Rent prices in the UK have been going up rapidly in the past 18 months with no end in sight. While this is an unfavorable situation for tenants, it is also becoming problematic for landlords who must deal with a greater number of renters who are behind on their payments and are in arrears. Greycoat Real Estate has spotted one solution to this problem that might be controversial but also very effective: Artificial intelligence.
Making Tenants More Comfortable with Artificial Intelligence
While the use of AI has been met with some skepticism in the past, a software provider by the name of SMS Speedway has created a new artificial intelligence program that will communicate with renters on behalf of landlords. And Greycoat offers guidance and advice for home sellers or renters.
Greycoat Real Estate agency realizes that while this may sound like a step backward from person-to-person communication the data has shown that renters are more open. Also, honest, and comfortable when communicating with an AI. The AI is programmed to perform several critical tasks such as notifying renters when payment is due, thanking them when a payment is made, and communicating with them when they are in arrears. The AI will also send a notification to the landlord when payment is collected.
Not only does the use of AI have the potential to get tenants to communicate better, but it also frees up a landlord’s staff to be redeployed to work on more profitable activities. Greycoat Real Estate sees this as a useful asset that could benefit many landlords, especially larger ones with greater responsibilities and more employees.