Online investment boosts rental income

Feb 5 2009 by Andrew Mernin, The Journal

A PROPERTY agency has enjoyed a credit-crunch-busting 25% climb in rental revenues in the past five months thanks in part to its new and improved online infrastructure.

Newcastle-based Citypadz has worked with Darlington IT firm Resilient Business Systems (RBS) to bolster its online business as the housing industry suffers in the recession.

The property firm, which solely operates in the rental sector, has seen revenues climb despite the dour state of the housing sector, and says its investment in its IT set-up has been a major contributing factor.

Ian Brown, director of Citypadz, said: “The downturn in the property sector and the scarcity of mortgage deals has actually turned many people to the rental market.

“As 95% of our business is done online, we need to make sure our systems are efficient and reliable and that we have good back-up in order to capitalise upon this opportunity. RBS has helped us do this.”

RBS managing director Andrew Read said: “It is essential for a company like Citypadz to be able to stay live and online at all times, as any problems would severely disrupt their business and they would lose money.”

Citypadz is currently looking to expand its business further with potential plans to start working with investors in other cities in the UK.