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In the wake of another property manager convicted for trust account abuse, the leading trust account alternative has announced it has marked a new milestone in digital wallet users.
Managed CEO, Phillip Tarrant, told REB the platform now has a user base of 170,171, which is rising daily.
Managed, a property management platform that connects tenants, owners, tradespeople and real estate agents, has seen rapid growth in the adoption of its secure digital wallets that have replaced trust account payments.
The network of digital wallets enables frictionless transactions between every stakeholder within the agency ecosystem.
Tarrant said that to date, the secure automated payments system has processed more than 1.7 million digital transactions.
“This is the first property management platform that is not built around managing trust account payments.”
“Everyone connected with day-to-day property management payments has a digital wallet, so the real estate agent does not manually reconcile any payments,” he said.
REB broke the news yesterday that a Sydney agent was ordered to pay $80,000 for trust fund misuse, the latest in a growing number of trust account abuse cases.
Commenting on the news, Tarrant said: “This is a stain on property management that the industry just doesn’t need.”
“It is shocking incidents like this that is prompting more agents to distance themselves from this kind of behaviour. And it is why property managers are increasingly switching to transparent and secure payments platforms,” he said.
“I can tell you that owners are certainly aware of the transformation that’s taking place [regarding the shift to secure digital transactions]. Do you think there is a landlord out there that wants their money sat in an agent’s trust account rather than in their own? I think the answer is clear.”
Tarrant said that through Managed, the automation of payments is not just secure and protected from abuse, it also enables transactions to run smoothly between all stakeholders.
This includes rental payments automatically paid to owners, property management commissions paid in real-time to the agency, and tradespeople paid the moment a work order is complete.
According to Tarrant, Managed connects everyone in the agency’s ecosystem so every stakeholder can see simultaneously when activities are due, underway, or complete.
The platform reportedly transacts over $110,000,000 across 70,000-plus transactions every month without a single manual reconciliation.
Tarrant believes that part of the rapid growth of the platform is through word of mouth.
He told REB that while some tradespeople are unique to one agency, others work with several agencies in their territory.
“There’s no doubt that they are spreading the word on how easy it is to make transactions these days,” he said.
“The level of inquiry for the platform is at a record high and I think that is largely due to real estate operators that have experienced a better system for real estate payments via a secure digital platform.
“Managed was created with one goal in mind – to provide property managers and principals with a secure, error-free payments platform which can form the basis for a more profitable and faster growing agency.
“Without all the work and oversight that is required for trust account management, agencies that use Managed can deploy their resources where they are more effective in the business. By that I mean working with owners and tenants while actively looking to grow the rent roll,” he said.
Find out how automated payments are transforming property management, register today for the REB Masterclass: Trust accounting to secure digital payments
- Theft and misuse of trust accounts is an issue that can be resolved and the tech is now available to protect trust account monies and ensure that landlords get paid. Why and how this theft and fraud continues to happen is really damaging to all those quality operators out there.0
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