The private rented sector is enjoying record demand. According to Hometrack, rental enquiries per estate agency branch were 46% higher in December 2022 than they had been throughout the previous five years.
With that level of interest, Sally Lawson, founder of Agent Rainmaker, believes agents should now aim for a 50% profit margin. According to Lawson, this massive margin is entirely achievable – but only by automating unprofitable admin tasks such as rental admin, and PayProp can be your ace in the hole.
Filter out the noise
PayProp’s powerful automation takes care of tedious, repetitive admin so employees can get on with the work that actually pushes that profit margin upwards, such as working with clients and signing leases.
Letting agents no longer have to spend hours, days or weeks poring over bank statements because PayProp's bank-integrated technology instantly matches each incoming payment to the right property and beneficiary.
And that’s just the start – PayProp also automates invoicing, rent receipts, arrears reminders, welcome letters and more. Rent collection, reconciliation and distribution for your entire property portfolio is done and dusted in a matter of minutes, and agents are quickly ready to hit the streets or the phones again.
What’s more, PayProp provides owners and tenants each with their own self-service app and portal for real-time visibility of their balances and payment status. Without excessive client queries tying up phone lines, agents can focus on providing top-notch responses to the issues that really need their attention.
Plus, PayProp’s built-in scalability supports rapid business growth and increased capacity without the typical overhead costs. You get all this efficiency in one specialised system for a lot less than an additional annual wage.
PayProp gives employers a retention edge
Automation is not about giving employees fewer responsibilities – it’s about giving them the innovative tools to make their jobs easier and more comfortable.
Happy, fulfilled employees are essential to the top- and bottom-line growth of a business. They are more productive and more likely to challenge themselves to strive higher.
Additionally, with the time and money saved by automating admin, there will be more opportunities to invest in employee training and team building, fostering a work environment that inspires employees to put forth their best effort. Not to mention how uplifting it is to be surrounded by such positive energy on a daily basis!
Good PropTech helps make your letting agency a breath of fresh air in an overworked, understaffed industry – if you do post a job opening, agents will be clamouring to work for you.
PayProp’s automated payment and reconciliation functionality has helped letting agencies confidently ride the highs and lows of the rental market for 18 years. Book a free demo to find out how else we can help keep your staff at the top of their game.