PayProp has been named an Approved Supplier by leading international real estate brand RE/MAX.
The agreement covers all regions globally, as PayProp continues to expand rapidly into new areas, but is currently in force only in Florida and Texas in the United States, the Ontario Province in Canada, as well as the United Kingdom and South Africa.
The alliance will make the benefits of payment automation available to more than 130,000 RE/MAX real estate professionals worldwide, including tens of thousands across the United States
Property management software on notice
According to Louw Liebenberg, CEO of PayProp in North America, the announcement is the strongest indication yet that legacy software providers have been put on notice by the property management industry.
"After just over a year in the US market, PayProp's take on automated efficiencies and faster, more accurate bank-integrated payments has been given RE/MAX's seal of approval," he says.
"The rental industry is ready for a shake-up, and this important vote of confidence in our market offering is testament to that."
A powerful alliance
The link-up brings together two global leaders in the real estate industry. While the payments platform only launched in the US in 2019, thousands of property managers of all sizes in Canada, the United Kingdom and South Africa are already proudly powered by PayProp – some since as early as 2004.
Liebenberg says aligning with a well-known franchisor in RE/MAX is a real boon, and that PayProp may soon see similar success in the United States. Having already made waves in the Florida rental market, the company rolled out its online platform with sales and service backing in Texas earlier this year, and is now getting ready to open in Illinois, Washington, Alabama, Missouri and Georgia within the next few months.
As a RE/MAX approved supplier, PayProp is promoted to franchise-holders through the RE/MAX Marketplace and will also be able to access other opportunities to market to the network, both in the United States and around the world.
Doing property management better
The agreement is an important recognition that PayProp is doing something unique in the American real estate sector, and in many senses it couldn't have come at a better time for RE/MAX-affiliated agents.
Unlike the old and often inefficient property management systems currently used by many property managers, PayProp is integrated directly into the US banking system thanks to its partnership with Bank of America, providing quicker payments, realtime transaction logging, and 100% bank accuracy.
The platform intelligently and automatically matches incoming rent payments to the correct renter and property, deducts management fees and payments to contractors before distributing rental income to owners, and allows agents to distribute automatically generated invoices and statements to owners and tenants in just a couple of clicks.
Today, thousands of PayProp-powered property management companies save hours each week and eliminate human error by automating their payment reconciliation processes, giving them more time to work with clients and grow their portfolios. Even better, they can do so with bank-grade security from any location on any device, freeing property managers from offices and allowing them to work in more mobile, adaptable ways.
At a time when late or missed rent payments are a growing problem for property managers, PayProp also gives them new tools to recover the money they are owed. Users can check in on the up-to-date account balance of any property in their portfolio and send one-click payment reminders by text message or email when tenants are behind on rent.
Upwards and outwards
With the alliance official since January 2nd, Louw Liebenberg and the PayProp team are looking forward to working with more RE/MAX-affiliated realtors and property managers across the United States and worldwide.
"Being chosen as a RE/MAX Approved Supplier will help us to share the incredible competitive advantage of true intelligent automation with more property managers," says Liebenberg. "Property managers are the unsung heroes of the residential rental industry and they deserve technology that makes their lives easier and their work more productive."