Managed App, the pioneer in direct-to-user real estate payments, has hit a major milestone, processing over $1 billion in transactions since its launch three years ago.
Managed App is a comprehensive cloud-based property management platform that offers an alternative to the arduous and expensive process of administering payments via a trust account.
As well as direct and automated payments, this end-to-end digital solution also equips property managers with a tradie marketplace that speeds up and reduces costs for work orders and maintenance.
The $1 billion milestone underpins the significant impact Managed App has had on the property management sector in a relatively short period of time.
The vision of a fast, secure, and efficient platform to facilitate real estate transactions in 2018 is now a firm reality for the 58,000 users of the platform.
Managed App co-founder and director Nicholas Bouris said the appeal of a smarter way to manage a rent roll was clear, with Managed App breaking new migration records every month.
“Agencies are increasingly looking to present a better proposition to their landlords, who are increasingly demanding instant access to their rental income,” he said.
According to Mr Bouris, the company has attracted hundreds of new agencies and thousands of new properties to the platform since launching its integrated, tradie marketplace 12 months ago.
“Managed is the first automated payments platform to incorporate its own native tradie marketplace. This unique feature offers agencies a valuable new revenue stream, while speeding up and simplifying maintenance process,” he said.
Mr Bouris said that tradies are also joining the marketplace independently as they discover a better way to connect with the real estate industry.
“Previously tradies would join our platform based on the shared relationship we had with property managers, but word has spread since we’re expanded the depth and connectivity of our marketplace,” he said.
And there’s a good reason why, according to Mr Bouris.
“Tradies are paid instantly via Managed App, making the jobs generated significantly more attractive. This in turn creates greater competitive tension to win work orders – delivering better outcomes for landlords and faster maintenance solutions for tenants,” he said.
Tradies can now move freely and provide a service to any agency in the Managed App ecosystem.
“This is just another example of the network effect Managed App has created, which has certainly been driving transactions,” he said.
On average, an investment property will undertake two to three repairs, maintenance, or capital improvement jobs each year, Mr Bouris said.
“Multiply this by the hundreds, or sometimes thousands, of properties an agency has on its rent roll, and you’ve got a lot of payments to be processed each month.
“You quickly get a sense for the growing volume of transactions that Managed App is processing daily in real time, and how Managed App has propelled itself towards the $1 billion transaction milestone,” he added.
He said Managed App is at the cutting edge of payments technology and is shaping the future for Australia’s real estate sector.
“We’ll be implementing instant direct debits soon via the NPP’s PayTo infrastructure, meaning end-to-end transaction times can theoretically be cut to seconds versus the three-day clawback period users had to wait for under direct entry banking rails.
“Managed App has also implemented virtual account IDs, which will see every digital wallet get its own unique combination of BSB and account numbers. This will position Managed App as a perfect solution for public housing agencies that are batching payments with ABA files,” he said.
In addition to processing a rapidly growing volume of transactions, Managed App is also constantly developing and expanding the features it delivers to its agencies.
“The platform has recently added custom task types, form provider integrations and commercial property management features,” Mr Bouris said.
Last year, Managed App was recognised as a leading digital technology business across several key industries at The Australian Digital Technology Awards, across several key industries, including real estate, accountancy, law, mortgages and wealth. Visit here for more details.