Lettings agents could save 486K hours by ditching pen and paper inventories

The latest market analysis by Inventory Base, the UK's market leading Property Inventory Software Specialists, reveals that letting agents could save an incredible 486,000 hours by ditching pen and paper inventories in favour of using app-based technology instead.

Inventory Base has calculated the average expected time it takes to complete a traditional pen and paper inventory* on various sized rental properties - ranging from a 1-bed to a 5-bed - at the start of a new tenancy, and compared this to the time it takes when using an app-based solution.

Inventory Base then calculated the time difference for one individual inventory before considering this time difference in the context of the number of current UK rental listings, to reveal exactly how much time today's lettings agents could save by ditching archaic inventory processes.

How long does a pen and paper inventory take?

Inventory Base's internal data suggests that the estimated time it takes to complete an on-site inventory report the old-fashioned way ranges from one hour for a 1-bed property through to approximately 5.5 hours for a 5-bed property if done correctly and thoroughly.

When using the traditional pen and paper method, once an on-site report is finished, the agent must then spend additional time completing off-site admin - typically taking a time of 1.5 hours - before finally spending yet more time on core business operations - ranging from 1 hour for a 1-bed to 2 hours for a 5-bed.

As such, the total time it takes to complete an inventory ranges from an average of 3.5 hours for a 1-bed property, to an estimated 9 hours for a larger 5-bed property.

How long does an app-based inventory take?

When using an app-based inventory solution, the time it takes to complete the on-site inventory remains the same as with a pen and paper inventory.

However, because there is no need to then type up the inventory, compile the report, add photos, and send to the client, the 1.5 hours of off-site admin time required with the pen and paper method is eliminated altogether.

Furthermore, an app-based solution reduces the operations time to 0.25 hours per property, regardless of the number of bedrooms. This is because app-based technology allows the user to follow a consistent data capture process in a simple way, with all pre-configured formats and necessary details readily available, streamlining the entire inspection workflow.

As such, the average time it takes to complete an app-based property inventory ranges from just 1.25 hours for a 1-bed property, to 3.25 hours for a larger 5-bed property. 

So how much time is being saved?

This means that the per property time savings available by using an app-based inventory solution can range from 2.25 hours saved on a 1-bed property, and up to 5.75 hours saved for a 5-bed.

There are currently an estimated total of 145,349 rental properties on the market sized between 1-bed and 5-bed that have been listed for rent . This number breaks down to 41,969 1-beds, 53,680 2-beds, 29,667 3-beds, 14,079 4-beds, and 5,954 5-beds.

Based on the total amount of time saved by each property type and the volume of current market listings, Inventory Base estimates the total time that letting agents could have saved by using an app-based inventory solution when bringing these homes to market equated to an astonishing estimated 486,186 hours.

Sián Hemming-Metcalfe at Inventory Base, comments:

"Inventories are crucial for every tenancy agreement, as they provide an agreed record of a property's condition at the start of a tenancy, which helps determine if the deposit should be returned at the end.

To be effective, inventories must be thorough and accurate to prevent disputes. However, completing a detailed inventory is time-consuming, even with the aid of technology.

The real time drain lies in the post-inventory processes. Traditional methods involve manually booking, scheduling, typing, formatting, and checking records. This is all before sending them to landlords and tenants for comments and approval, managing issues, and then storing them—all incredibly time-intensive and costly steps.

App-based inventories streamline these processes, drastically reducing the time required. For example, in the current rental market, adopting technology for inventory processes could save an estimated 486,000 hours on inventory reports alone.

Given the number of inventories an agency needs to complete annually, these time savings are not only substantial, they represent a significant shift in operational efficiency. This allows agents to focus on more profitable activities, such as building their pipeline."