TORONTO - Dec. 4, 2019 - Canada's rental sector is proving to be one of the world's most innovative, according to PayProp director, Tom Samodol. Data from the automated payment processor show that of all the markets PayProp operates in, it is Canada where customers have been the fastest to adopt new technology.
"With the recent release of our app, we've seen Canadian property managers and landlords go further and faster than in the US, UK and South Africa - our other markets. The adoption rate of our PayProp Owner app in Canada is more than double that of our UK clients," says Tom Samodol. "The enthusiasm for new technology proves that Canada has a forward-looking, forward-thinking property management sector. As far as we're concerned, the country is one of the leaders in PropTech."
The PayProp Owner app automates the delivery of portfolio statements from property managers to property owners, streamlining what can often be a time-consuming process. It also provides in-app contact options to allow for easier communication between property managers and their clients.
An enthusiastic reception
The demand for the app illustrates a broader trend across the Canadian real estate market. Back in January, consultancy firm Altus pointed out that Canadian real estate businesses are making greater use of PropTech and forecast that this would continue. This, they said, is part of an ongoing pattern of disintermediation that extends well beyond the property industry – eliminating intermediary steps and bringing service providers closer to consumers, increasing efficiency and improving processes – which results in better service.
A 2018 study by KPMG into the take-up of PropTech in Canada further demonstrated that Canadian real estate leaders are optimistic about the benefits of technology. The research identified security, client service and performance tracking as key use cases for PropTech applications.
In light of these findings, the industry's speedy adoption of the PayProp Owner app, and indeed of the PayProp ecosystem as a whole, should not come as a surprise. The platform is uniquely well-placed to deliver the efficiencies that property managers are looking for – it provides automated payments with bank-grade security, plus live reporting of transactions and real-time arrears management. The Owner app further automates the delivery of portfolio reports to property owners, improving customer experience without any extra effort from property managers.
"It's an exciting time to be involved in PropTech in Canada," says Tom Samodol. "It's clear that the Canadian property industry has a real appetite for technology, and we look forward to seeing even more property managers take advantage of the solutions that tech offers".
About PayProp
PayProp was launched in 2004 and has grown quickly to become a leading processor of rental payments and back-office automation for the property management industry, serving a large and diverse customer base of property managers and agents. Our platform sets the standard for speed and accuracy of transaction processing, posting, reconciliation and pay-outs, offering property managers complete transactional control and regulatory compliance. PayProp is part of the Humanstate Group, an international private technology services group with subsidiaries in the United Kingdom, United States, Canada, Switzerland and South Africa.
Visit www.payprop.ca for more.
Contact
Tom Samodol, Director – PayProp Canada
