Dwelly, an AI-powered letting and property management platform, has expanded its portfolio by acquiring Lime Property, a leading estate and lettings agency in Hull, adding 1,000 properties to its portfolio.
With the UK real estate market seeing only 1-2% growth in new property listings annually, Dwelly has adopted a strategy focused on acquisitions and the use of AI-driven automation. This technology automates many business processes, transforming traditional agencies into digital-first, tech-enabled lettings platforms within a span of two months.
The platform also assists landlords in finding tenants quickly, sometimes within a day, and helps ensure agencies comply with regulations with minimal human oversight. Dwelly’s technology allows property managers to shift their focus to more critical tasks, benefiting both landlords and tenants. Lime Property’s key stakeholders will remain involved in the business following the acquisition.
What Role Does Dwelly Play?
The real estate sector is the largest industry in the UK, contributing 12.5% of gross value added. Dwelly aims to address some of the industry’s inefficiencies by introducing AI technology, similar to how other large, non-digitised sectors have been transformed by platforms like Uber and Gett.
Unlike many startups that face challenges with organic growth, Dwelly’s business model has proven effective. Its founders have previously managed over 10,000 units with the largest lettings company in Eastern Europe. Similar models have seen success in other markets, including Latin America and China, with platforms like QuintoAndar and Beike.
Who Founded Dwelly?
Dwelly was co-founded by Ilya Drozdov, Dan Lifshits, and Dmitry Khanukov—experienced entrepreneurs with over 15 years of collaboration and a history of successful exits in the property tech sector. Their previous roles at companies such as Uber, McKinsey, and Gett gave them insights into improving the rental experience, informed by their own challenges navigating London’s rental market.
“The UK real estate market has seen several mergers and acquisitions over the last few years, but many have struggled with digital transformation. Our goal at Dwelly is to address this gap by leveraging technology to enhance operational efficiency,” explained Ilya Drozdov, CEO and Co-Founder of Dwelly.
Redefining the Rental Experience
Dwelly’s mission is to make the rental process more efficient and reliable for all parties—tenants, landlords, and agencies. By integrating AI and automation, the platform reduces the time spent on routine tasks, allowing agencies to operate more efficiently while improving service levels. According to the company, their system can reduce agency workload by a factor of three.
Lime Property, which has been active in the UK for over a decade, employs 15 people and generates ÂŁ1.2 million in annual revenue.
“We see this as the perfect time for real estate to adopt new strategies, and with Dwelly’s AI-driven solutions, we are excited to expand the platform’s network and improve the experience for both landlords and tenants,” said Sam Humphreys, Managing Director of Lime Property and now a shareholder at Dwelly.
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By Proptechbuzz
By Ravi Kumar
