Be100 elevates tenant experience and gains efficiencies with RentPay and MRI Software
Be100 is a Sydney-based real estate agency involved in residential and commercial sales, property management and property developments.
Business Challenge
Be100 has been using the MRI Property Tree property management software since 2022 and was looking for a better, more efficient way to manage their rent payments.
The agency was experiencing several challenges when collecting and processing rent payments. These included:
- Limited and inflexible payment choices for tenants;
- Variable timing and delayed rent payments;
- Higher than desired rent arrear rates; and
- Lengthy reconciliation and receipting processes and timeframes.
Solution
Be100 initially compared a few rental payment and management platforms, but decided to explore RentPay after seeing it was a Certified Silver Solution Partner in the MRI Software Partner Network.
After a demonstration of RentPay’s capabilities, Be100 immediately saw the benefits of the platform for both the agency and all the tenants.
Above all, Be100 saw the value of:
- A user-friendly RentPay Agents dashboard;
- RentPay’s tenant features, benefits and range of payment methods; and
- Its efficient integration with the MRI Property Tree software.
Once Be100 signed with RentPay, they were ready to onboard the agency’s entire rent roll of more than 100 tenants in less than 48 hours.
Be100 Licensee-in-charge, Yun Li, said, “The whole onboarding experience was very smooth.”
“The RentPay Agents dashboard is very easy to use with all tenant’s transaction history clearly visible. Inviting a new tenant onto RentPay only takes a few clicks.
“But, most importantly for me, the RentPay team is very approachable and super-helpful,” Yun said.
“Rent collected through RentPay was cleared into our bank account every night, and a payment file was emailed the next morning.
“With RentPay, we will save a significant amount of time in data entry and reconciliation, plus chasing tenants for rent arrears,” she said.
Business Impact
Wide range of secure payment methods available for tenants
By using RentPay, Be100 was immediately empowered to offer the widest range of payment methods, without having to arrange multiple payment gateways themselves. Tenantscan choose to pay rent in a variety of ways, including: direct debit, debit and credit cards, BPAY, PayID, PayPal, AliPay, WeChat Pay and Union Pay.
The agency is providing ultimate choice and flexibility for tenants to pay rent via their preferred method.
Improved cashflow with on-time and pre-cleared rent payments
Be100 previously used a direct-to-trust method for tenants to make rent payments. Tenants would action a bank transfer before or on the rent due date, with funds then needing a couple of days to clear. This meant that rent funds were usually received late, after the rent due date, and the varied timing of individual payments was cumbersome to reconcile and receipt. Any dishonours and clawbacks would create funding issues and additional work.
RentPay delivers funds on a regular schedule and never past the due date. There aren’t any dishonours and clawbacks when using RentPay, as payments to the agency are only made with already cleared funds from tenants. This helps the agency to have greater control over their cashflow, minimises processing time, and removes time wasted with dishonours and clawbacks.
Integrated and streamlined onboarding, reconciliation and receipting
As an MRI-certified solutions partner, RentPay integrates powerfully with MRI Property Tree to make onboarding a breeze. This integration allows for super-fast bulk importing of tenant details, saving the agency from having to prepare data files. Any new tenants can easily be subsequently added to the Agents dashboard and automatically invited to use RentPay.
When it comes to reconciling and receipting rent payments, the agency no longer needs to deal with ‘unknowns’ – painstakingly matching up tenants with unknown payments. Additionally, RentPay doesn’t allow part-payments, only full rent payments, which makes reconciling a lot simpler.
RentPay makes a single batch payment each day with fully cleared funds into the agency’s trust account. The following morning, the payfile identifying all items within the batch payment payments is available on the Agents dashboard while also emailed to the responsible person for the trust accounting and reconciliation. The payfile is then downloaded and dragged into Property Tree where it does all the heavy lifting and reconciles all payments into Property Tree.