PayProp

Pros

It’s functionality
PayProp allows you to handle a number of key tasks which saves you so much time
The support team is fantastic

Cons

I’d like it if their platform allowed me to conduct credit checks

Pros

Software is helpful in managing your properties and tenants

Cons

Takes a bit of time to get used to. Eventually it works well

Pros

When demonstrated, it seemed to be pretty straightforward in use and although not specifically designed for our proposed block management usage, we were assured of the flexibility to make it fit.

Cons

The variations to block management usage have been very, very difficult for us to adopt. Senior payprop staff have attended our premises and promised a better performance, but in reality, little has actually been delivered. Even professional accountants preparing our clients annual block accounts have failed to understand the complexity of the statements provided!

National Westminster seem slow (by slow I mean, for example, that we still await a paying in book a mere five months, yes FIVE MONTHS, after it was requested).

I have rung customer services today and the promised call back has not materialsied. It is now 3.04 p.m. and customer services phone extension is not answering and you are directed to answerphone!

The customer unique reference has been a problem too and the Nat West have recorded these incorrectly at branch level for cheque payments - as a consequence we have a large number of unreconciled credits.

Pros

- How straight forward the software is to understand and manage, and the number of payments runs that take place during the working day and week, avoiding delays to both clients and us receiving income.- The level of transparency has helped us to avoid questions about client statements, everything is detailed accordingly.- The freedom the system allows you to look at both surface level information relating to the day-to-day management of accounts and arrears, whilst also allowing you the option to break this down further to obtain a better understanding of your business financials ie income categories, forecasting, by branch etc- The level of support from both the support team and Account manager, from the outset, to mention a few ([SENSITIVE CONTENT]) have all been great. After using an external accounts team for over 10 years, this was a big step as a business to take. The way feedback is received, and, in many cases, actions are taken to implement suggested changes. A prime example would be the suggestion of payment frequencies (Quarterly) which was put forward and implemented. An unknown and initial concern was the cost of the software given the seasonal nature of student lettings and the way rents are received. [SENSITIVE CONTENT] has been excellent at helping us manage this across multiple branches and has followed up when needed to ensure we gain a better understanding associated with using the software over a twelve-month period.

Cons

Nothing at present that we can think of.

Pros

We like that our tenants can pay online and PayProp takes care of the disbursement of owner distributions, management fees and paying our vendors. I appreciate the excellent support from [SENSITIVE CONTENT]. He is super helpful and has offered to walk us through the reports to better explain them.

Cons

I do not like having to use Bank of America for our accounting. I do not like that there isn't more training available that I can sit through to help me learn the system. I feel like the program is more difficult to navigate and learn than we originally anticipated. I feel like if I can get a handle on how to enter the data within the property and tenant accounts, it will be easier. We do not like not being able to see more of what's going on with the Bank of America account. We do not receive bank statements, we are not allowed to do anything within the account except for making deposits.