Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.

Reapit Announces £40m+ Annual Investment in Estate Agency AI and Tech

Reapit has secured more than £20 million in new investment from Accel-KKR as it increases spending on artificial intelligence (AI) and consumer technology for estate agencies. The company now invests over £40 million annually in product development and innovation, including research and development.

Reapit will use the additional funding to further develop its estate agency platform. The company aims to move its technology beyond traditional transaction management, helping agents maintain relationships with customers beyond individual property transactions.

Reapit expects AI to change how estate agencies operate, with technology that could help agents manage customer relationships, identify potential instructions, and automate administrative work. Its strategy is to bring agency data, customer interactions, and AI together within one platform.

The company believes that better customer data could help agents identify future opportunities more quickly, such as potential sales and lettings instructions. Reapit Home, the company’s customer-facing portal, is a key part of this strategy, allowing agencies to maintain contact with customers beyond a single transaction. Agencies can combine information from these interactions with existing customer and transaction data, which AI can then analyse to identify behavioural signals or potential opportunities.

Reapit expects estate agency technology to focus increasingly on longer-term customer relationships, rather than just managing individual transactions. The company stated that several estate agency businesses have recently renewed long-term agreements with Reapit, though it did not name the firms involved.

The latest investment will be used to accelerate development of Reapit's core platform, consumer technology, and AI capabilities.