As some of our landlords may already know, IGrow Rentals, our rental management company, uses PayProp to receive and process rental payments for properties they manage within a safe, audited trust account. PayProp is the largest processor of residential letting transactions in the country – it processes payments and holds deposits for more than 70 000 properties at any given time.
As part of its ongoing platform innovation, PayProp recently added a new feature aimed specifically at landlords, called the PayProp Property Deposit Account.
This feature allows rental agents to retain funds on behalf of landlords within the trusted PayProp environment.
Why would landlords want to use this functionality?
- Some landlords don’t want to receive all their money right away (especially those who are abroad and don’t need it there and then).
- Others may want their agent to hold on to a cash float to enable agents to immediately respond to smaller repair issues without having to wait for the rent to be paid.
- Proactive landlords may like their agents to put aside a portion of the rent received each month to save up for a big remodel or repair to the property.
IGrow Rentals is now able to offer our landlords the facility to safely hold a portion of your funds in a PayProp trust account at a competitive interest rate.
To make it even easier, PayProp has created the option to set the desired float balance on each property. It will then automatically assign money to the Property Account in cases where the float needs to be topped up, before paying the balance of the rent to you, the owner.
The property account balance and full details of all transactions relating to the account are displayed on your monthly owner statement. And because PayProp is integrated directly with the bank, the figures you see displayed are real, giving you the assurance that your money is safe.
For more information about this feature, please contact Karen Grobler on firstname.lastname@example.org or 087 230 9863.