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Property managers are rethinking payment systems, with Marshall White incorporating trust account alternatives such as Managed App to facilitate secure and automated payments between tenants, landlords and agents.
Property managers are increasingly embracing digital payment systems to streamline rent collection, boost efficiency and transparency, and do away with manual transactions and reconciliations, ultimately eliminating the requirement for traditional trust accounts.
The emerging trend was highlighted in recent research from Agile Market Intelligence, which showed that 10 per cent of agencies are already operating without trust accounts.
Director of property management at Marshall White, Paula Matlock, said she has switched from her previous payment process to the direct and automated payments platform, Managed App, to enhance efficiency and visibility in the property management process.
Matlock said that the reports provided through Managed App are comprehensive by providing a wide range of details into the property management process.
“Reports are easily adjustable and can be downloaded based on income categories, office branch, manager, and time period,” Matlock said.
“There is also an archive of all previous reports on the app for managers and owners to download.”
Additionally, Matlock highlighted that Managed App has also reduced the amount of work required to be completed by property managers at month’s end.
“There are no requirements for end of month as the system automatically sends a monthly summary to owners with PDF attachments of any disbursements.”
“EOFY statements are also automatically generated and sent,” Matlock said.
The director also said that Managed App has also helped to streamline the payment collection process for property managers, landlords and tenants, by automating processes for maintenance bills, bonds and rental payments.
“Payment is scheduled and auto paid either via the rent when paid or the owner’s preferred account on or before the due date,” Matlock said.
“Owners also have the ability to make these payments via their log in,” she added.
Alongside providing improved visibility around invoice payments, Matlock said that Managed App also provides each renter with their own unique payment details.
“Each renter has their own unique payment details that are specific to them and their tenancy. Therefore, rental funds don’t need to be assigned to properties and paid out to owners,” she said.
Matlock further noted that both owners and renters of properties managed by Marshall White have also benefited from the increased visibility offered by Managed App.
“Owners can login and see all past bills paid as well as future bills pending payments. They can select their own payment methods and prioritise bills for payment,” Matlock said.
“Renters have the ability to see if rent is overdue as well as available funds that they have in their wallet.”
Through these features, Matlock said that the increased accessibility for renters and owners has helped to “take some of the burden off property managers and account teams” at Marshall White.
Marshall White’s usage of the Managed App is representative of the increasing popularity of automated payment systems among property managers, with REB earlier this year hosting a masterclass which explored the future of real estate payments.
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