Goodlord diversifies into new PropTech product offering

Goodlord is spreading its PropTech offering into accountancy.

It’s launched a new accounting tool which it claims will save some letting agents up to a day per week.

The product will allow agents to collect and reconcile rent, automatically generate invoices, make payments to landlords and contractors in one click, send remittances, create statements, and set up individual e-money accounts per property. Goodlord claims that for an agent looking after 100 tenancies, it’s estimated that the technology will save them eight hours a week in time spent on accounting admin. 

Research into over 1,300 of Goodlord's customers found that payments was the second biggest administration burden for lettings professionals, second only to tenancy progression in terms of time spent on admin. 

A range of current practices are also not fit for purpose in the face of upcoming banking compliance requirements, such as the ongoing transition towards creating individual client accounts. 

Agents are charged a fixed price per transaction for use of Goodlord Lettings Accounts and Rental Collection products, rather than a percentage of rent. 

Goodlord serves over 1,300 agency brands across the UK and head of payments Alessandro Venerandi says: “Working with our customers has been absolutely key to developing a lettings account product that meets their needs, from being able to delegate tasks and removing the risk of manual error right through to fixed pricing that will ensure that soaring rents won't have a material impact on their bottom lines. Going forward, customer feedback will continue to be a crucial part of the continued investment and development in this product."