Why New Forest Rentals wish they got PayProp sooner

PayProp has had a transformative impact on Robert Budd’s specialist letting agency, New Forest Rentals – bringing time-saving automation and financial clarity to its operations and landlord clients. The platform has allowed Robert and his team the freedom to spend all that time on growing the business instead.

New Forest Rentals - PayProp has revolutionised our business

Nestled in the heart of one of the UK’s most beautiful national parks is specialist letting agency New Forest Rentals. Unlike a number of other businesses in the area, Robert Budd and his team are wholly focused on property lettings. The business provides a hands-on personal service, something they have the time to do, thanks to PayProp’s powerful, easy-to-use automation.

Interview with

Robert Budd

Owner, New Forest Rentals

Spend time to make time

Like any small business owner, Robert has many demands on his time, so the first hurdle was finding space in his diary to see PayProp. But once he and the team took a look at the client accounting platform “we knew how much time it was going to save us and how much more efficient we were going to be.”

PayProp would be replacing his incumbent invoicing, rent collection, landlord and contractor settlement and statement process, which involved “lots of different screens [managing] quite a complex process.” With PayProp, all of this activity was reduced to a very small fraction.

“One screen, press of a button, it's done.” Robert Budd, Owner

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‍Automation pays dividends

The key benefit PayProp brings to Robert's business is automation. The platform eliminates the need for manual transactions and streamlines reconciliations, meaning Robert’s team can, at the press of a button, reconcile everything in their client account down to zero.

But PayProp goes beyond a bank-integrated accounting package, also automating the transactional communications needed to provide a quality service. Thanks to automated invoicing, receipts and statements based on real money flows across the business’ client account, “the tenant is aware they've made that payment and the payment has gone across to the landlord. The landlord is aware, gets a remittance advice and a statement,” says Robert.

This payment and communication automation means everything to Robert.

“Our landlords are paid, we're paid, and all our suppliers are paid, and that for us is worth its weight in gold.” Robert Budd, Owner

Solving financial anomalies for good

Lettings often involve financial complexities, including apportionment of upfront rental payments and partial payments, as well as handling arrears. PayProp effectively addresses these challenges by providing a live view of all financial transactions that can be drilled down from a single screen. It allows Robert to send reminders, update landlords, and effortlessly manage different payment rules, resolving recurring financial anomalies that were once a source of frustration, in Robert’s words,

“All that pain we used to suffer has gone away.” Robert Budd, Owner

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Cash flow clarity

PayProp has had a scene-changing impact on New Forest Rentals’ cash flow. With real-time visibility of incoming rents and financial transactions, Robert and his team can efficiently manage standing orders, direct debits, and payments to suppliers. Because of PayProp, he knows at a glance what's coming into the business.

This newfound clarity has made a major difference, enabling Robert to allocate his time more effectively towards building and growing his business. Regrets? He only wishes he’d joined PayProp sooner.

Robert’s advice to other letting agencies is to make the time to look at PayProp, because they’ll get back it in multiples:

“The time it's given us in the last few months, it's been significant, and all that time is there to grow our business. For anyone else looking at PayProp, just take the time to look at it, because it's revolutionised our business, and I am absolutely sure it would do the same for them.” Robert Budd, Owner

If you’re looking for financial clarity for your letting agency, book a demo with one of our payment experts