50 million reasons to choose Propoly
50 million reasons might sound like a ridiculous boast. It’s not. At Propoly, we have just reached a major milestone. In the year to date – and we’re still in September – transactions through the PropTech platform reached £50 million. That’s £50 million in holding deposits, initial deposits, and first-month rental payments.
Here’s something else: the bulk of that £50 million was processed through the system outside of normal office hours.
When we hear agents complaining about the burden of admin, compliance and the time taken to progress a tenancy, we hope that they’re just getting frustrations off their chest. If they really are passive, plodding on, and ignoring the evident truth that digital technologies offer the solution, that’s a problem. Today, being tech savvy is a key part of a successful agent’s skillset and delaying adoption simply holds an agency back. Take Open Banking for example. Its proven technology offers a huge step forward. When it’s used – as it is in Propoly – it doesn’t just speed things up. It also reduces the chances of fraud or errors.
It’s just two years since Propoly was acquired. The concept was sound. The foundations were excellent. The team was committed and skilled. At the time, letting agencies were crying out for better ways to do business – ways that could slash admin time, boost income and performance, and satisfy the needs of every participant in the lettings chain. That’s what we’ve delivered.
The work is ongoing. Because we believe in continuous improvement it probably always will be, but it’s clear that the benefits are being reaped. Our reviews are excellent and we anticipate that early next year we’ll be talking about £100 million in payments flowing through platform. Every single one of the transactions represents time saved on routine admin. Propoly is giving agents the freedom to focus their energies on agency growth and building relationships with their landlords.
Of course, we haven’t achieved this amazing result without help. Our clients have been brilliant. We want to thank them for their support and their input. We’ve already shaped Propoly in response to their suggestions, and that’s something we’ll continue to do.
The industry doesn’t stay the same for long, and technology must adapt to serve the sector’s needs. It’s that principle that has helped drive Propoly’s success to date and will keep it the tenancy progression platform of choice long into the future.