PayProp, a global leader in residential rental payments, 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 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.
Recognition of transformational technology
According to André Holtshausen, CEO of PayProp UK, the announcement is the strongest indication yet that global leaders in the lettings industry recognise the transformational impact of advanced technologies.
“After six years in the UK, 17 in South Africa and 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 world-wide seal of approval,” he says.
“In fact, PayProp’s value can lift any lettings business, whether you’re a big name franchise group or agent, a regional great or a family-owned local independent. PayProp continues its shake-up of the rental industry in the UK, 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 lettings industry. Thousands of real estate businesses of all sizes in Canada, the United Kingdom and South Africa are already proudly powered by PayProp – some since as early as 2004.
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, in the UK and around the world.
Doing property management better
The agreement is an important recognition that PayProp is doing something unique in the lettings sector, and in many senses it couldn’t have come at a better time for RE/MAX-affiliated agents, says Holtshausen.
Unlike the old and often inefficient property management systems currently used by many letting agents, PayProp is integrated directly into the UK banking system thanks to its partnership with NatWest, providing quicker payments, real-time transaction logging, and 100% bank accuracy.
The platform intelligently and automatically matches incoming rent payments to the correct renter and property, deducts commission and payments to contractors before distributing rental income to owners, and allows agents to distribute automatically generated invoices and statements to tenants and owners in just a couple of clicks.
Today, thousands of PayProp-powered lettings agencies 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 agents 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 letting agents, 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 e-mail when tenants are behind on rent.
Upwards and outwards
Holtshausen and the PayProp team are looking forward to working with more RE/MAX-affiliated realtors and property managers across the UK.
“Being chosen as a RE/MAX Approved Supplier will help us to share the incredible competitive advantage of true intelligent automation with more letting agents,” he says. “Letting agents are the unsung heroes of the residential rental industry and they deserve technology that makes their lives easier and their work more productive.”