Goodlord Rent Collection will automatically send tenants a reminder to pay three days before their rent is due and chase again as soon as a payment is late. For customers also using Goodlord's award-winning Rent Protection and Legal Expenses insurance, the automatic claims process will kick in if rent is more than two weeks late.
The tool has been available to some of its customers for a few months in beta mode. It will now be available to anyone using Goodlord's lettings platform.
As well as automating payment reminders, the technology also ensures that 100% of all rental payments are reconciled correctly through the use of unique account numbers. This will eliminate reconciliation issues such as tenants using incorrect payment details when they pay their rent. This means that all payments will be correctly recognised and automatically reconciled, even if tenants use the wrong reference information. Tenants will be able to pay by standing order and bank transfer.
The property platform's rent collection product is set to be enhanced further in the coming months through the introduction of new products and additional integrations with financial software. These steps move Goodlord closer to delivering its mission of providing a complete payments solution for its customers.
Goodlord is already a trusted payments provider for more than 1,100 agency brands across the UK, transacting holding deposits and move-in monies through its lettings platform. In 2021 to date, Goodlord has handled more than £350 million of payments for its agents and landlords.
Alessandro Venerandi, Rent Collection Manager at Goodlord, says: "The launch of Goodlord Rent Collection marks a major milestone for our lettings platform; extending the journey for our customers and their tenants beyond the pre-tenancy process to the tenancy itself. In doing so, we are not only making it easier to pay and collect rent but, by introducing automatic chasing, we’re also helping get landlords paid on time."
Justin Matthews of Hotspur Residential, says: "We started using Goodlord Rent Collection as soon as we could. Goodlord's lettings platform is already ingrained in our processes and we've always been early adopters of any new features. We love the automatic reminders to tenants that their rent is due because not only does it save our team time, but it's also genuinely helpful for our tenants and improves their renting experience."
