Tech-based management firm acquires second letting agency in three months – London Wallet

Dwelly, an artificial intelligence (AI) enabled letting and property management marketplace, has expanded its portfolio by 450 properties after completing the acquisition of Gallant Richardson in Essex.

The purchase comes just three months after Dwelly entered the agency market with the purchase of Lime Property, an estate and letting agency in Hull.

Dwelly says the acquisition of Gallant Richardson aligns with the company’s mission to technologically empower independently-run letting agencies while preserving their brand and legacy. Gallant Richardson, founded in Colchester back in 1993, has grown into a well-establied agency locally.

Dwelly will now seek to seamlessly integrate AI solutions, streamlining key processes such as tenant applications, ID checks, lease signing, and ongoing maintenance.

“This acquisition is another step towards revolutionizing the real estate sector, helping traditional agencies to overcome their inefficiencies through intelligent automation,” said Ilya Drozdov, CEO and co-founder of Dwelly. “Following our previous buy-out of Lime, where we already reduced time to rent by 80%, we aim to empower other agencies with similar tools that allow them to focus on growth while we handle the complexities of operations with seamless and systemic AI integration”.

Historically slow to modernize, the property sector in the UK is seeing rapid change. This has led Dwelly to accelerate its growth through strategic partnerships and a targeted buy-out strategy, an approach that enables them to scale quickly, modernize agencies more efficiently, reduce operational costs and mitigate losses from human error, ultimately increasing margins.

Andy Wade, former director of Gallant Richardson, commented: “Earlier this year I started thinking about my eventual retirement. I wanted to find a way to allow me to do this whilst also allowing the business to continue. Dwelly invests in existing independent agencies with those businesses continuing under their current names and operating from their current premises with their current teams. I’m happy that all Gallant Richardson clients will continue to receive the service they are used to with further investment into the business.”