Why TSi?

Tenancy Deposit Scheme - How will this new legislation affect you?

From 6th April 2007, and in accordance with The Housing Act 1988, 2004, landlords can only take a deposit from a tenant if that deposit is protected by the Tenancy Deposit Scheme.

The scheme offers an independent and regulated means of dispute resolution for landlords and short-hold tenants alike.The Tenant Deposit Scheme (TDS) will provide protection to both parties in the event of a dispute erupting over the state of the dwelling at the time the tenant moves out.

Supplying an inventory will be a prerequisite of the scheme, with the evidence therein forming the crux of the resolution. Failure to adhere to these new rules and regulations could lead to fines up to 3 times the deposit amount.

Jonathan Senior, a spokesperson from inventoryclerk.com comments: “The provision of an independent inventory must be a core assumption of the TDS – how can a dispute be resolved, if the very document upon which a possible dispute is based on is not included?”

Taken from "What Mortgage"

Inventories are prepared at the start of an individual’s tenancy, whereby the condition of all fixtures and fittings, as well as the general state of the dwelling, is documented. Senior believes that when the scheme is introduced this April, there must be a sufficient number of trained clerks in order to produce these inventories in line with the expected uptake of the TDS. Senior goes on to say the number of trained inventory clerks throughout the UK is still in the low hundreds only, although “there will be a need for a few thousand when the scheme kicks in” he emphasises.

Taken from "What Mortgage"

How TSi can help!

The purpose of the Tenancy Deposit Scheme is to speed up the process of evaluating damage to properties and returning deposits quickly, accurately and more concisely. The TSi system shares the same goal. It is the quickest possible available method to carry out detailed inventories and check in/out reports.

Can estate agents afford to rely on third parties to produce high quality reports quickly and accurately? For estate agents to avoid long administrative processes and avoid heavy fines, TSi is a must.

Inventories normally take numerous hours to complete and then take days, if not weeks, to compile into report format. This usually depends on how busy the inventory clerk is. If the inventory clerk used TSi they could complete inventories 3 times quicker and compile and send reports instantly, thus allowing them to take on more jobs and provide a faster, more efficient service in a very demanding industry.

Demand for inventories will increase when the new TDS law is passed, which means if there is a shortage of inventory clerks, prices for inventories are going to rise sharply. TSi is the solution to this. A small investment could save your company large amounts of money and add an extra revenue stream to your profits. TSi can earn your business up to £50k per year.