PayProp is an automated payment and reconciliation platform specific to the lettings industry that is both easier to use and more powerful than solutions offered by banks and traditional software vendors.
PayProp was launched in 2004 and has quickly grown to become one of the largest processors of rental payments for the property management industry.
In the United Kingdom, PayProp is recognised as a Platinum Industry Approved Supplier by ARLA Propertymark and sets the standard for speed and accuracy of payments, cost and payment status transparency, complete transactional control, and regulatory compliance.
PayProp is part of the Humanstate Group, an international company with subsidiaries in the United Kingdom, Switzerland, Canada and South Africa.
For more information, visit: uk.payprop.com
Launched in 2004
£2.3 billion processed
A Humanstate company
44 London Road, Sevenoaks
Kent, TN13 1AS
+44 (0)20 3740 7614
The death of the high street agency is a familiar headline, but PropTech can lower costs for bricks-and-mortar agencies and help level the playing field in the stand-off with online-only agencies.
Unlike the property sales sector, where people are increasingly opting for the agent with the lowest fees, agency fees will no longer inflate rental prices in the near future. The incoming ban on upfront tenant fees will therefore help to make the high street as affordable for renters as online agencies – who are on the back foot as they have already raised their prices to the same level as high street agencies before the ban.
What is still an issue for high street agents is the cost of a bricks-and-mortar shop, compared to online-only. To combat this, letting agencies ranging from small single-site shops to large chains like Hunters and Century21 use PayProp to automate their payments for efficiencies and growth. PayProp automates the rent collection, accounting and banking for thousands of agents worldwide, saving time and resources that can be channelled into retaining and finding new tenants and landlords.
What about landlords – are they willing to pay higher high street fees? While there is little data to suggest rental prices differ between types of agencies, the trend for sales is that high street agents can achieve better prices for customers – enough to offset higher fees.
If you think your business belongs on the high street, but are struggling to make things add up – freeing up your time and automating some of your business might be just what you need.