Dwelly, a UK-based artificial intelligence (AI)-enabled startup that provides a rental and property management marketplace, has acquired Hull-based real estate company Lime Property, adding 1,000 properties to its portfolio.
“Combining Lime Property’s deep local expertise with our technology-driven approach will enable us to streamline their operations and provide better tools for their team, while improving the experience for both landlords and renters,” Dwelly co-founder and CEO Ilya Drozdov said in a LinkedIn post on Tuesday (Sept. 24).
According to the company’s LinkedIn profile, Dwelly’s full-stack B2B platform is customized to automate tenant management, payments and post-rental property maintenance.
“As we discuss other developments in this space, the need for digital transformation in our industry has never been more important,” Drozdov said in the post. “Many agencies struggle with outdated processes that prevent property managers from focusing on what really matters.”
Dan Lifshitz, co-founder and chief operating officer/chief product officer at Dwelly, said in a LinkedIn post on Tuesday that the real estate industry is “an industry ripe for an AI revolution” because it’s human-centric, communications-driven and labor costs account for more than 65% of revenue.
“One of the biggest obstacles in our industry is the burden of repetitive tasks, draining resources, and stifling innovation,” Lifshitz wrote. “The real estate industry remains saddled with significant tech debt, and the acquisition of Lime Properties is an important move in addressing it. Together, we will set a new standard for real estate brokerages and drive much-needed change in our industry.”
According to a joint study by PYMNTS Intelligence and Ingo Money, “From Rent to Refunds: Driving Payment Acceleration in Property Management,” property managers are adopting digital solutions to increase operational efficiency and improve tenant satisfaction.
According to the report, 77% of renters who use online payment methods are satisfied, significantly higher than the 35% of renters who use traditional payment methods, and 72% of renters who received refunds digitally are satisfied.
Digital transformation allows property management companies to use technology to address challenges unique to their industry, Atlas Real Estate CEO Tony Julianelle said in an interview with PYMNTS CEO Karen Webster in June.
Read more: Acquisitions, AI, Artificial Intelligence, B2B, B2B Payments, Dan Lifshits, Dwelly, Ilya Drozdov, Lime Property, News, Property Management, PYMNTS News, Real Estate, Rental Property, Featured News, Featured B2B News
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