A new PropTech platform backed by Countrywide and Foxtons says it offers agents an opportunity to reduce admin, increase revenue and improve compliance.
Propoly describes itself as a white-labelled B2B platform that allows agents to automate and digitise tasks from the stage when a prospective tenant makes an offer on a property, right through to check-in.
It can instantly generate fully pre-populated tenancy documents such ASTs, Offer Letters, Guarantor Letters and Prescribed Information Certificates. It also tracks payments made by tenants including the holding deposit, first month’s rent and security deposits; and it allows instant referencing with open banking, which it says will help reduce agents’ referencing costs.
Agents can work with it remotely and paperless, with additional revenue secured through the sale of third party products.
The product, which has taken three years to come to fruition, has seen investment from both Countrywide and Foxtons, and Propoly has now become a Propertymark-protected industry supplier joining the likes of Reapit, Fixflo and PayProp.
A testimonial statement from Paul Chapman, Countrywide’s national head of sales and lettings, says: “We believe that the key to branches remaining profitable is having the right mix of technology, brand and great people. Being the largest UK agency business, we fully appreciate the time, admin savings, revenue opportunities and reduced compliance burden that the Propoly system offers.”
And Patrick Franco, chief operating officer at Foxtons, adds: “We invested in Propoly in 2018 because harnessing and supporting industry-leading technology is central to Foxtons’ strategy, and in the current pandemic tech is clearly more important than ever. We believe that Propoly offers an affordable, subscription-based product that can help smaller and medium sized letting agents, who don’t have the scale to develop their own technology, still adapt their business models under these challenging market conditions and help ensure they maintain safe workplaces.”
Propoly co-founder Ed Gazelle is a former trader at Goldman Sachs and asset manager at FTSE 100 property company British Land. The other co-founder, Ray Kyrson, has a background in banking, finance, technology and property.
This post has originally been featured in Letting Agent Today.