OLYMPIC LETS

Here's how to list an Olympic property:

1. Click the ‘LIST A PROPERTY’ button and select 'Add a new property'.
2. You'll find a list of questions to complete about your property. It helps to have some of the positive features about your property in mind. Think about room measurements, original features, storage and local transport links. Remember you can always log back in and edit your listing as often as you like, even after it’s live. Your property listing is automatically saved when you've completed the first page.
3. Add photos of your property, as many as you like. The more professional they look the better. Remember to arrange the photographs in the order you'd like them to be seen. We'd advise putting your best photo first to catch the tenant’s eye. If you need new photos, tick 'Add a Photo Pack' and we'll arrange for a local professional photographer to take some for you. These are then yours to keep.
4. Once your happy, simply checkout. The price for your Olympic letting listing is £250+vat, and that’s until let.

Remember. Our lettings team is available 7 days a week to help you through the process and answer any questions. Please call us on 0333 240 1220 (Local rate call, even from mobile)

When you’ve added your property and instructed us to list it for you:

1. We'll send you a receipt for payment for your records.
2. Our team will review your listing and give you a call. They’ll provide you with tips and feedback to enhance your listing, so you get the best out of your Upad experience; generally within a few hours.
3. Once your listing is finalised you can expect to see it go live immediately on Upad, and then across other sites within hours. We’ll send you an email to confirm, with links to your property on major sites (Rightmove, Zoopla etc) so you can take a look.
4. Your listing can now be seen by millions of potential tenants and tourists. We field all enquiries from interested parties and with their permission, we’ll pass them onto you by email and SMS. You can contact them directly to organise terms. All tenants will also be given your contact details (name, email and phone) so they can contact you directly. Our team will actively keep in touch with you to ensure your listing is performing as well as possible.
5. When you think you've filled the property, you can 'pause' your listing in your Upad account and put your advert on hold. If they fall through before the Olympics, we’ll put it live again for you at no cost.

Our lettings team is available 7 days a week to help you through the process and answer any questions. Please call us on 0333 240 1220 (Local rate call, even from mobile).

Here's some advice on letting a property for the Olympics:

Letting Vs Subletting

• If you don’t own the property you’re thinking of letting, then stop now. Your agreement with your landlord will preclude you sub-letting and invalidate the tenancy agreement.
• If you’re thinking of sub-letting a council flat then your local council, and all tax payers will throw the book at you. You may lose your home and will be prosecuted. Don’t do it.
• If your parents own the property… well that’s a family issue. Just make sure you clean up afterwards.
• If you own the property and are currently letting it to tenants, then you shouldn’t terminate your existing rental agreement for just two weeks of higher rent. It’s just bad business.
• If you own the property and live in it yourself, then you may have good cause to let it out over the Games.

Earning potential

• Unfortunately there is no rate card for property during the games. Like concert tickets, some may be willing to pay well above the odds; but that doesn’t include much of the population. Keep in mind that London is a big city and there will be events happening right across it, and outside the city as well.
• Like standard lettings, centrally located properties close (walking distance) to public transport will do well. Keep in mind that these guests will be expecting hotel standard accommodation. Properties let to holiday-makers year ‘round are typically top-end, with robust fitting and furnishings. You won’t get top dollar for your dark, musty student digs.
• As a rule of thumb, you should be looking at 2-3x the standard rental value of the house. There will be an additional multiplier depending on how close you are to the Olympic park.
• A typical 3 bedroom property in Shoreditch would let for £600-£800/week. During the Olympics this would multiply to circa £2,000/week. Shoreditch is a desirable area for tourists and is convenient to Olympic Park so you might expect to achieve £3,000/week. If one party takes it for two weeks or more, you might want to discount to roughly £5,500 for the fortnight.
• There’s still a long while until the Olympics, so in the short term you can afford to be bullish on pricing.
• Maximise your rental income potential by presenting your property in its best possible light. Upad can arrange a professional photographer to visit and shoot the property for just £85+vat, or for £130+VAT if you’d also like a floorplan, which is extremely useful for anyone making a decision on your property from afar.
• De-clutter the property. You’ll need to find a lockable space (closet) to store any valuables, and you should clear out some space for clothes etc. You should put a deposit on the property equal to roughly 10-20% of the rental amount, and it’s a good idea to add a cleaning surcharge.

Potential pitfalls

• You’ll need to inform your insurance company. All policies are different and some will have clauses allowing you to let the property out for a limited time per year. Others won’t. You may face a revised policy estimate, but that’s better than facing a court case or losing your home should someone fall down your stairs, or burn the place down.
• You should inform your mortgage company. You’ll need to take a view on this, given many lenders are trying to push rates up at the moment and will use this as a reason to do so. Many homeowners will take a calculated risk on this one.
• Have you thought about tax? If you have already completed a self-assessment, then it’s simple to add in the extra income. You can even offset your expenses such as agency costs. If you need to change your tax habits for one lump sum you may want to reconsider. Many owners will be tempted to transact in cash. I can’t say it’s the right thing to do, but it will certainly make it a challenge to secure a deposit on the booking.
• You won’t be able to reference your guests, so you’re taking a risk on their quality. Don’t forget that your possessions are still in the property.
• Certain councils insist you must apply for planning permission for lets under 90 days. These councils are Southwark, Tower Hamlets, Islington, Kensington & Chelsea, Westminster and Camden).
• It is a legal requirement to have both a Gas Safety Certificate for the property and your electrical appliances tested. If you require a Gas Safety Certificate you can instruct one with Upad. Click here to find out more.
• For every bedroom available there has to be a bathroom.
• To achieve top rent for your property, you will need to hire a professional cleaner, to look after the property on a regular basis.