Lettings management payment platform wins respected title in Industry Leadership category
PayProp, the automated rental payment platform for residential letting agents, has been named the Overall PropTech Company of the Year at the 2024 PropTech Breakthrough Awards.
The PropTech Breakthrough Awards recognise outstanding achievements in property technology, celebrating companies, solutions and products that drive innovation and excellence within the industry.
PayProp's victory as Overall PropTech Company of the Year reflects not only its powerful automated end-to-end rental payment solution but also its substantial contributions to industry knowledge and education. PayProp has distinguished itself through parliamentary and political party liaison, industry roadshows, Masterclass webinars, blog articles, a comprehensive Rental Index, an award-winning newsletter and more, all of which provide valuable market data and commentary to the industry.
"Winning Overall PropTech Company of the Year is a special achievement,” says Neil Cobbold, Commercial Director of Reapit | PayProp. “We're more motivated than ever to continue empowering letting agents with innovative tech and valuable insights, and are eager to earn this badge of honour again next year.”
This is PayProp’s sixth award in 2024, following wins such as Tech Company of the Year – Large at the 2024 Global Business Tech Awards and Best PropTech Company at the Property Reporter Awards 2024.
Unrivalled innovation
PayProp’s bank-integrated payment automation enables letting agents to cut their portfolio administration time to a fraction, helping them to focus on business development and managing more doors. As a result, PayProp’s UK clients grow more than 20% on average in their first full year of processing on the platform.
The platform automatically generates bulk rent and other invoices ready for approval and sending from the platform. Once payment is received, it automatically calculates commission, and allows letting agents to reconcile bulk incoming payments and pay landlords and contractors in just a couple of clicks.
Key features of the PayProp platform include:
- Automated reconciliation of rent payments to properties;
- Set-and-forget payment rules for multiple recipients across entire rental portfolios, enabling bulk settlement in a few clicks;
- Strict user permissions, access control and full audit logs and client communication logs to ensure the safety of client funds;
- Arrears flagged in real time and missed payments recovery with automated reminders to late-paying tenants;
- Live management reports for letting agents to check the financial health of their portfolios and benchmark themselves against competitors;
- Comprehensive client reporting (Owner, Property and Tenant statements, portfolio reporting and live portfolio dashboards);
- A Tenant portal that allows tenants to view their entire invoice and payment history, make fast online bank transfers, and request maintenance services; and
- A fully documented application programming interface (API), which allows letting agents to access PayProp data through other PropTech solutions.
Notes to editors
PayProp is an automated transactional and reconciliation platform for the residential lettings industry that is both easier to use and more powerful than existing solutions offered by banks and traditional software vendors. The platform sets the standard for speed and accuracy of payments, cost and payment status transparency, offering customers complete transactional control, and regulatory compliance.
PayProp was launched in 2004 and started trading in the UK in 2015. Since then it has quickly grown to become one of the largest processors of rental payments for the residential lettings industry, processing over £2.6bn in rental payments annually on behalf of thousands of letting agencies.
In the United Kingdom, PayProp is regularly consulted by governments on private rented sector issues and has been featured in the Telegraph, FT Advisor and ITV News. The company is recognised for its achievements by Kerfuffle, the Negotiator, the 2023 Global Business Tech Awards, the ESTAS and as an Industry Supplier by Propertymark and Safeagent.
On 4 December 2023 Reapit and PayProp announced that the two companies had merged. The combined company offers clients the opportunity to have a single provider that delivers capabilities across sales, letting, property management and client account management.
To find out how PayProp can help your estate agency business click here.
