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Managed App head of sales Matt Wilson believes agencies have to take action to tackle tough rental market conditions and offer landlords a better proposition.
Mr Wilson will be among the panellists joining Grace Ormsby for today’s REB live streamed masterclass addressing the challenges and opportunities in the current rental market for property managers.
The impact of rapidly rising interest rates has had a big impact on investors as diminishing rental returns continue to prompt investors to off load rental properties. The REB Masterclass taking place today at 2pm will explore how property managers and principals are shoring up their rent rolls and driving growth while others are seeing a contraction.
According to Mr Wilson, employing the right tactics and technology is key for agencies that have continued to grow profitable businesses regardless of market fluctuations.
“Property managers now have access to technology that can give them a significant advantage over competitors. A growing number of agencies offer landlords instant rental payments and that goes a long way towards winning new managements.
“Why should a landlord have to wait for an agency to reconcile all the rental payments in their trust account? It just doesn’t make any sense. Landlords want every rental dollar in their offset account the moment it’s paid if they are to get the maximum return on their investment.
“I know that the trust account has been central to managing payments for property managers for decades. The industry understands the realities of reconciliations and all of the time-consuming administration and accounting that goes with it. But all that means nothing to landlords. They want their rental income as quickly as possible and the agencies that offer instant payments to investors will be the ones that win the management.”
Managed App pioneered secure direct payments for Australian property managers. Payments are processed from the tenant to the owner without being held in a trust, eliminating the chance of mismanagement or fraud, and putting rental income directly in the landlord’s bank account when it is paid.
The platform has processed more than $2.4 billion in payments with a surge in activity over the past 12 months. A raft of new agencies have switched from trust accounting-based property management software to more efficient, cost-effective and client-focused payments technology.
According to Mr Wilson, today’s REB Masterclass is an excellent opportunity for property managers to get an insight into how the fastest-growing agencies are driving their growth. The livestream event is free to attend and there is still time to register.
“If you are a property manager or a principal, I would encourage you to join the REB live stream today. As well as a market overview from Cameron Kusher, REA executive manager, economic research, you’ll have the chance to hear from property managers that are using direct payments to win over landlords and rapidly grow their rent roll.
Register for today’s webcast here.
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