A new current account exclusively for landlords is being launched by online property management tool Hammock to help them collect rent and monitor income and expenses.
The platform – launched in March – already automatically monitors rent collection, tracks payments and expenses then provides live analytical reporting on the status of each rental house or flat.
It also means that compiling a tax statement goes from taking hours to just minutes, as users always know where they stand in terms of profit and loss.
Now Hammock is launching an FCA-regulated current account designed specifically for landlords and property managers, which it says will make the experience even more seamless.
Founder and CEO Manoj Varsani (pictured, above) says he wants to save landlords time and money in an industry which has yet to benefit from new tech solutions.
“As a landlord, I know too well how time-consuming and inefficient it is to manage your properties with spreadsheets, paper notes and to collate data from multiple bank accounts,” explains Varsani.
Landlords using Hammock have tracked more than £7m of rent payments on the platform, across more than 1,700 properties, and he tells LandlordZONE that the current user base is expected to double by the end of 2020.
“As more and more landlords are switching the management of their properties to limited companies, the Hammock current account will be the right product for their needs,” adds Varsani.
“We’ve spoken with many landlords who are looking for a current account specifically designed for them, so we’re expecting to be busy as soon as we launch our current account.”
Customers pay a monthly subscription to use the platform based on the number of properties managed, with most paying £9.99 per month.