For decades the trust account has been the only solution available for property managers when it comes to collecting rent, managing bills and paying tradespeople, but an innovative new platform aims to change real estate payments forever.
Managed has been designed to empower real estate agencies to spend more time looking after tenants and landlords through automating workflows, reporting, payments, invoices and dramatically reducing rental property administration.
It is the brainchild of Thom Richards, a Surry Hills real estate agent, who was frustrated with the ‘outdated’ trust account and the headaches it created for him in his business.
Initially Richards set out to build his own software for his property management business but after meeting with technology expert Nick Bouris he realised that there was a bigger opportunity – to provide a new solution that is available to the real estate industry.
“I was so focused on solving my own headaches I hadn’t considered that everyone else in property management suffers the same frustrations.
“I met Nick to seek advice on the technology build and the first thing he asked was why not make the platform available to the whole industry,” Mr Richards said.
Richards and Bouris built a blueprint for the platform and, after a consultation process with a number of potential ‘foundation’ agencies, construction of the platform is now underway.
“The technology surrounding payments has come such a long way so I can’t understand why people still rely on old-school, outdated payment processes within their agencies,” Bouris said.
“Thom’s concept is comprehensive and well-structured. Payment gateways have transformed the way we buy services and products online and we have a clear vision of what needs to be done for property managers.”
To strengthen the proposition, Managed secured initial investment from Momentum Media (the brand behind Real Estate Business – with directors Phillip Tarrant and Alex Whitlock joining the senior management team of Managed.
Construction of the platform is already underway and it due for limited release later in the 2019 financial year.