The punch line Colletingrental income especially for multiple low income rents can be daunting! - Bottom Up team has created a platform to remove this pain
The problem.. Default rate for low income rentals is high Face to face meeting with tenants is hard to achieve and manage Majority of tenants in low income are unbanked (there are 230 million unbanked households in Africa) Majority of the banked population do not have a cheque book
The problem. Bank transfers require a visit to the bank Bank to transfers are expensive especially for small rental incomes Handling of cash by landlords and tenants is risky
The Value proposition Bottom up team is offering a single platform to receive payments from multiple channels but mainly mobile payments. Giving landlord and their agents a window to see the collections made and rent defaulters.
Capabilities for the platform.. Trackingof tenants payments records (whether paid in instalments or as lump some Defaulters can be notified and reminded through SMS Mobile paying numbers is matched automatically to rented unit Landlord is notified when tenant makes payment
Capabilities for the platform. Thesystem auto generates statement to reconcile payments
Results of testing Valueproposition with potentiallandlords Landlords prefer to outsource rent collection Landlord don’t prefer much familiarity with tenants Most tenants would not want to run the system themselves BUT LANDLORDS WANT ACCESS TO THE SYSTEM THEIR AGENTS USE AND TO KNOW (ON WEEKLY BASIS) THEIR CASH POSITION.
Results of testing Valuepreposition with potentialagents Majority of agents have standalone systems (Some depend Excel Worksheets) that are not linked to any payment providers. The biggest challenge with agents is reconciling the books and paying landlords on time and accurately. Agents would prefer a onetime purchase of rent management system rather than SaaS model
Conclusions The platform has potential The platform should be signed up by landlords but used by agents.. i.e. agents should be invited to use the system and manage the landlords properties. The system has capability of creating many freelance agents who are affiliated to many landlords. The agents should not handle rental income other than commission and petty cash for repairs and maintenance The system should be based on mobile payments