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Embrace next generation PropTech for business growth

Wednesday 14 December 2016

The property market is generally slow to adopt new technologies. Meanwhile, a wave of new property technologies (PropTech) is taking the market by storm, making financial admin easier and less time–consuming, and improving financial controls while providing great visibility on how the business is performing.

Businesses who ignore the movement risk getting overtaken by agile new market entrants, when they could be using technology to grow, expand their value and fight off the competition.

PropTech – Revolutionising Property
The industry is not immune to the threat of tech-enabled competitors, as property portals like Zoopla and Rightmove have shown. But technology need not necessarily threaten incumbents – it can also turn them into super-charged businesses with huge growth potential.

It’s a choice. Property professionals can either allow their value to be slowly eroded or embrace the new wave of innovation that will help them grow and defend their market position.

So how can PropTech help the industry find new ways of doing financial administration?

Spreadsheet Purgatory
All property managers want to cut unnecessary admin and get out more. Automation should therefore be their goal. But which financial processes can be automated today?

Payments
Bulk payments are one crucial area. The banking system doesn’t properly serve the property industry, which offers payments as an essential part of the service. Most frustratingly, business bank accounts cannot handle hundreds or thousands of payments to landlords, contractors, utilities and the agent in JUST one click.

PropTech, on the other hand, has no such shortcomings.

Reconciliations
The industry needs bank account information to help them reconcile payments. Sadly, using business accounts to access that information means they still have to draw bank statements and study them in great detail to see if payment was made, and which payer it comes from.

A new generation of PropTech is integrated into the banking system (to enable same-day payment). To make reconciliation infinitely easier they ALSO provide intelligence and accounting functionality, which allows users to auto-match payments to payers without having to pore over bank statements.

Multiple reconciliations, like bulk payments, take just one click.

Financial control
Just as powerfully, bank-integrated systems can provide up-to-the-minute views of property professionals’ business portfolios and automatically send landlord and tenant statements, for example. You can know at a glance who has paid whom, how much money you've made today, how many properties you have on your rent roll and much else.

Arrears chasing
Some solutions even automate payment reminders, dramatically reducing arrears.

The Future, Today; Think Differently

Much more is possible in the PropTech game, says Shawn Brown, director: business development of property payment platform PayProp.

"It is only by embracing PropTech that businesses will grow to their full potential and attain efficiencies. The time to think differently is now. As Einstein said, insanity is to keep doing things in the same way while expecting a different result!"

To learn more about PayPropgive them a call on 020 3740 7614 or visit their website.