ne of the UK’s most established and well-known online-only letting agencies, Upad, has revealed that it is closing its doors to new business.
Its homepage no longer features any of its products or services and instead redirects visitors to a page revealing that it is ‘no longer accepting new business’. It also thanks past customers for their support.
Upad has pioneered the online-only lettings model since it was established in 2008 by its CEO and portfolio landlord James Davis (left) who, until the arrival of competitors such as OpenRent and Howsy, was one of the most high profile digital disruptors in the lettings market.
For many years Upad was also the largest online-only lettings agency in the UK and recently claimed to have been used by 12,500 landlords and listed 30,000 properties. It is claimed that 450 landlords will be affected by Upad shutting up shop.
The company’s announcement reveals that both tenants and landlords using its service who have entered into tenancies arranged through or managed by Upad should contact each other directly to work out future arrangements.
Landlords who paid Upad for a tenant find service after 1st October will be able to claim a refund, but those who paid before that date will not.
“This will be a particularly difficult and sensitive time for Upad and their clients and so I have sent the James Davis an email offering our full support to him and his landlords and tenants,” competitor Jonathan Daines of LettingAProperty.com has told The Negotiator.
“We are currently putting together a Upad Client Support service to continue their services with as little disruption to their landlords and tenants as possible.”
In September last year the company significantly altered its fee structure to a basic £149 find a tenant service, hoping to then upsell more services that landlords could bolt on.