Online Letting Agents take on the High Street

11 January 2012 Categories: News

Online Letting Agents take on the High Street

The self-service online letting agent, Upad, has predicted that 2012 will see more landlords using their online services than ever before. With a full letting service costing just £99 + VAT the founders of Upad believe the site will revolutionise the face of property letting in the UK over the next few years, meaning the high street letting agent may become a thing of the past.

Whether this actually happens remains to be seen but the figures released by Upad do show that online self-service letting is becoming much more popular with landlords. At the present time, the Upad site has just over 500 properties available for rent; the equivalent of around 20 high street letting agents. The site is also said to attract upwards of 20,000 visitors each month and has seen a five-fold increase in the number of properties added to the site over the last 18 months.

These figures are impressive and when combined with the reasonable letting costs advertised on the site it is easy to see why landlords might be tempted away from the high street. When asked what makes Upad different, founder James Davis said “The properties available are highly visible online, with landlords being put in direct contact with potential tenants, enabling them to conduct viewings themselves which is often preferable, and save a considerable amount on agent commissions and on-going management costs.”

The question must be then can the high street letting agents fight back?