How New Vision Real Estate achieved less than 2% rent arrears with SimpleRent
Agency
Founded on a passion for people and property, New Vision Real Estate is one of the most innovative agencies servicing in Sydney
Location
Norwest, NSW
SimpleRent User Since
November 2020
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<2%
Less than 2% rent arrears
16 hours
Saved per month on arrears-related activities
Servicing the progressive Sydney market, New Vision Real Estate looked to technology to provide innovative and personalised property solutions to their clients. With the switch to SimpleRent, which is tailor-made for agencies with rent rolls, New Vision Real Estate achieved less than 2% rent arrears while saving 4 hours per week on arrears-related activities.
SimpleRent has been brilliant in terms of time-saving. We’re saving 3 to 4 hours a week in chasing arrears, chasing tenants.
Challenge
When Chris Brown founded his real estate business called New Vision Real Estate in 2019, he brought with him 15 years of experience in real estate and finance. Chris knows from experience that technology plays a pivotal role in providing superior customer service.
With the agency’s focus on property management, Chris recognised that traditional processes were no longer going to cut it. He needed a property management system that was sophisticated and responded to his customers’ needs while maximizing team efficiency.
Chris needed something that would automate his agency’s payment processes to ease the burden of chasing arrears without the setup cost.
Solution
When Chris learned about SimpleRent through a product demo, he knew SimpleRent had just what New Vision Real Estate was looking for.
Chris’s agency signed up for SimpleRent in November 2020. The transition was smooth and their rent roll was up and running in no time thanks to SimpleRent’s dedicated onboarding team who provided personalised training and migration assistance.
“One of the main things I like about SimpleRent is the onboarding process and the team who assisted us. The BDM’s brilliant,” Chris shares.
Impact
Saving 16 hours per month
Growing a property management business can be overwhelming and difficult to keep up with mundane to-dos every day and demanding tenant relationships. Sorting through payments takes up a big slice of the management pie.
As a property manager himself, Chris discovers how easy and simple it is to manage rent payments with SimpleRent. He explains that “one of the big things we noticed before we moved to SimpleRent, when we were just using direct credit, tenants forget to pay for whatever reason. As you know, life gets in the way. We would end up spending a lot of time chasing arrears.”
“SimpleRent has been brilliant in terms of time-saving. We’re saving 3 to 4 hours a week in chasing arrears, chasing tenants.”
Chris credits SimpleRent’s direct debit feature for this workflow efficiency. Tenants can choose to pay their rent weekly, fortnightly, or monthly without forgetting to pay again. SimpleRent works in the background from automating online payment collection to bank reconciliations and invoicing.
In a month, the agency saves 16 hours in arrears-related tasks alone.
Achieving less than 2% rent arrears
Another benefit from Chris’ shift to SimpleRent is the huge impact on rent arrears.
As Chris shares, “Since moving to Simplerent and getting our clients onboarded, we found our arrears went down to only 2%.”
Today, arrears happen not because tenants forget to pay but for many other external reasons.
The decision to adopt SimpleRent has brought in many advantages for New Vision Real Estate. The auto-followup for failed payments is among many others. SimpleRent notifies tenants via email and SMS with the “Pay Up Now” link.
Providing more payment options
Tenants love having options. It gives them the flexibility to choose how they want to pay. Chris appreciates that SimpleRent allows his agency to offer more payment methods to their prospects and existing tenants.
“One of the big things that enticed me to SimpleRent was the fact that it gave tenants another payment option. When payment is direct debited from credit cards or bank accounts, you're basically insured that you’re going to get paid. People can’t miss payments. People can’t forget,” Chris further explains.
“When we started, we were just doing direct credits where people paid in and since moving to SimpleRent, it's been amazing. The clients love the option to be able to pay on credit card and direct debit. So it has allowed us to compete with other agencies.”
Delighting tenants with shopping discounts for paying rent
Aside from the automation the platform delivers, Chris appreciates that SimpleRent offers a “great value” to tenants through SimpleDiscounts. Tenants paying their rent via SimpleRent gain exclusive access to shopping discounts from top stores and retailers nationwide via the SimpleDiscounts app.
As Chris shares, “I love the fact that we also have the option with SimpleRent’s SimpleDiscounts. When we’re signing up a new tenant, it’s a great value add to be able to give them something for free. The uptake on that has been great, and clients really love getting something for nothing. So it's a great way to entice them to sign up with us and with SimpleRent at the same time.”
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