The private property rental industry is experiencing something of a perfect storm in the UK.
There are increasing calls for more regulation in this sector and greater protection of tenants.
At the same time, agencies are operating in an economy where tenants are under growing financial pressure, and the risk of rental default is very real. The need to achieve economies of scale while keeping administrative costs down and maintaining regulatory control means that, more than ever, agencies need new ways to increase profits.”
Having spent the past 20 years assisting blue-chip companies with growing their profitability through technology I believe property technology lies at the very heart of the solution to the growing demands on agents, with solutions that reduce agency headcount and improve the bottom line while meeting regulatory requirements.
Leading technology enables businesses to manage and measure scalable growth, thereby supporting profitability while keeping staffing costs down. At the same time, they provide a full audit trail for regulatory compliance and eliminate errors through automation,” he says.
Such a solution is PayProp, whose trusted rental payment platform gives agencies the assurance of business continuity while keeping staff, accountants, landlords and tenants happy with error-free, effortless automation.
PayProp runs the rental administration of more than 200 000 properties, processing over 25 million transactions worth more than £300m per annum.
It is a secure cloud-based solution that can be accessed any time of day from anywhere in the world on any Internet-enabled device.
Regardless of staff turnover, annual holidays or portfolio growth, agencies can enjoy a much less stressful environment, always keeping their finger on the pulse with complete visibility of their portfolio wherever they are.
PayProp’s market research shows that its clients’ portfolios grow by an average of 23% year on year, without requiring additional staff.
These are the benefits of an automated and transparent system that operates in real-time, with automatic notifications to all parties.
By combining property management, banking and accounting into a single safe and seamless platform that automates inbound and outbound payments in real time, PayProp ensures that agents won’t ever have to lift a finger or print a bank statement again.
It automatically and securely collects payments from tenants, pays all beneficiaries and transfers commissions directly into agencies’ bank accounts – in real time.
The automation does not stop at payments and reconciliation either. Tenant invoices, landlord statements and payment reminders can all be auto-generated and dispatched with PayProp.