Tech company OurProperty has joined forces with fintech firm Convini to launch a new product that allows landlords to fund maintenance and refurbishment jobs via an online tool.
PropPay acts as a buy now, pay later service that will help landlords afford maintenance works to ensure that their property is comfortable and compliant in order to help retain long-term tenants and preserve rental income streams.
Barry Plant’s Head of Strategic Growth, Nigel O’Neil, said the new PropPay product would offer a solution to owners of investment properties who needed to upgrade their property because of new government legislation.
“Our Barry Plant property managers can reassure the owners of rental properties that need improvements that there is a good, easily accessed funding alternative for them if required,” Mr O’Neil said.
The process is simple and operates in a similar way to popular BNPL consumer products such as Afterpay.
After a landlord completes a basic application in the automated OurProperty environment, which is mostly pre-populated, as soon the funding is approved, the money is available to pay out trades and suppliers.
For a great user experience all this is managed and automated in the one landlord platform.
Funding is available for a whole range of standard landlord outlays, such as property improvements and maintenance, whitegoods and air-conditioners, regulatory changes such as pool fences, and insurance, council rates and strata fees.
Convini CEO Cameron Owens said one of the most common complaints from tenants was the time frame it took for large jobs to be completed, which was often due to landlords’ cash-flow issues.
“Our research has suggested that this product will make the tenant experience a lot better and lead to much greater satisfaction for both tenants and landlords in regards to the management of the property,” Mr Owens said.
He said the automated processes offered by PropPay make it easy to access.
“It’s a real win/win/win for all parties,” Mr Owens said.
Convini will be releasing three new cashflow products this calendar year for agents, vendors and tenants.
- EarlyPay, a flexible and convenient cashflow solution accessible by real estate agencies whereby early payments on approved commissions are made to suit cash flow needs;
- DepositPay, a simple and quick cashflow solution that enables vendors to gain early access to the deposit on an unconditional home sale;
- And BondPay, a simple digital Buy Now Pay Later (BNPL) product that enables tenants to pay rental bonds later.
Source: Elite Agent