How does it work?
If members sign up, read-only access is granted to their client accounts, enabling Propertymark’s Compliance Team to deal with any issues and provide advice to enhance compliance as well as expedite the annual client money protection (CMP) renewal process.
Most of the information needed to provide a CMP renewal quote is included in the PayProp platform, which is accessible to Propertymark. This saves time for agents and avoids repeated calls to accountants, facilitating faster renewals.
David Oliver, Compliance Manager and Head of Regulation at Propertymark confirms it gives greater confidence that our members are operating correctly.
Whilst giving Propertymark’s compliance team the ability to view client account records may sound intimidating, the benefits are clear.
For me, it’s the value of my time, and my time, like most agents, is not best spent doing admin and accounting. I should be out-generating business, so this partnership is about giving you that time back. While my accountant is very good, the problem has always been finding the time to discuss the data I have sent to them to clarify any details. Also, accountants charge different prices for their accountant’s reports – from hundreds to thousands of pounds.
With the Propertymark-PayProp partnership, not only are you saving money, but you are also getting your time back.
Peace of mind for agents
Thanks to PayProp’s bank integration, its dashboard accurately reflects the actual amount stored in the member’s client bank account. This means PayProp clients who have signed up to the partnership know where their money is and so does the Propertymark Compliance Team. Hadley Easterlow, one of Propertymark’s Compliance Auditors clarifies it's the easiest system to get data from.
Payprop is set up in such a way that it reconciles to the penny every second of every day. Therefore, when Propertymark does an audit, the members present so we both know everything is correct, looking at the figures in the backend, as well as making sure that the system is being utilised to its full extent.
Last year when we bought the business, we had to go through CMP compliance. This process involved a lot of stress-test questions, which meant we had to spend a lot of time going back through our paperwork to provide the right answers.
This year, thanks to the Propertymark-PayProp partnership, CMP renewal was at the click of a button. And then the next minute a message comes back to say, ‘You've got your CMP policy’. I sat there thinking, ‘Where are all the questions that we've got to answer?’ There was none of that, now it really is very, very straightforward. For those members that aren't on PayProp, using their rental payment platform gives your business a real cost saving, as you don’t have to pay £1,200 – £1,600 to an accountant just to get CMP coverage.
How can Propertymark members sign up?
To take advantage of this time and money-saving partnership, email [email protected] to get started. For anyone not using PayProp for client accounting, book a consultation with a payment expert to see the other benefits that come with the award-winning rental payment platform.
PayProp: Automated rental payments
A smarter, easier and more powerful way to manage rental payments.
