AI PropTech tool claims to make end-of-tenancy more efficient

A PropTech platform claims a new ‘Yield Control’ feature makes the end-of-tenancy process more efficient.

Residently claims to connect and make smoother the various end-of-tenancy processes which it says currently take the form of disconnected events. 

It says the current process results in manual, time-consuming jobs for management teams, leading to inefficiencies and lost data. It also forces managers to issue renewals in bulk with little to no personalisation and squeeze complex negotiations into a limited period. 

However, by using AI and automation, Residently claims to have streamlined the process to send automated, personalised communications to residents 60 days before the notice period. Its research has shown that 68% of residents freely give their intent to stay or vacate more than 30 days before they need to. 

Residently also claims that its platform shortens voids thanks to advanced notice. 

Ed Tinsley, the platform’s general manager, says: "There's an accepted void length of around three weeks per tenancy in the lettings industry. Much of this is avoidable with proactive communication and smart technology. By bringing together the right data from the entire rental cycle, automating the process before notice is due, and delivering personalised smart renewal offers, our partners can easily prioritise individual renewals and re-lets."