Business Telegraph

.
The Times Real Estate

.

OurProperty.com.au Brisbane based proptech start-up

  • Written by Leanne Howard


AGENCY LEVEL FRAUD WILL BE ABOLISHED WITH GAME-CHANGING SYSTEM FOR DIRECT PAYMENT OF RENTS FROM THE TENANT TO THE LANDLORD

OurProperty.com.au, a Brisbane based proptech start-up will be releasing a payment platform in March which collects rent from tenants and transfers to approved creditors and the landlord, based on the instructions held within the system.  This revolutionary approach to the traditional method of paying through the agency’s Rent Trust account will eliminate the chance of internal theft and ensure that everyone is paid in real time rather than waiting for a payment cycle.

OurProperty CEO, Alexander Moore says that rather than taking the traditional software approach of their competitors in being Trust Account management products, they have looked at the industry and worked out how to disrupt it – from an agency perspective.

“Rather than design a great Trust management product, we developed a product that does away with the need for a Rent Trust account, and just collects funds from tenants and pays it through to the landlord and creditors, in real time. A far superior solution for everyone,” Moore said.

The company says that once the system is adopted you’ll stop seeing the headlines about fraud and missing client funds in real estate offices across the country. At present there are about 10,000 licensed agents in Australia, and an agency with 1,000 properties under management has over $2m passing through their Rent Trust account every month.

General noncompliance with current legislation is another issue that Moore raised, “with the recent Anti Money Laundering legislation there are obligations to know who you are paying funds to, whilst all agencies do a 100-point ID check on tenants, very few do this for landlords. We’ve also seen from our research that many agencies hold Credit Card details within their management software and without PCI compliance this is highly illegal. A third-party payment platform like ours is fully compliant and eliminates all these problems at the agency level”.

Moore says that use of products like OurProperty are the way traditional high street real estate agencies are able to compete against the plethora of company-to-company software products that are flooding the market and looking to disrupt it by removing the agency sector.

“Make no mistake” Moore says, “this year there is over $20 billion USD being invested in Proptech and it’s nearly all going to consumer driven disruptors. We’re one of the few companies committed to disruption by the agency sector itself”.

2019 will be an interesting year in the real estate sector as technology looks to turn the existing market on its head.

www.ourproperty.com.au

Entrepreneurs & Leaders

Global Content Delivery with Headless CMS and Edge Networks

As the world gets more interconnected every day, businesses with international audiences now demand rapid, consistent...

How Commercial Security Systems Are Helping Sydney Businesses Reduce Insurance Costs

Running a business in Sydney isn’t cheap, from rising rent prices to staffing costs and everything in between, it’s no...

Blocked Drains Sydney: What Every Property Manager Should Know (Before It’s Too Late)

Let’s be honest—blocked drains aren’t the kind of thing anyone wants to deal with. But if you’re managing a property, ...

Design Without Designers: How AI Tools Build Visually Stunning Landing Pages

Before now, the average person would have to hire a designer, spend hours, and sometimes even require an entire creati...

Argent Biopharma (ASX:RGT) Lands European Approval — Market Reaction Begins

Most investors scroll past microcap biotech stocks, assuming they’re years away from anything real. But Argent Biophar...

SMTP Error 451: Temporary Local Problem But Is It Yours or Theirs?

SMTP error 451 is one of those frustrating mistakes that exist in a fuzzy realm between sender and receiver responsibi...

How Headless CMS Improves A/B Testing Capabilities for Content Optimization

A/B testing is one of the best ways to boost content engagement, increase conversion rates, and improve user experience...

A Clean Car Park Equals Happy Customers: The Impact of Professional Sweeping

First impressions matter, and a clean car park can enhance customer experience. Discover how regular sweeping services h...

Authenticity in Marketing: Why It Matters More Than Ever for Businesses

(featured image) Marketing has always been connecting with people, but let’s be honest—consumers are more sceptical tha...