Dwelly, an AI-enabled letting and property management marketplace, has expanded its portfolio by 1,000 properties following the buyout of Lime Property the leading estate and lettings agency in Hull.
With a meagre 1-2% of new properties added annually to the UK real estate market, Dwelly is making an entry with a targeted buyout strategy and the integration of AI services. This integration automates business processes, transforming traditional agencies into tech-enabled digital lettings platforms within two months.
Additionally, the marketplace helps landlords find tenants in just one day and ensures agencies remain compliant with minimal human intervention. Dwelly’s technology empowers property managers to focus on critical tasks instead of repetitive ones, delivering greater value to both landlords and tenants. Key Lime stakeholders are remaining on board with the new venture.
What role does it play?
Real estate remains the largest individual industry in the UK, accounting for 12.5% of gross value added. Inspired by other large, non-digitised sectors that have been disrupted by marketplaces like Uber and Gett, Dwelly aims to help the real estate sector overcome its tech debt.
Unlike other startups that struggle with organic growth and burn through funds trying to acquire new listings, the efficacy of this business model has been substantiated not only by its founders, who have managed over 10,000 units with the largest lettings player in Eastern Europe but also by prominent companies in Latin America and China, such as QuintoAndar and Beike.
Who is behind Dwelly?
Dwelly was founded by Ilya Drozdov, Dan Lifshits, and Dmitry Khanukov, seasoned entrepreneurs with over 15 years of experience working together and a track record of successful exits in the tech-enabled lettings industry.
Previously holding leadership positions at tech giants and consulting firms such as Uber, McKinsey, and Gett, they were inspired by their personal experiences navigating the cumbersome rental process in London.
“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,” explained Ilya Drozdov, CEO & Co-Founder of Dwelly.
Redefines rental experience
Dwelly is on a mission to redefine the rental experience, making it simpler, smarter and more reliable for individuals, families, landlords, and real-estate agencies. The company leverages modern AI advancements and tailored automation systems to provide best-in-class services to its clients. As per the company, its technology reduces time spent on routine tasks and improves agency efficiency by reducing 3x while elevating client service levels.
Lime Property has been a player in the UK market for over 10 years, operating as both an estate and lettings agency with a revenue of £1.2 million and employing 15 people.
“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,” noted Sam Humphreys, Managing Director of Lime Property and shareholder at Dwelly.
Join our community of 200,000+ real estate leaders and get weekly insights and updates with our newsletter.
