PayProp has been shortlisted in three categories of the 2023 Global Business Tech Awards, just three weeks after being recognised as one of the most innovative real estate technology companies in North America in the HousingWire 2023 Tech100 Real Estate Awards.
The company’s dynamic growth across three continents has put it in the running for the Most Impressive Growth award, while the unmatched speed, accuracy, transparency and compliance of its payment platform for property professionals have earned it a place on the Tech Company of the Year — Large shortlist. In addition, PayProp’s work with UK housing policy leaders to promote a fairer, transparent and more professional private rented sector has qualified the company for the Property Tech Company of the Year award.
“Being shortlisted for these awards is a huge endorsement of our platform. We are quickly becoming a force to be reckoned with as a PropTech disruptor in the US and Canada, giving property professionals a rental payment system that is faster, more secure and easier to use than those offered by legacy software companies and banks,” says André Holtshausen, Group Chief Operating Officer of PayProp.
“Our team has worked tirelessly to deliver innovative solutions that make life easier for property managers and letting agents. We couldn’t be prouder to be nominated for the Global Business Tech Awards,” he says.
Recognising outstanding innovation and growth
PayProp is an automated rental payment platform for the property management industry that uses unique real-time bank integration to enable automated, straight-through rent collection, reconciliation and distribution. Launched in 2004, the company has grown quickly to become a leading processor of rental payments for residential properties, and today serves property professionals in the United Kingdom, South Africa, United States and Canada.
PayProp currently has about a 25% market share in South Africa and the UK branch has been quickly catching up since it opened in 2015. Considering the size of the US market, PayProp believes its North American operations can be as big as the UK business currently is in half the time – that’s $150 million in monthly rent processed within 2.5 years.
PayProp’s clients are growing at an impressive rate as well – between 21% and 36% on average in their first year, with some reporting that they’ve tripled their portfolios since signing up for the platform. PayProp’s innovative automated technologies have saved property professionals enormous amounts of time and admin resources, allowing them to scale their businesses without adding employees, which minimises overhead and per unit costs.
PayProp automates rent collection, reconciliation and distribution, while giving property professionals clear visibility and secure control over payment status, permissions and approvals. Accounts are generated automatically from incoming and outgoing transactions, and an indelible audit log of all platform activity guarantees round-the-clock peace of mind for all parties to the tenancy agreement.
PayProp’s smart and bank-compliant ring-fencing technology automatically separates funds in a secure trust environment for each property, making it impossible to accidentally pay a landlord from the wrong client account.
Other key features of the PayProp platform include:
- Arrears flagged in real time and with legally compliant reminders that can be set up to go out automatically to late-paying tenants;
- An Owner app that enables owners to view accurate account totals with the most up-to-date status of their portfolio’s balance;
- A Tenant portal that lets tenants view their entire invoice and payment history, make instant online bank transfers, and request maintenance services;
- An application programming interface (API), allowing property professionals to access PayProp data through other PropTech solutions; and
- A 5-time ESTAS award-winning customer service team.