Managed App, a pioneer in rental market payments, has passed a career milestone this month, successfully processing over $350 million in transactions since the launch of its innovative property management platform just two years ago.
The company also indicated it is on track to reach $1 billion in transaction volume in the calendar year 2021.
Managed App director Nicholas Bouris said that the company has enjoyed accelerated transaction volume growth since the start of the year.
“We’ve more than doubled our total aggregate transaction volume since March,” Mr Bouris said.
In March, Managed App reported a spike in interest in the platform as COVID-19 took hold, revealing that over $160 million in payments had been processed.
“The accelerated growth in transactions directly correlates to an increase in managements on the platform coupled with a thrust towards cloud-based platforms as agencies seek flexibility, transparency and connectivity between their remote teams, landlords and tradespeople,” Mr Bouris said.
According to Mr Bouris, speed and efficiency are an ongoing focus for property management firms as they seek to expand margin while deliver positive outcomes for landlords as they demand more insights into, and control over, their investments.
“Many of our agencies are telling us that the automation of payments is a real asset to their businesses, de-risking processes by way of minimising human error through processing payments programmatically — and giving scale to handle thousands of payments,” he said.
“Our aim [is] to make the process for managing rental payments and other property investment-related expenses more reliable for all parties, including tenants, owners, creditors and property managers.”
Managed App is a holistic property management platform that offers not only automated payments, but also daily workflows, cloud document storage, a rent roll CRM, digital ingoing/outgoing and routine inspections, in-app communications and an integrated marketplace of fully vetted and licensed tradespeople.
Mr Bouris said that growth in new managements was a key focus for the business, while helping agencies create greater value in their organisations through the automation of what have traditionally been mundane human-based tasks.
“One of the key drivers to Managed App’s growth over the coming months will be the leveraging of the 30,000 tradespeople currently connected to the platform,” he said.
“Tradespeople are an essential part of the property management ecosystem. We have worked hard to build close relationships with quality, licensed tradespeople over the years and look forward to giving property managers greater access to tradies — particularly at a time when sourcing good tradespeople can be a challenge.”
On average, an investment property will undertake two to three repairs, maintenance or capital improvements each year, according to Mr Bouris.
“Multiply this by the hundreds, or sometimes thousands, of properties an agency has on their rent roll, and you’ve got a lot of payments to be processed each month,” he said.
“Our platform is built on the NPP (New Payments Platform), meaning payments to tradespeople can be paid within moments of a job being approved by property managers and owners.”