Landlords are struggling – they’ve been caught in a perfect storm of low mortgage approvals; bigger tax bills through the reduction in tax relief and higher stamp duty; and ever-increasing numbers of tenants in arrears.
All this makes the role of lettings agents more crucial than ever – during this pandemic they can be the difference between landlords sinking or swimming!
With PayProp, agents can:
- Pay their landlords faster – PayProp automates the agency's banking, combining real-time tenant reconciliations and faster landlord payments in one simple process that can be done at the click of a button on the same day rent is received. This saves time and speeds up landlord payments.
- Instantly see if tenants are late with the rent – the agency's PayProp client account is in fact a UK bank account. Our platform checks throughout the day to see if tenants have paid, so the agent knows automatically as soon as the rent is overdue. To avoid the inconvenience of late payments to landlords, agents can approve text message and e-mail reminders to tenants from within PayProp. Our figures show that 64% respond within 48 hours.
- Provide landlords with accurate information – PayProp figures are pulled directly from the agency's bank account, so they can be sure the statements they send to landlords through PayProp are 100% accurate, 100% of the time.
These are just the core benefits PayProp gives agents and landlords. To find out more about our Owner app (saving you more time), Property Account (letting you fix the boiler with pre-approved funds and zero delay) and other great benefits, why not see for yourself?