When real estate executive Matt Waddell, and his business partner Lindy Harris of One Agency Lindy Harris in Singleton set out to grow their property management presence in one of NSW’s fastest-growing suburbs, they first needed to overcome several known hurdles.

The first challenge was scale and profitability. The firm was managing a rent roll of 200 properties in the area but, after accounting for wages and costs, returns were underwhelming.

Matt and the team at One Agency resolved this hurdle by acquiring another property management business, instantly doubling the rent roll from 200 to 430 properties. The move gave the firm a significantly larger share of the growth on offer in North Rothbury’s newly developed suburb, Huntlee, where the number of new dwellings is forecast to triple in coming years.

The second challenge was internal: a persistently high rate of dishonoured payments was costing the team hours each week as they manually matched failed transactions to tenants in the system.

The solution to the internal challenges the firm faced wasn’t as obvious and it was only after a referral from a local contact that the team found a way forward.

“We had issues with payments being dishonoured and misallocated. When we accounted to owners and then the payment bounced, it became a nightmare. Our previous system didn’t talk to our property management software, and no one could solve it,” says Waddell.

Introducing NAB Portal Pay’s latest solution, Tenant Portal

NAB stepped in with a broader business solution, offering access NAB Portal Pay’s Tenant Portal. More than just a payment tool, Tenant Portal solved both the operational and compliance challenges that had been dragging on the business.

“From the first meeting with NAB, the difference was clear. We had a face-to-face conversation with people who could make decisions and understood the problem. They didn’t just refer us up the chain, they brought the right people into the room,” Waddell says.

With Tenant Portal, tenants are given greater autonomy and flexibility. They initiate the direct debit payment through linked bank accounts, rather than have the agent handle it for them. A tenant can set up and manage their own payment preferences, choosing the amount, frequency, and method, including water bill top-ups or one-off payments, all from within a single interface.

“The good thing about Tenant Portal is that the tenant is in control. They decide how and when they pay, and it integrates seamlessly with our property management software, PropertyMe. It’s a smooth process from end to end,” Waddell explains.

It also helped the business comply with recent changes to NSW rental laws, which require property managers to offer tenants at least one fee-free way to pay rent.

“This solution ticks that box. We didn’t have to switch to other costly or clunky systems. Tenant Portal rolls all that functionality into one place.”

From a business perspective, the impact has been profound. Dishonoured payments are now virtually non-existent, accounting is more accurate, and the team has reclaimed time previously spent resolving mismatches.

“We used to spend hours fixing errors. Now, with over 60% of our tenants onboard, dishonours have dropped to almost zero,” Waddell says. “Our trust accountant doesn’t have to chase payments or troubleshoot files anymore. That means we can scale up without scaling up our admin costs.”

As early adopters of Tenant Portal, Waddell and the team at One Agency were involved in helping NAB refine the onboarding and customer experience process. That partnership has continued, with NAB’s Portal Pay team offering ongoing, personalised support.

“We took a bit of a leap of faith,” says Waddell. “But NAB backed us every step of the way. They listened, they followed up, and they worked through every issue that came up. They could have dropped the ball, but they didn’t. That support made all the difference.”

Enhancing back-end efficiency for scalable growth

With a firm target to grow to 500 managements by year-end, this time organically rather than through acquisition, Waddell says the team can focus on growth rather than operational headaches.

“Confidence in our systems and processes has been a game-changer. We can now deliver the kind of professional, seamless experience that owners expect, without worrying about backend complications.”

To support the community’s growth and increased demand, the team recently opened a second office in Huntlee, a master-planned estate in North Rothbury, situated in the Hunter Valley. It’s a move that puts them in prime position to service a region expected to expand by thousands of households over the next decade.

“Our office is located between a McDonald’s and an Oporto,” Waddell laughs. “That tells you everything you need to know about how fast this place is growing.”

And thanks to NAB Portal Pay, the One Agency team is ready to meet that demand – efficiently, compliantly, and confidently.

To find out more about how NAB Portal Pay could help your real estate business, visit nab.com.au/portalpay

Important Information:

NAB Portal Pay is subject to the NAB Portal Pay Terms and Conditions – Payees and only works with payments made into NAB Statutory Trust Accounts. NAB Portal Pay is issued by NAB unless stated otherwise. Any advice has been prepared without considering your objectives, financial situation or needs. Before acting on any advice, consider whether it is appropriate for your circumstances and view the Terms and Conditions available online or by contacting us.

Use of the Tenant Portal is subject to the NAB Portal Pay Terms and Conditions – Payers effective 1 May 2024.

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