At Dezrez, we’ve recently integrated a live bank feed to our Rezi Property Management Software. Our modern automated banking feature comes as part of our mission to help agents streamline their daily tasks by utilizing the best all-in-one solution on the market.
There are many benefits of an all-in-one sales, lettings, and property management solution with an integrated automated payment solution for estate agents. In this blog, we will be focusing on the top 5 benefits that automated banking feeds have for lettings professionals in today's property market.
Agents and software need to align in proficiency
Real estate agents are the first point of contact for all parties involved in the property, this list normally consists of property owners, tenants, and contractors. When managing a property/properties it is an agent's responsibility to reconcile accounts and often pay contractors for any maintenance work now using modern business banking methods.
When dealing with real estate, payment, and other transactions will often be of high value and more so, feel of considerable risk to individual parties throughout the lease. Therefore, it is important that all parties feel that their rights and money are observed and protected ensuring no risks or breaches. The best estate agency software will help to protect agents meaning that they are kept up to date through software alerts and notifications for overdue payments and changes to certificates and licenses.
How can auto-banking software help real estate agents?
Greater security and data protection
Utilizing online banking or auto banking with property management software for client/ portfolio payments can be daunting for many agencies and customers. The idea of sharing data with third parties through an ‘open’ source can feel less secure than traditional methods. However, auto banking reduces the risks of breaches significantly by streamlining the payment process and allowing only those individuals with specific criteria to access the data.
Traditionally payments via paperwork such as printed cheques and money exchanged physically by each party were very time-consuming and resulted in resources being stretched. The digitalization of this transaction process through lettings software packages has enabled realtors to reduce the number of spreadsheets and bank statements they need to audit. Thus resulting in the payments and information passed much faster to process with fewer security risks than ever before.
Established effective workflows
The best way to establish an effective workflow in your property software solution is one that all parties see benefit from. The best way to do this is to simplify the process needed to achieve the desired result. The easiest way to do this is to reduce the number of steps needed to achieve the end goal.
Auto banking allows agents to process information all in one place. This also puts agents in full control of the transaction process with a complete record and overview of the accounts. At a glance, agencies are now able to give up-to-date information on fees, finance, and historical transactions. Most modern lettings software providers now offer accounting software to better manage their business accounts for their customers.
Visit Rezi Property Management software with auto banking integration or book a demo today.
Reduce costs for growing agencies
Administration tasks especially those that involve high risks if a human error happens can be very time-consuming and resource-heavy for an agency. Often agencies will look to hire people whose key role is to carry out these exact tasks. This can be costly for a growing agency looking to expand its portfolio.
The integration of digital banking can reduce administration time for estate agents and leverage the need for a specific job position to conduct these tasks. This can significantly improve bottom-line figures for smaller businesses looking to save money through a key team of employees. With auto banking agents can efficiently and safely move money, pay third parties, and reconcile accounts through effective workflows.
The new digital age consumer has grown to expect transactions to be completed instantaneously through purpose built-software. Auto banking conveniently takes care of payment distributions and fees in real-time. It also gives the agent more insight to better advise their customers and tenants on the options available when a payment-related scenario arises.
Quicker resolutions for happier tenants
Dealing with maintenance issues is often a time-consuming task for landlords. As a result, many turn to estate agents as their portfolio management specialists to effectively manage their properties. Inefficiency in dealing with an issue efficiently can have significant consequences for both the property owner and occupiers.
Remaining up to date with payments for maintenance through easy-to-use software is key to getting work completed quickly and keeping the customer's finances associated with the property up to date. Having auto banking integrated with your property management software enables estate agents to automate money-in and money-due calculations for services like these. This saves valuable resources and enables agencies to significantly improve their response times, becoming a leading provider for property professionals.
Account overview including historical transactions
Auto banking is enabling property managers to better manage day-to-day client accounts. With real-time access to options such as historical, current, and pending data to view, agents can give a detailed overview of live bank accounts, edit, refund, and set up new feeds.
Providing property owners with comprehensive information that is easy to explain and amend is key to nurturing great relationships and sustaining lifelong clients. The less time spent updating paperwork, sending out papers, attending the bank, clearing cheques, and completing chase-up telephone calls the more confidence a landlord will have in the letting agency’s ability to successfully and effectively manage their properties. In turn, this trust will establish a stronger customer service relationship, meaning that a landlord will be more likely to use your agency long-term and recommend your real estate agency to others.
New age in estate agency
Modern-day property owners are looking for security, speed, and clarity when choosing the best real estate agent to manage their properties. Using digitalization methods such as cloud-based property management solutions. The best lettings software is one designed to speed up workflows that enable a clear and on-demand overview of data, which is essential to those looking to gain an advantage over their competitors and retain lifelong clients.
For more information on why you need a PM system with accounting visit our guide today.
