Neil Cobbold, Managing Director at PayProp UK

Who are you and what does it say on your business card?

Neil Cobbold, Managing Director

What is PayProp and what does it do?

PayProp UK – We automate the entire life cycle of rental payments and provide access to trusted, CMP-recognised client accounts. Our technology saves agencies hours or even days each month, allowing agents to communicate, collect, reconcile and pay out rent in just a few clicks.

What services do you offer and in what ways do you work with estate and letting agents?

PayProp is the market-leading bank-integrated client accounting and rent payment platform. With almost two decades of experience, PayProp is the provider of choice for letting agents who are serious about keeping their landlords' money safe and secure.

What makes your product different and how does it benefit agents?

PayProp’s automated payment platform saves hours or even days every month for thousands of property professionals by enabling them to reconcile their entire client account in just a few clicks. As a result, new PayProp clients have enough time to grow on average 20% in their first year!

PayProp is the only bank-integrated client account solution for letting agents and holds all processed funds directly in CMP-recognised NatWest client accounts, providing Financial Service Compensation Scheme (FSCS) protection to your business. Our safe and secure platform gives you ultimate control over your client money and complete peace of mind that every penny is accounted for.

What is your greatest achievement in your current role and what made it so special?

I was employee six in the UK, so being part of the initial UK team I feel very privileged to have been on the journey that has taken PayProp to become the UK’s leading client accounting platform for the lettings industry. Looking back on where we started in 2015 to where we are now with over 160,000 tenancies across thousands of agencies has been special. But the real highlight and my biggest achievement has been ensuring our technology has had a beneficial impact on our clients, some of whom have been with us since we started in 2015.

What is the most satisfying part of your job?

The most satisfying part of the job is the team at PayProp. The technology was fantastic, having been developed in the South African market for over a decade, but the unique customer benefit was always the culture and the desire right through the business to help our clients. A tech solution with a person-centric focus. To have seen that not only translate but thrive in the UK market is a very satisfying feeling.

What do you see as the biggest challenge facing estate and letting agents at the moment?

Managing the balance between demand and supply on the rental side is a big challenge. In some parts of the country, PayProp-powered agencies are seeing 20+ applicants for one property, in some student towns the media report that people are camping outside letting agencies to secure a property. This imbalance needs to be addressed and I’ve spent 2023 talking to politicians and officials in Westminster, Edinburgh and Cardiff, sharing the expertise of letting agents. The objective is to give politicians practical solutions through one-on-one conversations, letters and responses to consultations that will bring more rental properties to the market.

What is your property prediction for the next 12 months?

Barring a very early election, we should see the Renters (Reform) Bill become law in England, which will remove Section 21 from the statute books as well as bring a whole host of other changes to the private rented sector (PRS). Agents will need to adapt and reassure both self-managing landlords in the market and their full-service clients that the PRS remains a good investment. Agencies should be showing that their expert teams are ready to help landlords adapt to the new regulatory environment.

Country house or city apartment?

City Apartment

Trendy roof terrace or traditional English garden?

Trendy roof terrace

Would you rather be a free-moving tenant or a settled owner-occupier?

Free moving tenant

What is your favourite room in your home?

Digital den

Homes under the Hammer or Location, Location, Location?

Too difficult to choose. I like Home under the Hammer but I’d much rather trust the professionals when it comes to renovating a property than attempt it myself! Location, Location, Location is a fantastic programme. I know the phrase has been around for almost 100 years but I always struggle with the concept, as the location for me is secondary to a beautiful property, but then I have lived in some lovely locations.