Say YES to automation and watch your business grow!

Agents spend a considerable amount of time reconciling their portfolio, only to have to do the same thing again next month, the month after that and so on.

They accept that it’s a necessary evil that allows them to understand how much money they have made in a given month. Until now, there has not been a fully-automated alternative to the repetitive, error-prone manual reconciliation of landlord accounts.

Most systems today still require an agent to log on to their bank account, download a CSV file of payments received and upload it into Excel or similar before an agent can even begin the laborious process of reconciling or matching payments to external records.

Then comes the calculation of commissions and deductions from tenant monies before a payment run can finally be uploaded onto the banking system, so that the agent, landlord and contractors can all be paid – some three days later.

The future is here!

Those days are over. With PayProp, the purpose-built payment platform for rental agencies, this whole process is automated and 100% accurate – guaranteed, best money transfers.

“Agents won’t have to lift a finger or print a bank statement ever again: PayProp automatically and securely collects payments from tenants, pays all beneficiaries and transfers commissions directly into agencies’ bank accounts – in real time,” says Shawn Brown, director of PayProp UK.

Invoicing and statements

The automation does not stop at payments and their reconciliation either. Tenant invoices, landlord statements and payment reminders can all be auto-generated and dispatched with PayProp. “With your corporate branding on every communication, it keeps your brand front-of-mind, offering an extra advertising channel to help grow your business,” says Brown.

Reduce bad debt

PayProp also recently introduced automated payment reminders, using SMS and email. “While we are all aware of the power of SMS, nothing quite prepared us for the results of our first pilot,” says Brown. “Some 61% of customers in arrears settled their outstanding amounts within 48 hours of being reminded!”

Improve cash flow

PayProp frees agents up from the repetitive drudgery of bookkeeping and helps them focus on growing their business.

The platform’s smart digitisation of business processes further allows property businesses to gain better insight across their entire portfolio, revealing who has been paid and who still needs to be.

And due to the faster payment network that PayProp utilises, agents receive their commissions faster than ever – PayProp ALWAYS pays its agents their commission first.

All these factors, combined with the new payment reminder, help improve the agent’s cash flow, Brown says.

Anytime, anywhere

PayProp has been designed specifically for people on the go. Whether you are on a smartphone, tablet or PC, all of the agents’ data is available at the touch of a button. The PayProp platform is cloud-based to enable this seamless access to your business, and it works on all connected devices. So whether you are out seeing tenants or at home with the family, PayProp is available 24/7!

More
Want to know more? Check out this 90-second video – www.payprop.co.uk. Alternatively, feel free to drop us a line at support@payprop.co.uk or call 0203 740 7614.

Alex Evans

You May Also Enjoy

Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More
Breaking News

Mortgage completions surged 50 per cent in March amid race to avoid higher stamp duty

March saw highest volume of mortgage completions recorded since September 2021 Homebuyers report now needing an additional £13,530 on top of the property price to cover taxes and fees Three in four have seen housing costs rise, up £126 on average per month Renters’ confidence in their ability to purchase a property within five years…
Read More