Author : Mary-Anne Bowring
Everyone tries to avoid falling into rent arrears. Sometimes it happens because of financial problems and sometimes it is just a simple mistake. Rising rents in property hotspots are adding to the problem. However, using a payment automation platform could make all the difference, according to one PropTech entrepreneur, who says a simple SMS message generated by an automated system, could be enough to keep most tenants on track.
Neil Cob bold, chief operating officer at Pay Prop UK explains that seeing the live status of a portfolio via an automated system can quickly and easily show letting agents, which tenants are in arrears in real-time.
These tenants can then automatically be reminded via their mobile phone to pay their rent. According to Neil, around 90% of text messages are read within three minutes of receipt and a staggering 64% of tenants who are in arrears respond within 48 hours of being reminded. “Automating arrears management processes could save agents and their clients thousands of pounds each year,” he told Letting Agent Today in October. Neil also suggests that increasing automation could help future-proof letting agents against the higher levels of transparency and regulation, which are now being introduced by the government into the lettings sector.
(Read more on this at (https://bit.ly/2OB5IKY ).
“With incoming laws requiring mandatory Client Money Protection scheme membership and banning up-front fees, it’s vital that agents can easily prove their transparency by producing a record of all incoming and outgoing payments…” Automated payment systems are a quick win for agents and could help tenants make their payments on time.
Mary-Anne Bowring FIRPM FRICS FARLA FCABE Founder/Head of Asset Management
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