Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Landlords Urged to Use AI to Scrutinise Letting Agent Contracts
Landlords place considerable trust in their letting agents, but changing times make it important to review both the contract and the service being provided, according to a report by Property118. The report suggests landlords should use ChatGPT or another AI platform to help scrutinise the terms before signing.
The report states that letting agents need to rethink their contracts and fees. It draws on the author's recent experiences to argue that landlords should not assume existing arrangements remain fit for purpose.
The recommendation to use AI tools is framed as a way for landlords to examine the small print of agency agreements before committing. According to the report, this approach can help landlords review the terms they are being asked to accept.
For letting agents and inventory clerks, the report signals that landlord scrutiny of contracts and fees may increase. The report explicitly states that agents need to rethink their contracts and fees, suggesting current arrangements may come under greater review.
The report does not specify which contract terms landlords should prioritise, nor does it provide statistics on fees or contract disputes. It also does not name any individual or company beyond the author's reference to their own recent experiences.
Source: Property118