PayProp, the automated rental payment and reconciliation platform for single-family residential property managers, is now offering its services and platform in the state of Illinois.
The announcement comes as the company completes its fifth year of operation in North America. PayProp has been active in Ontario, Canada since 2018 and in Florida since 2019. The company subsequently expanded to serve the Texas and Georgia markets. PayProp was originally founded in 2004 in South Africa and expanded in 2015 to the UK. Globally, the PayProp platform currently processes nearly $2 billion in rental payments annually.
"In planning our US expansion, we looked carefully at local market conditions and the interest we were getting from property managers. Illinois' rental market is red hot right now, so it was a logical next step for PayProp," says Jeff Dowdle, vice president of sales for PayProp North America. "We're excited to begin helping local property managers take advantage of these favorable conditions and maximize their growth by equipping them with the quick, efficient payment automation offered by PayProp,"
PayProp's North American clients, growing at an average annual rate of 36%, credit the platform's automated efficiencies for their rapid growth.
Cutting-edge technology for payment automation and reporting
Payment automation with the PayProp platform enables property managers and broker/owners to spend more time focusing on business development and managing exponentially more doors in less time. The platform saves property managers the hassle of manual payment administration by automatically sending invoices, reconciling incoming payments, calculating management fees, and paying owners and contractors – all on the same day the rent comes in.
Key features of the PayProp platform include:
- Direct bank integration with automatic reconciliation of payments to properties as well as full audit logs;
- Arrears flagged in real time and with legally compliant reminders that can be set up to go out automatically to late-paying tenants;
- An Owner app that enables owners to view always accurate account totals with the most up-to-date status of their portfolio's balance;
- A Tenant portal that allows tenants to view their entire invoice and payment history, make instant online bank transfers, and request maintenance services;
- An application programming interface (API), which allows property managers to access PayProp data through other PropTech solutions; and
- A tax reporting feature that automatically generates 1099 forms from rental transaction data in CSV format so they can be submitted through most third-party filing services.
"Other property management systems just can't match the speed, accuracy, and financial control that PayProp has perfected after 18 years in the industry," adds Dowdle.
In 2021, PayProp was named a global Approved Supplier by RE/MAX, a leading American and international real estate brand. Through this alliance, more than 130,000 RE/MAX agents now have access to PayProp's payment automation platform.
