As tech evolves, it enhances the way real estate agents navigate the property market. Century 21, a brand that is invested in staying on the cutting edge, relies on sophisticated systems to assist our clients. One such platform is PayProp. Here's a look at how our team is using it to make letting out or renting property SMARTER. BOLDER. FASTER.™ for you.
What is PayProp?
PayProp is an automated payment and reconciliation platform used to manage residential rental properties. With a company culture of embracing proptech innovation, the majority of Century 21 branches have been using PayProp to process rental payments since 2012. At present, Century 21 has 50 franchises in South Africa that stretch from Hoedspruit down to Cape Town.
How we use PayProp to assist landlords
When Century 21 emerged from the first lockdown, the company was eager and raring to go.
"Importantly, we had the right tools and systems in place to take advantage of the massive upswing that we experienced in market demand," says Century 21 CEO, Harry Nicolaides.
PayProp's use across the majority of Century 21's branch network has allowed the company to run its rental business effectively and remain resilient in the face of market dips and rises. According to Nicolaides, PayProp's host of rental features allows Century 21 to concentrate on what matters most - real estate over admin.
"We are not technical or financial people," he adds. "We deal with property and therefore want to use the best technology available to make our day-to-day lives easier."
With the help of PayProp, Century 21 ensures landlord and tenant account balances are regularly updated throughout the day and accurate to the cent. Being integrated into the South African banking system means these accounts are 'live' all the time. As soon as a tenant pays their rent, Century 21 can pay landlords instantly.
PayProp keeps Century 21's landlords informed during the entire rental process. Through PayProp, the real estate company provides automated statements and communications. Tax season is never an issue; landlords can gain access to their property statements for returns within minutes. There's even a dedicated app for landlords.
"We see huge benefits in automating payment reminders on our trust account, both of which show our landlords that we are always one step ahead," says Savas Nicolaides, Principal at Century 21 Boksburg.
PayProp's tenant management features give Century 21 landlords peace of mind. With PayProp, arrears can be caught before they become an issue with live payment status views. Century 21 uses PayProp to send proactive reminders through email and SMS to prompt tenants to pay their rent. When sourcing tenants, the platform's tenant assessment report helps pinpoint a good fit by combining traditional credit scores with rental payment data.
Data security has been a hot topic in recent years, especially with the introduction of the Protection of Personal Information Act (POPIA). Landlords can rest assured, Century 21 is on the ball thanks to PayProp.
PayProp makes sure all Century 21 landlord data is encrypted and backed up in multiple different locations. When a Century 21 rental agent logs on, PayProp tracks every action with a detailed and date-stamped audit log.
How we use PayProp to assist tenants
As with landlords, Century 21 uses PayProp to provide tenants with a superb rental experience. Tenant account balances are 100% accurate. With ring-fenced payments, their rent is never confused with another tenant. The automated invoicing and payment notifications can help tenants keep track of their expenditure. The email and SMS reminders are also a welcome relief for those instances of a forgotten payment. Plus, being in the cloud, PayProp empowers Century 21 rental agents, wherever they are, to provide rental information to tenants almost immediately.
List or let property with a rental expert
At Century 21, we know that real estate is a people-focused industry; our use of tech is not just for tech's sake but with a firm basis to enhance your real estate journey. We take pride in using platform's like PayProp to ensure you buy, rent, or sell your property effectively. Contact your local Century 21 branch today.