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  • Writer's pictureSarah Ruivivar

UK Letting Agents Embrace AI's Promising Future

📸 ModelProp / Midjourney

The future of lettings is looking increasingly tech-savvy, with Artificial Intelligence (AI) at the helm.

A recent poll by PropTech suppliers Vouch and Goodlord revealed that almost half of the 400 letting agents surveyed are excited about the potential of AI in the industry.

The results are encouraging, with 45% of agents predicting that AI tools such as ChatGPT will be beneficial in the future. Only a small fraction (16%) expressed concerns about AI hindering the industry. The rest remained neutral, awaiting the unfolding of AI's impact.

Interestingly, the enthusiasm for AI varied across regions. Greater London agents topped the chart with 54% being receptive to AI, while the West Midlands trailed at 36%.

The survey also highlighted a positive attitude towards adopting new technology, with a whopping 70% of agents believing that lettings professionals are open to it. Furthermore, 60% of agents believe that technology should be utilised more to enhance the customer experience.

However, the survey also revealed a gap in tech literacy. Many agents were unfamiliar with technical terms and jargon. For instance, 83% were unfamiliar or only somewhat familiar with "Optical Character Recognition (OCR) Technology". Only 24% of agents were familiar with "Identity Document Validation Technology (IDVT)".

On a brighter note, "Open Banking" was the term with the highest familiarity, recognised by 46% of agents. This technology is used to verify income and confirm the financial security of prospective tenants.

In conclusion, the lettings industry is showing a promising trend towards embracing AI and new technology. Yet, there's still a need for education to bridge the gap in tech literacy. Here's to a future where technology and property professionals work hand-in-hand to provide a seamless customer experience!

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