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Moving rent tech out of the past

Recent tenancy law changes mean residential landlords will need to stay firmly on top of their rent collection processes – and a newly launched app aims to help them do that.

Wednesday, September 2nd 2020, 10:16AM 2 Comments

by The Landlord

The Grove Rent app is fully automated property management software which enables landlords to easily and quickly track and reconcile rent payments.

It collects and tracks rent, notifies landlords when rent is paid or in arrears, and sends tenants digital receipts after every payment, disrupting the traditional time-heavy methods of scrolling bank statements and updating spreadsheets every week in the process.

Grove Rent founder Aaron Yee says the app gives landlords peace of mind as it helps them reduce all possible risks while providing an excellent service to tenants.

“A lot is changing for landlords right now and we’re glad that Grove Rent can put the rent collection part on autopilot so they have time to learn about their new responsibilities.

“The pressure on landlords to notice missed rent payments and also keep up-to-date rent records to keep insurance happy can be quite a lot. But our app takes all of that away.”

Tenants also benefit  from the app as they get more clarity around the amount of rent they have paid and helpful reminders if rent is ever overdue.

Additionally, the app aims to assist communication between both parties with friendly and concise emails that give notice in line with New Zealand’s tenancy laws.

These features mean landlords can focus on getting their heads around the realities of the current rental market, in which a third of New Zealanders are renters.

Yee says legislation is being updated to reflect the modern renting market, but tech for New Zealand’s landlords is still stuck in the past.

“Our vision is to change New Zealand renting and introduce tech to get tasks done, starting with automated and easy rent collection.”

That’s because after surveying hundreds of landlords they discovered that one of their biggest pain points is rent collection, he says.

“This group has the time and knowledge to self-manage their properties, but want to be able to do it more efficiently.

“They are aware of the risk of errors with manual processes, and many want to be able to give more time to managing the aspects of their investments that aren’t repetitive weekly tasks that can, and should, be automated.”

Grove Rent enables landlords to do that and means they won’t suffer the negative consequences that come with not meeting their obligations, or complying with rental regulations, Yee adds.

It is possible to find out more about the app here.  

 

Tags: compliance housing market investment landlords property investment property management proptech rental market rents tech innovation technology tenancy reform tenants

« No rent growth for first time in three yearsEx-partner’s behaviour not a tenancy breach »

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Comments from our readers

On 2 September 2020 at 11:11 am cafeg said:
I managed my own rentals for years. Now I have put them to a property manager to handle them. For the fee they charge I find it much better and a lot less worry.
On 3 September 2020 at 12:04 pm Peter L said:
It would appear that this system repeats the fundamental mistaken assumption that all tenants receive, read and respond to emails.
Many lower socio-ec tenants don't.
As they are using pre-paid cellphones they text.
Emails are ignored.
MyRent makes the same misguided assumption.

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AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
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China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 ▼2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 21 September 2020 10:48am

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