his own properties meant there was no evidence to corroborate a deposit dispute. "To minimise disputes adjudicators need to have as much information as possible to help prove a case."
Property investor Fernhead said: "Video inventories are watertight and cost effective. A visual record speaks volumes and it is clear from our work that video inventories are the future for the industry."
The TVIA is urging landlords to pay more attention to inventories in a bid to protect their assets by recording the condition of their rental property and its content, "With video content there is no room for debate," said Fearnhead.
Today TVIA provides video inventories for clients such as Winkworth, Belvoir Lettings, Waterstones and Martin & Co while franchise owners deliver evidential solutions for over 200 letting agents, property managers and landlords throughout the country.
Published: 27 July 2010
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