Rent

James Davis

Founder and CEO of upad
(www.upad.co.uk)

Read James's latest article on Void Periods

From ‘accidental landlord’ to industry expert

James Davis’ initial exposure to the world of property was as an 'accidental landlord' at the age of 22. Unable to afford the purchase price of a property in London having just finished university, he was still keen to get on the property ladder. He managed to persuade his bank to lend him the money to buy a house big enough to enable him to rent out several rooms in order to generate income to help pay the mortgage. This was before the time of buy-to-let mortgages, and the bank requested James submit a business plan to the bank before it would loan him the funds.

The success of this strategy made James realise that buying property and being a (good) landlord was a sound, long-term investment and income-generating strategy. He now has nine two and three bedroom flats in North West London.

upad

After 12 years' experience of being a residential landlord, James launched upad.co.uk, initially in London, in October 2008. He had identified the need for a service that took the hassle out of property rental for tenants and landlords. From his own experience, he found that sourcing tenants was time consuming. He also established that there was nothing on the market that exploited the benefits of the internet to quickly and easily 'match' renters with their ideal properties.

upad launched nationally in May 2009, and today has become a ‘marketplace for UK property rental’. It is a free online service, designed to help renters find their ideal property quickly and easily. In addition it provides them with relevant tools and information, from inventory templates to standing order forms.

It also enables landlords to advertise their property online for a one-off cost per listing of £59. The site harnesses technology, and distributes landlord content to over 50 UK property sites, helping to minimise void periods.

James believes that upad is the solution the property rental sector needed; its innovative approach aims to overcome the issues currently faced by many people when looking for somewhere to live.

The secret of being a good landlord

James believes there are a number of secrets to being a good landlord. He thinks that the approach needs to be sales-focused to produce the right product for the tenant. He also stresses the need to treat being a landlord like a business, and he believes that communication with tenants is paramount.

Here, he offers some tips for landlords.

1. Improve your property: there are a number of simple, low-cost measures that landlords can take to improve their properties, to save both them and their tenants money. This could include: installing energy saving light bulbs, checking the thickness of loft insulation, fitting lagging to pipes and water tanks, draught proofing and turning down thermostats.

2. Maintain your property over the winter: be prepared for burst pipes, boiler breakdowns, leaking roofs and make provision for these.

3. Buy to let mortgage rates: have come down. Get a mortgage agreement in principle, up to six months prior to your current mortgage ending.

4. Maintain close contact with your tenant: this is likely to lead to greater sharing of information, and your tenant paying the rent in full and on time.

5. Be aware of the changes to household benefits payments: new changes were introduced in 2008. The Local Housing Allowance (LHA) applies to new claims for Housing Benefit (HB) for tenants renting accommodation from private landlords.

6. Carry out market research: make sure you price your rental charges accurately and according to market rate.

7. Energy Performance Certificates: became a legal requirement for all new lets in October 2008. Make sure you are on top of this.

8. References: make sure you request references for new tenants.

9. Locking in longer: where possible, try to lock in good tenants to secure a longer tenancy period.

10. Emergency procedures: provide your tenants with emergency telephone numbers, either for yourself or for a maintenance professional – this will save you, and them time and hassle.

To register as a landlord on upad, please click here: