Popular on TelAve
- Experience Trembling Firsthand with the New AgeMan® Tremor Simulator
- IRF Builders Forum Brings Global Leaders to Washington, D.C. to Advance Religious Freedom Through Cooperative Engagement
- The ITeam Ranked on Channel Partners 2025 MSP 501—Tech Industry's Most Prestigious List of Managed Service Providers Worldwide
- Keepy Uppy™ by Ollyball Wins Prestigious 2025 Influencer Award from Clamour & The Toy Association; Announces Fall 2025 Launch at Target Stores
- Colorado Scenthound Locations Partner with Humane Colorado to Give Adopted Dogs a "Clean Start"
- TCAA Welcomes Adolfo Gomez Sanchez to Its Family of Talented Speakers
- databahn Launches GenAI Sales Intelligence Platform to Revolutionize Fortune 500 and Global 2000 Account Research
- Shop American Made Goods: New Online Marketplace My American Goods Curates the Best of U.S. Made
- NYC Leadership Strategist Stacie Selise Launches Groundbreaking 4S Framework Series to Redefine Executive Excellence
- Honoring Black History, Culture, and Community in Fall River
Similar on TelAve
- Revolutionary Blockchain Platform Okh Finance Announces Okh Finance(OKKH) Token Launch to Transform Global Asset Leasing Market
- DivX Empowers Media Enthusiasts with Free Expert Guides for Advanced MP4 Management
- Assent Expands Executive Team to Accelerate Global Growth & Innovation
- The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
- Vinnetwork Unveils Decentralized AI Platform with Vinnetwork(VIN) Token to Challenge Tech Giants' Data Monopoly
- $14M Expansion Deal with Famed David Lloyd Highlights Rebrand of Sports, Entertainment and Gaming Innovation by AI Driven, Online Fan Engagement Co
- Radarsign Tackles Intersection Safety with Launch of Grid-Free Solar LED Stop Sign
- Miami Real Estate Agent Drastically Increases Interest In Homes
- Adostics & Genmega Announce the Introduction of A-POD
- LIB and Nidec Rejoin Forces for Giant TH-0098 Temperature Humidity Test Chamber
Who's going to help Toronto's realtors manage record-breaking rental new-builds?
TelAve News/10590496
TORONTO - TelAve -- Developers are building record numbers of new rental units in Toronto, encouraged by ongoing high rents. But Toronto's realtors and property managers will need help to handle all of the additional rental homes coming onto the market, according to Tom Samodol, Director of PayProp Canada.
The Canada Mortgage and Housing Corporation announced last month that more purpose-built rental units are being built in the Greater Toronto Area than at any other time in the last quarter of a century, with almost 8,000 under construction. Development in the city – part of a general construction surge that has filled Toronto's skyline with more cranes than any other North American city – is now outpacing the rental building boom of the early 90s.
Rental vacancies in the GTA are also at their highest rate in the last four years, according to real estate consultancy Urbanation. As much as 1.5% of purpose-built rental apartments in the GTA were standing empty in the second quarter of 2019, compared to just 0.3% in the same period last year. The availability rate, which also takes into account rental units in which the existing tenant has given notice, climbed to 2.3% from 1.4%. Apartment hunters looking to rent in the Toronto area will have more units to choose from than at any other time in the last few years.
More on TelAve News
Payment processing pains
While property managers and prospective renters alike stand ready to take advantage of this new wave of construction, the increasing number of tenants presents a management challenge – given the lack of technology solutions automating the admin-heavy rent collection process.
Reconciling payments from large numbers of tenants by hand is a huge administrative task, one that most property management software does nothing to help with. Without the capacity to handle increasing volumes of rental payments, Toronto's rental boom could pass property managers by – and that purely due to the administrative burden of managing large rental portfolios.
"With PayProp there is something for all parties in the value chain, as we simplify the entire rent collection and payment cycle," says Tom Samodol.
"Real estate professionals get automation to lessen their admin load, 100% accurate transactional information, and comprehensive reporting. Tenants get more ways to pay and automated invoicing to help them pay the rent on time, and landlords get faster payments and instant information on their properties with the PayProp Owner App."
PayProp automates rent collection, payment reconciliation and outgoing payments to landlords and contractors, allowing property managers to focus on delivering excellent service and growing their portfolios instead. Payments can be reconciled in just two clicks, in real time, from anywhere in the world.
More on TelAve News
PayProp's rule-based automation of payments and reconciliation makes it easy for property managers to scale up their portfolios without scaling up their administration workload at the same time. As a result, PayProp users grow their businesses by 23% each year on average.
The company moves around CAD$1.5 billion in rental payments through its system each year with bank-grade security provided by CIBC, and also operates in the United Kingdom and South Africa.
About PayProp
PayProp was launched in 2004 and has grown quickly to become a leading processor of rental payments and back-office automation for the property management industry, serving a large and diverse customer base of property managers and agents. Our platform sets the standard for speed and accuracy of transaction processing, posting, reconciliation and pay-outs, offering property managers complete transactional control and regulatory compliance. PayProp is part of the Humanstate Group, an international private technology services group with subsidiaries in the United Kingdom, Canada, Switzerland and South Africa.
Visit http://www.payprop.ca for more.
The Canada Mortgage and Housing Corporation announced last month that more purpose-built rental units are being built in the Greater Toronto Area than at any other time in the last quarter of a century, with almost 8,000 under construction. Development in the city – part of a general construction surge that has filled Toronto's skyline with more cranes than any other North American city – is now outpacing the rental building boom of the early 90s.
Rental vacancies in the GTA are also at their highest rate in the last four years, according to real estate consultancy Urbanation. As much as 1.5% of purpose-built rental apartments in the GTA were standing empty in the second quarter of 2019, compared to just 0.3% in the same period last year. The availability rate, which also takes into account rental units in which the existing tenant has given notice, climbed to 2.3% from 1.4%. Apartment hunters looking to rent in the Toronto area will have more units to choose from than at any other time in the last few years.
More on TelAve News
- Colbert Packaging Announces WBENC Recognition
- DivX Empowers Media Enthusiasts with Free Expert Guides for Advanced MP4 Management
- Assent Expands Executive Team to Accelerate Global Growth & Innovation
- The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
- Vinnetwork Unveils Decentralized AI Platform with Vinnetwork(VIN) Token to Challenge Tech Giants' Data Monopoly
Payment processing pains
While property managers and prospective renters alike stand ready to take advantage of this new wave of construction, the increasing number of tenants presents a management challenge – given the lack of technology solutions automating the admin-heavy rent collection process.
Reconciling payments from large numbers of tenants by hand is a huge administrative task, one that most property management software does nothing to help with. Without the capacity to handle increasing volumes of rental payments, Toronto's rental boom could pass property managers by – and that purely due to the administrative burden of managing large rental portfolios.
"With PayProp there is something for all parties in the value chain, as we simplify the entire rent collection and payment cycle," says Tom Samodol.
"Real estate professionals get automation to lessen their admin load, 100% accurate transactional information, and comprehensive reporting. Tenants get more ways to pay and automated invoicing to help them pay the rent on time, and landlords get faster payments and instant information on their properties with the PayProp Owner App."
PayProp automates rent collection, payment reconciliation and outgoing payments to landlords and contractors, allowing property managers to focus on delivering excellent service and growing their portfolios instead. Payments can be reconciled in just two clicks, in real time, from anywhere in the world.
More on TelAve News
- Centennial Flyers to Become Colorado's First Launch Customer for All-Electric B23 Energic Aircraft
- Pyro Marketing Opens New Digital Marketing Company in Saint Petersburg to Power Growth for Fitness and Ecommerce Brands
- Dr. John Salerno of Salerno Wellness Introduces Their New Full Body Capsule for Advanced LED Light Therapy Patient Treatments
- $14M Expansion Deal with Famed David Lloyd Highlights Rebrand of Sports, Entertainment and Gaming Innovation by AI Driven, Online Fan Engagement Co
- Heartfelt Dreams Foundation Launches Campaign to Build CHD Hospital
PayProp's rule-based automation of payments and reconciliation makes it easy for property managers to scale up their portfolios without scaling up their administration workload at the same time. As a result, PayProp users grow their businesses by 23% each year on average.
The company moves around CAD$1.5 billion in rental payments through its system each year with bank-grade security provided by CIBC, and also operates in the United Kingdom and South Africa.
About PayProp
PayProp was launched in 2004 and has grown quickly to become a leading processor of rental payments and back-office automation for the property management industry, serving a large and diverse customer base of property managers and agents. Our platform sets the standard for speed and accuracy of transaction processing, posting, reconciliation and pay-outs, offering property managers complete transactional control and regulatory compliance. PayProp is part of the Humanstate Group, an international private technology services group with subsidiaries in the United Kingdom, Canada, Switzerland and South Africa.
Visit http://www.payprop.ca for more.
Source: PayProp Canada
Filed Under: Technology
0 Comments
Latest on TelAve News
- Utah Metal Fabricator Titan Forge Builds Momentum with Custom Steel Projects and Spiral Staircases
- Jason Koch: Pioneering the Future of Real Estate Development in New Jersey
- Bach and Beyond: Cellists Return to the Beach for 2nd Annual Bethany Beach Cellofest
- NR7 Miner launches zero-cost USDT cloud mining service: daily stable income + referral rewards for double profit
- Deaths Spur Closures, but Troubled Teen Camps Must Be Banned, CCHR Warns
- Palmer Lake Wine Festival To Build Bridges in Small Mountain Community, Highlight Local Businesses
- SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
- From Real Estate to Reel Power: H.L Woods Carves His Legacy as a Cutting-Edge Visionary Filmmaker
- New Release: 'The Invisible Alternative' Unveiled by Atrisk Corporation, Resilient
- Cynthia Pinot Among Artists Selected for Renowned London Art Biennale 2025
- Real Estate Experts Highlight Jersey Shore as a Smart Buy in 2025
- $18 Price Target Issued in New Research Report After $34 Million Revenue Forecast from Acquisition; $101.5 Million Net Revenue in 2025; NAS DAQ: IQST
- West Dentistry Welcomes New Oral Surgeon to Enhance Patient Care
- The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
- Raidium révolutionne le diagnostic de la Sclérose en Plaques en partenariat avec l'Hôpital Fondation Adolphe de Rothschild
- New Podcast "Spreading the Good BUZZ" Hosted by Josh and Heidi Case Launches July 7th with Explosive Global Reach and a Mission to Transform Lives
- The Herbal Care, Led by Markel Bababekov, Becomes a Top Dispensary in NYC's Upper East Side
- Digital Watchdog Launches New myDW Cloud Services
- Stan Fitzgerald Appointed Acting Press Secretary for Veterans for America First VFAF Georgia State Chapter
- Drone Light Shows Emerge as the New Standard in Live Event Entertainment