The property sector is going through a period of unprecedented disruption, as real estate agencies, landlords and tenants all deal with the unprecedented impact of COVID-19. To ensure business continuity, it’s more important than ever that property businesses find ways to streamline their operations and automate core processes. And one of the best places to start is with payments.
That’s because the property services sector is grappling with a number of hidden payment inefficiencies. Many letting and real estate agencies still depend on manual and outdated processes which sink hours or days of time for their accounting teams. This is valuable time that could be better spent focusing on strategic, high-value finance tasks to support business growth.
Some property companies don’t even realise they’re being held back, because they’ve been reliant on legacy systems for so long. They’re being forced to throw more people power at the problem because they haven’t been presented with new, efficient and feasible solutions.
One UK property firm was determined to find a better way
Modulr was recently contacted by a London-based property management company. At the time, this company was managing several thousand properties and growing fast. The business reached out to us because their accounting team was struggling with internal inefficiencies. Their days were consumed by managing incoming and outcoming payments.
Most of the payments from tenants were coming in by standing order and into two bank accounts. Payments would all come in on different days depending on when tenants had signed their original agreement. Every day payments would come in, and the accounting team would have to figure out which tenants had paid, whether they’d paid the correct amount and sort any discrepancies.
All of this administrative work needed to be done before rent payments were forwarded on to the landlords, and this process could take several days.
The business recognised that this was tedious and time-consuming for their accounting team. It was also seeking a way to offer a better experience to landlords, who would be more satisfied if they could receive funds instantly with better visibility over those payments. That’s why the company decided to bring in Modulr.
Together, we devised a more efficient way to manage their rent collections and outgoing payments through our digital platform.
How Modulr is helping property services companies
We’re helping many of the UK’s leading property and real estate businesses – including the company above – to streamline their payments processes and reduce operational overheads.
Specifically, our digital payments platform helps with:
What are the benefits for property businesses?
By streamlining the collections process and speeding up payments, property services companies can enjoy a wide range of benefits.
Whether you're an established real estate or letting agency or an ambitious PropTech company, there’s no reason to put up with hidden inefficiencies in payments. By harnessing the power of payments automation you’ll be in a better position to maintain continuity, push through this challenging time and grow your business.