An AI-enabled rental service has bought out a small agency and claims it is the start of a process that will help agencies across the country triple their margins. 

A service called Dwelly has bought out a Hull agency – Lime Property – and its lettings book of 1,000 units. 

Dwelly says it’s going to inject AI into the agency it has acquired, claiming that this will automate additional processes helping landlords find tenants in just one day and ensuring agencies remain compliant “with minimal human intervention.” 

“In the past three years, the UK real estate market has experienced numerous M&A deals, with over 20,000 agencies operating. Traditionally dominated by international giants and private equity firms lacking in technical expertise, these deals have often struggled with digital transformation. Dwelly aims to bridge this gap by using advanced technology to boost operational efficiency and drive innovation in the sector” says chief executive Ilya Drozdov.

Dwelly founders say their AI-platform has managed over 10,000 units in Europe, Latin America and China. 

Lime’s managing director Sam Humphreys says: “With over 20 years of experience in the real estate industry and having worked with Lime from its inception, I recognise that the sector is poised for the implementation of new strategies. Our team is committed to expanding the Dwelly marketplace’s network by leveraging AI solutions and automating business processes, thereby enhancing the experience for both landlords and tenants.” 

Dwelly describes itself as being run by “seasoned entrepreneurs with over 15 years of experience working together and a track record of successful exits in the tech-enabled lettings industry.”