PropTech platform to use AI in next upgrade, as fees rise

PropTech entrepreneur and lettings agent Kristjan Byfield is announcing an upgrade to his platform The Depositary, which will see its first foray into Artificial Intelligence.  

He says that since launching in 2020 his service - which books tenancy check-outs, cleaning, reviews inventories, negotiates dilapidations, handles reconciliations and refund and, if needed, submits dispute files - has worked with agents on 47,000 tenancies and removed some 90,000 hours of work.

The new upgrades - more details of which will be announced in the near future - will include advanced partner integrations and AI to reduce manual tasks, improve efficiencies “and enhance both the agent and customer experience.”

Byfield says the new upgrades have cost in excess of £100,000 on top off the £500,000 previously invested into the service.

He says there’s been two “modest” increases in fees to agents since its initial launch rate of £50+VAT per license. Now another increase is going to take the cost to £200+VAT per license. 

He addss: “This pricing update isn’t just about covering costs—it’s about matching the value we deliver to the agents we serve. We’ve put everything into building a platform that truly makes a difference, and this new phase will allow us to continue innovating and supporting our clients in the best way possible.”