Inventories, AI & Industry Evolution — with Nick Lyons of No Letting Go & Kaptur

In this episode of The Viking Chats, Kristjan Byfield welcomes Nick Lyons, founder of No Letting Go and Kaptur Software, to dive deep into the evolution of the inventory sector—and how technology, AI, and data are reshaping it for agents, landlords, and property managers across the UK.

🚀 From early dictaphones and manually edited Word docs to a national franchise network processing 10,000 reports a month and a platform producing 300,000+ compliance inspections annually, Nick shares how he turned a scrappy startup into the UK’s largest inventory provider—all built on three core values: reliability, accountability, and consistency.

💡 You’ll hear:

• How Nick’s early obsession with operational excellence built a franchise model that delivers local expertise at national scale.
• Why No Letting Go and Kaptur are more than just inventory tools—they’re risk mitigation and compliance allies for agents, landlords, and institutional operators.
• The reality of trying to build an inventory business with actors as clerks (spoiler: it didn’t go to plan).
• The importance of seamless data transfer and how the Connect product allows agents to dynamically blend internal and external resourcing based on seasonality and business needs.

🔄 But this isn’t just about the past. Kristjan and Nick dig into the tech future of our industry:

• The complete rebuild of Kaptur and how it now integrates fully with The Depositary and Reapit Foundations—creating an end-to-end, circular ecosystem from tenancy start to final refund.
• How AI is powering next-gen features—from auto-curating checkout dilapidations to auto-generating negotiation proposals and even benchmarking team performance with voice-activated insights.
• The future of data: why it’s not just about insights for your agency, but about protecting clients, identifying risk early, and making smarter, faster decisions.

💥 Expect actionable insights, witty asides, and powerful reasons to review how your agency handles the “final third” of the tenancy journey. Whether you outsource or do it in-house, the message is clear: if you're still manually processing reports, extracting meter readings, or wasting hours negotiating deductions, you're leaking time and risking compliance.

🎯 Who should listen?

• Agents fed up with clunky, manual workflows
• Ops leaders juggling seasonal staff pressure
• Landlords (especially portfolio and institutional) demanding real-time data and transparency
• Forward-thinking agencies ready to scale efficiently without sacrificing service

It’s tech-meets-operations-meets-real-agent-life, all wrapped in a frank and funny chat between two industry veterans who’ve seen it all—and then built the platforms to fix it.

📦 Bonus? Get the lowdown on upcoming AI tools from The Depositary that will transform how you negotiate with tenants, streamline disputes, and slash admin time from 60 hours per month to 6.

This episode is your blueprint for automating the complex, freeing up your team, and future-proofing your lettings business.

Transcript

Hi guys and welcome to joining us for our latest Viking chat and delighted this week to be joined by Nick Lyons of No Letting Go and Capture Software. Nick Brilliant. It's just an honour to be in the Vikings lair. Thank you for going there to Shordyn. It's always nice to do these in person. Not just online, it's fun. There's nothing better than seeing the whiteness of someone's eyes. Absolutely. So Nick, for those of you who aren't already familiar with No Letting Go and Capture, just give us a little bit. Who are you guys? Well, I set up no letting go back in the days of when imagery is and deposit protection first come out 2007. Yeah. And of course the principle at that time was that I wanted to provide my goals to put solid reliable evidence anywhere in the UK for the property market. Very, very simple goal. And I set it up on as funny at that time or prior to 2007. I've done a load of due diligence in the market, you know, preparation for selling the business up. And I asked, you know, I must have spoke to about 200 agents at the time and I asked them, you know, with suppliers, you know, service suppliers that you use, what are the biggest challenges and that sort of thing. And the underlying answers, if you like, that came out pain points for one to the better word were reliability, people not turning up on time, etc, etc. A problem with consistency and this was not only on a reporting side, variations and that but also different types of people in a way that they behave with people and that sort of stuff. And the other big one, which surprised me a little bit was accountability. People not take responsibility for what they were doing. You know, I blame the others and that sort of thing. So I, and that was the overwhelming problems in the market. It wasn't price, it wasn't all those different things we tend to think. It was very much those three items. So when I first set up no letting go in Southeast London, those all those days back, I set it up to fundamentally franchising. I figured that the one thing about the letting's industry is whilst it has this sort of corporate umbrella about, you know, rules, regulations, structure, etc, etc. But at its heart, it's a local business run by, yeah, it's a local industry run by local people, local letting agents looking after people and understanding that market. And I wanted to try and really sort of enhance all that. And so I said it was a franchise model to put local people dealing with local agents at a local area. Am I right in saying that no letting go is one of, if not the only like genuinely nationwide full service inventory company or if you well, I think I mean, certainly, but then on service, obviously, our business is about providing solutions that's providing solutions for evidence based reporting. And yes, we've got and sort of 96 offices, we we got something like 400 inventory clerks, expect to assesses on the ground. We do everywhere, Scotland, Wales, England, all corners, pretty much everywhere that's covered. And so I'd say yeah, I'd say we are the we are the biggest. And I but more than anything else, I always been really passionate about quality. So I really focus more on the I don't tend to go for with the biggest, as of I did to look at making sure that we deliver what we say we're delivering along this core value, which reliability accountability and consistency. Now, obviously, you guys offer your business, you've got no letting go, which is kind of the full service, image, you can't do the job, but you also offer your system as a software package, right? You've also the software that your clerks use, which you call call capture. Yeah, that is also available, whether you're an inventory business looking for a software or you're in a state agency looking to facilitate reports internally. Was that was that something that you plan to do with the business from the offset? Was it always going to be that double thing? Or did you watch it originally as a full service thing and then go hold on a minute. I've built a software product here. Why not kind of covered by faces? Well, it was interesting because of course, in 2007, there wasn't a great deal of software around. Yeah, you know, we were doing we're using dicks or phones or cameras and that sort of thing. So, but you know, the state of the art was actually having photographs in an inventory report. Well, you know, cutting edge stuff, cutting edge stuff. I mean, you probably won't know this Nick. We actually, Anne and I, and I don't know what year it would have been, it probably would have been around 2007. We actually set up an inventory company. Oh, really? Yeah, because we looked at it and you know, some of the issues you highlighted, consistency, training, diligence, the energy, the reports, all that sort of stuff. But like you said, back then, there wasn't really any software added. We weren't looking to be any sort of software developer. We were only really starting. If actually, it was really interesting. We, so we launched base in 2004. Like, we always consider ourselves a very proctech kind of centered business now. We didn't our first proper digital product, not including obviously marketing on the portals or stuff. And was G-Pix, our CRM. But we didn't go on there till 2008. Yeah. Okay. So, you know, we ran this, we ran base 100% manually for the first four years. I mean, I remember every monthly account statement, an invoice going in and manually editing our word template and email that stuff out. So and but we, but we built an inventory company that time. I remember we called it spectral inventories and we were like, yeah, this is going to be cool. It's going to be a nice little side business. We do with it. But like you said, it was the kind of modus operandi back then was, and that was considered cutting edge. You'd record, you'd dictate it on a digital dictaphone. You'd upload that file. We used the typing service in India. And yeah, and then we would, you know, we'd be back to the open. Yeah. And we very quickly, we very quickly realized this was not business. Oh God, I think we ran it for about six months because we never, you obviously went into it with like this big picture. Yeah, I was focused through it with a kind of look, let's start offering this for base. And then, you know, we know a lot to local agent. So once we get it working for us, then we can go, Hey, guys, you know, because we know the issues, we know what clarks usually overlook, we know the issues clarks face with key access to all this sort of stuff. It's no different. You know, I think a good property management company knows how to utilize the specialist resources around them. I mean, you remember the days when agents were called to a banger putting their own for sale signs, I mean, of course, it's crazy. You're out in a suit, you know, in those days, banging in in the rain, trying to put a sign on me. Or taking another agent's board I see to back there, that was a lot more prevalent than they just put their own one. But but you're right. I mean, you know, like us, we had the dictaphone and we had the cameras, we had a team actually in New Zealand. And I offered this guaranteed back by nine o'clock the next morning, because of course, as they had they ended, New Zealand started, they were all legal typists. And so they were, you know, they obviously were English speaking, etc, etc. So it was quite fast and efficient. And the pound was strong in those days. So very, very, very, absolutely. And of course, then what happened is I started working with some some larger agents. But by time I got to about 15 or so offices. I started working with some of the larger London offices, a young Matt Goddard, you might remember back in those days and so I've gotten Matt various other people. And we started to look at how do we make the process more efficient. So I developed what we call PIMS at the time, a property imagery management system, and I saw quite like the analogy to to a drink as well. But it's called PIMS. And I developed this, this, this software in the very early days, which essentially was, you know, you, you uploaded the reports into the system, but it gave clients the ability to order stuff through the network. That's pretty basic. And then over the years, we developed and developed and developed and, you know, became sort of, you know, as sort of slowly as smartphones came in, we started looking at the ability to update data and be more efficient, constantly looking at sort of like marginal gain concept of a chip in a way, you know, if I can take five minutes off a visit, it makes the franchise a little bit more efficient and get things done quicker and, you know, etc, etc. So I sort of worked that whole principle all the way through and made sure that it was reprocessed and etc, etc. But of course, what happened, you know, sort of weeding forward a number of years later, legislation started changing, inventories became, you know, whilst it is predominantly an evidence based report, you know, compliance started changing, tentatively bands came in, smoke CO came in, so, and an inventory became more than just used for deposit protection, yeah, and negotiation, etc. So it became as much a compliance report. So the importance of it was becoming more and more important, therefore, you know, more and more people were outsourcing, obviously, a lot of people doing in houses, however, they were using specialist software to do so, etc, etc. So, but there was less and less people doing what you did, because a number of people did what you did in the early days, sort of set up their own internal inventory company if you like, and that started sort of disappearing and people going, actually, it's too much hassle. Yeah, it made me make it your... I think as is often the case of these things, our biggest challenge, the thing that made us very quickly decide this one's not for us, was stuff, you know, because for us it was a side business, you know, definitely wasn't a priority over base, to pository, we hadn't even remotely had that idea yet, but our challenge was with staff, we had so many problems onboarding staff, and I had the... I had all these great ideas, I mean, actually, one of what I thought was one of my great brilliant sort of ideas about staffing it was that, you know, a lot of people in yourself know I came from an acting background, and one of the things, one of the nightmares for a wannabe professional actor is the jobs that they have to juggle around trying to go to auditions, and I thought, do you know what, brilliant, because I was like, you know, you've got so many actors doing promo work and working in bars and restaurants and doing kind of flexi stuff, but it's all very unawarding, very kind of fairly like minimum wage, and yeah, you know, some employers are flexible understanding that others aren't a bit of a plan, I was like, you know what, brilliant, this is a job that people can go and do whenever they want, I was like, you know, even if people want to go and do a make a check-in report at one o'clock in the morning, as long as they're not disturbing the neighbours, you know, and I was thinking, "Oh, actors, they'll be so, you know, well spoken, and you'll be able to hear very clearly what they're dictating, no problems at all." Yeah, Jesus Christ, I forgot the flip side of actors that they are the most like, often, the most all over the shop, kind of artistic, you know, type creative. Yes, yeah, creatives to the core, and so we looked at actors, we went from, we got a number of offices obviously in central London, and we looked at the whole actual market, and we had exactly the same logic as you, in fact, I knew another inventory company that, that was, you know, had the user-same methodology. Yeah, it didn't work for us. The problem is, and we, it didn't work for us either, and the problem was, is that at very short notice, people would say there was an audition, and that would take precedent over any of it. And that's the thing, and you can't complain, because you've gone to them going, "Guys!" It's a really flexible job. Yeah, you can't do it, and of course, you know, it's only, obviously, the tenant free ban came in 2015, everything before that, of course, was pretty much accompanied, yeah, accompanied the chickens. Yeah. So you kind of have a tenant standing out, so I'm sorry I had to do an audition. Yeah, sorry about that. Yeah, yeah, I'll be there in like three hours. Yeah, if I get in the park and I don't have to go drown my stories in a pub for being turned away on the first line. Anything could happen, anything could happen. Yeah. So, what were you doing? So, we've obviously talked about, you know, and we're not finished talking about that, but what were you doing before you had the idea of no letting go? Were you an agent? Were you already working within kind of operations? So, I changed careers when I was about about 30, up until the age of 30, 31. I was a sales director for Burmecastrol, one of their chemical divisions. Okay. So, I sold oil into developing countries across the world. So, it seems that a month you were the next logical career. It's probably, I know, it's a bit of a random term, but I, you know, I obviously worked in that corporate environment. There was a, you know, B people cast it out and I thought, I want to get out of this. And I actually set up a business, I spent a little bit of time in, it's .com world back in those days. And I spent a bit of time starting up working with the startup. So, I had this, I learned over a couple of years all about, you know, running small businesses. You know, I looked up to the European business for them, but it really was a software self, you know, sort of supply chain management, that sort of thing. But that business went, went bust. And so, I was suddenly out of a job. I then decided that I wanted to stay working for myself, the sort of early 30s, and then set up a search business doing, you know, conveying some searches. So, that's how I sort of came into the property industry. And it was, it was the days before Hipspax came out and that sort of thing. Yeah. Highly successful initiative that they rolled out and it killed the search business to some extent. But, you know, we did, we did really well out of it and, you know, it was good business. But that's where I understood, if you like, the principle of providing a report service to, to what was the same as an agent, but to a lawyer who was acting for the consumer in the same way I'm providing emergency services to a letting agent that's acting for a ladled. So, the principal, third party principal, so it worked really well. And, you know, that business did really well. And then I bought the franchise rights for, for remax, and, you know, I spent it. Yeah. So, I got into agency via, via that remax route. And so, I had, you know, there are funny brand reruns, haven't they? I mean, they're still present, but they've never really got major traction in the UK. I really love the idea. They're massive in America. Yeah, they're massive, but pretty much everywhere in the world, other than the UK. I think the UK, you know, as we, as we see from various other similar models sort of starting in this country, it's a really difficult concept that most of the countries get ahead. Well, and also, let's not forget, like, contrary to what consumers are led to believe, it's, because also we're very cheap in this country. We are. We are. I mean, of course, in this country. You know, I'm selling my dad's place in Spain at the moment, and that's 5% placebo, which is the equivalent of that, 20%, so 6%. Yeah, because remax is a big in Spain and that sort of stuff. And I think in the whole sort of thing. Yeah, so it's a nice business in that sense. But yeah, so, so I, you know, and I'd expanded that and, you know, I was doing well, I had a business partner that was running that side of things. So with the search business and then the remax business. And, but I was the search business, because the hips had come in, it had started to sort of fall to and was becoming smaller. And because in the 2004 housing act, I'd spotted this, this, this whole thing around deposit protection. And I was looking at going, well, I've got this franchising backman as a franchisee. I've got this background of report management, such and I looked at this and, and, and saw this deposit protection concept at the time and, and thought that actually I've got all the skill sets here. I know what works, what doesn't work, that sort of thing. So I pulled that sort of historical knowledge together, figured that evidence was going to be a requirement for the deposit protection. And, and then, and then went out actually to, or through through sort of word of mouth, I found stuck a husband wife that we're looking to sell an imagery business. In, back in, in Chiselhurst, actually they were placed in, in Bromley. And I went and, went and spoke to them and I offered them this deal. I said, I'll pay double what probably the business is worth. And I said, I'd pay you a third up front. I said, and, and I will work for you as a clock. I said, and once we get through that first six months, you pay me another, I'll pay you another third. And then you work for me. Yeah. For the next six months. And then I'll pay you the remaining third. So in that process, I model, I, I sort of got this, because I was essentially buying goodwill. We really know what I was buying. But I had this concept that I wanted to franchise it, wanted to grow it, but I needed to learn the business properly. So I need to learn it from, from the ground up and then systemize it. And so working with those guys. Well, it's good. And they had a vested interest in making sure that transition worked. Absolutely. Absolutely. And that was sort of 2000 and ended 2005, sort of 2006. At the time, I actually launched No Lits and Go in January 2007, the deposit potential coming. Yeah. Yeah. And it's, I think it's took me, took me a year, these fantastic plans, you know, 10 offices in the first year. So it's a year to sell the first one. It was like, what? Invertries? Nah. Yeah. Might take off. And of course, everyone was quite anti at the time as well, because they were struggling to get their head around the deposit protection. But, you know, like anything, you believe in it, and you, you know, you sort of follow it through and you develop the process from the back end of it. So, so that was my sort of checkered past how I got into the, no management market. No. Yeah. I always find it interesting how people kind of stumble into this industry. And it's, it's, you know, whether you're an agent, whether you're a supplier or, or both. Yeah. I always find it interesting how people kind of do it. And it's funny. You talk about the capture concept. When we're not at this, this PIMS business, we've said the whole of the system was originally developed for no leading go. So we, you know, we developed the system to be massively work by driven. How can you get in and out of a property as efficiently as possible? Works a lot with the industry as well, the deposit schemes, then our, at the time. And we were, we were trying to improve and professionalize the whole inventory market business. And so, there was a lot of, you know, a lot of legwork goes into these sort of things and chipping away and, and gaining sort of trusted people and that sort of thing. And of course, what, what happened is that as technology was becoming more prevalent and taking the, yeah, prop tech started early days of prop tech, what was happening is, is we had, we had some pretty big clients that we use in a lot of our offices. But of course, they were doing some stuff in house. And, you know, some stuff that was not necessarily related to inventory, but it might have been pretenency stuff, you know, reports or midterms, because midterms are typically done in house in most offices, unless there's a problem or they get, you know, backlog, that sort of thing. So a couple of clients were studying, were coming to us and saying, you know, can we use your software for our in-house stuff? Because actually, GDPR was raising his head at the time. So we, we had a, we didn't like the idea, all this information flying around different companies. And we didn't like the idea that it was all going out in different systems. So it wasn't everything in one place. I wanted to integrate in accordingly. So we, we started talking to some of our biggest clients at the time to try and solidate it. And that's how capture was formed. And we renamed it capture and put it across us in accordingly. So what sort of volume do you guys kind of produce now, both kind of, I don't know if you can give us just a loose overview of kind of what is produced in terms of inventories. And I imagine, as you touched on a lot of it is to do with compliance, interim inspections, stuff like that. What kind of, what kind of volume are you guys? So our, our, our core business through no-listing go is still immotories and check-in, check-in movies. And we, we're doing something like 10,000 visits a month. There about a hundred, twenty thousand, twenty thousand, a year, a year, across, across the 90 plus offices. And, and then obviously the capture, so the guys that are using themselves, there's, there's, there's been excessive that, that again, running through business. Yeah. I mean, in theory, right? If you're doing that, then you've got to be producing kind of two or three times that volume in interim inspections. So probably another, three, three hundred thousand. That's, that's right. There's an enormous amount of, of midterms, routine visits, etc. And of course, the combo between in-house and externally. And of course, this year we've launched a product called Connect. And of course, this Connect product is really around, you know, bringing that total solution to a client. So it's basically saying to a company, right, you know, they've got 50 offices around, around the country. They have a whole range of reporting that they do. And they might outsource some of it, all of it, part of it. In some offices, not in other offices, but the, the, the Connect product, which sort of brings no living going captured together, is gives all of those clients the ability to just go on the system and allocate them to themselves or to any one of the offices nationally, centrally, build all that sort of stuff. It sort of pulls the whole piece in. And it, it's particularly powerful because it offers resource flexibility. Yeah. So you can flex your own internal resource against, you know, that seasonality we tend to get, you know, with students and all kinds of stuff that you get. Yeah, these little panics that, oh my god, you know, 20 people moving in tomorrow, one of them. Yeah. It deals with all of those issues. And because you're using the one system, it gives you that consistency. Nice. And that, and that's, you know, that's the beauty of it. And that's if you like, where our sort of niche and sweet spot company. So you've got a nice mutual business. You're doing somewhere in the region of three, four, three, four hundred thousand plus kind of reports and inventories, whatever. And then what, roughly kind of this time last year, you guys made quite a big decision. What was that? What in terms of, in terms of capture you talking about? Yeah. So we, you did the scary thing in software. Yeah. So we, a couple of years ago, I took the decision, tough decision, if you like, to take our existing old system, if you like, which is obviously getting on for 15 years old or something. Which is, which is, which is, which is the problem. Well, it is, it is quite old. And I, you know, I wanted to introduce a whole load of extra tools in place. I wanted to start looking at analyzing compliance data and analyzing evidence but they're giving more information back to our clients so they can make more informed decisions. So I think it's, I think it's a really interesting point touching on the data, who either interesting chat with Walee on one of these the other day. And I think one thing I was saying to him is that the value of data has never, has never been a mystery. Right. I think we all, we all know as businesses that we've got data within our business that will help us run a better, more successful business. Yeah. Yeah. I think the trouble that most of us face, and I don't think this is particularly relevant to agent at the top, I think it's every business, is particularly when you're smaller businesses, how do you have the time and resources to access that data, you know, kind of interrogate that data and, and make those key discoveries and findings out of it. And I think, you know, part of the problem in the past has been the ability to access that data. Yep. And then the other thing has been how you digest and leverage that data. And I think what's really interesting now is, you know, you've got organizations like you, like you said, that was one of your key reasons for doing it was to, was to create this kind of data insight side of the business into a really important part of our platform. I know, particularly with the larger agents we work with, you know, we've got six or seven reports that you can instantly generate within our platform. You know, and there's, excuse me, there's three that agents really love. It's time to close claim versus finalised total. So proposals versus agreement. Yeah. Sorry, excuse me. And, and then the other one is we've got like one that literally shows how many days every tenancy takes every step within the process. Because we've broken the process down into five stages, and then we've got micro stages within those, you know, any agent who wants to understand where the bottlenecks are within their business, you know, in one click, they can understand right for whatever reason our PMs are smashing it. But when it gets referred to the accounts department, accounts are sitting on the refund for a week, you know, and the easiest conversation ever to suddenly take two, three, five days off your refund time is to identify that. So, so I think what's really interesting is you've got more and more businesses like ours that are making that data instantly accessible. Yeah. And then I think the cool thing now is you add in that extra layer now of AI. That's fine. That's fine. You know, and whether you go for something generic like Chunk GPT or, you know, Google's Gemini, they've been working heavily on the data reasoning on that. You've also got platforms like Julius, which is, which is specialist for kind of deep research. You know, you've now got these things where, you know, a layman can take a spreadsheet or several spreadsheets and can plug that into a system and go, you know, this is my business. This is the data that I'm giving you, you know, the last six months, 12 months, whatever. And these are like, these are these are the elements of performance we want to focus on, or this is what we aspire, you know, for the business to become in three years time, five years time. You know, what can you take from this data to help us make data led decisions and achieving that. And I think, you know, your big companies, you know, Frank's, you're several, you're Connal's country wide, you know, they will or should have data scientists and data analysts within their business. But that was, that's the thing up until recently, it was only really businesses of that kind of scale that could afford the resources to go, you know, we're going to hire a couple of data scientists. And we're going to have them trawl through our data and make, you know, these incredible insights into how we scientifically evolve the business. I mean, exciting thing now is, you know, people don't need that resource. You know, they don't, but also you, I mean, we talk a lot about data and value of data, but, and of course, he's, you know, most people tend to think of value of data as what can I do with that data and select. Yeah, that's not how I look at value of data. I look at the value of data is what can I help my clients solve a problem that they have? And the reality is GDP I've paid to a lot of that. The ability to just to just churn, you know, the current data. Absolutely. And, you know, we, we, because, because we're a total solution, because obviously we're doing in-house, wherever all the data is held within that, within the system. Some people, you know, some companies are interested in their SLAs, you know, in terms of, like, okay, when I book a job with, with no, let's go, or internally, how quickly to get booked in, because we provide all that. And then you start looking at how quickly they'll get my reports back, you know, and something that you'll, you'll understand from your own base as well as the positive. So, you know, it's, it's how quick does it churn around? Check out it's done on day one. Is it back in day two? You know, the information together, what happens with that data and et cetera. So you're looking at, and then what, once you've got that information, because I, as I mentioned earlier, we're a lot more compliance related, is, you know, where have I got a problem? Yeah. Where have I got an exposure? You know, you know, nobody wants to be, you know, the person that's, that's a big problem comes up. No, we don't, we don't want to be, we don't want to be that that agent, that agent, that agent today, or by. Absolutely shut down, no. That's fine. Yeah. Yeah. No, no, you're right. And then of course, you know, the, you need to understand when a problem is coming up, not understanding that I've just had a problem. Yeah. And now I'm firefighting it. And that's, that's where, you know, that's where we're really good. That's where we have a value. If data is really good, and then it's down to the, to the clients, the agents, property management companies, to make some informed decisions on looking at that data and working with us, sort of say, okay, well, what can we do here? And, you know, it could be something as simple as, you know, I've done analysis on all the damages that we do. And I noticed that, you know, the, the table chair keeps, the leg of the table keeps breaking in every property on every, every one. And that's come up. And we have a word with that supplier and sort that out. Obviously. And, and then that goes away. So it might be, you know, it might be things like that. So there's a whole, there's a whole range of different data requirements. Yeah. And around that. But of course, in order to do that, you've got to get the data into the system first. Yes. And of course, which is, which is if you like where, where we, we start our journey. So you, so you took the decision a year or so ago to rebuild capture. Yes. Couple of years ago. Part of that was, was the data. Any other kind of key? I mean, I imagine quite a big focus on kind of usability. Yeah. Well, we looked at, so we wanted to make the process of providing a whole range of different reports. Because software interfaces have changed a lot. Yeah. And we think about the UX products like 15 years ago. I mean, we kind of a glorified Excel spreadsheet that did more. Yeah. We, we, we, yeah. Now we've got more. Yeah. We, we, we, we, we, at the time when I put Nolina go together in the original PIMS concept, the early capture, if you like, we, we were sort of quite cut in the age of the fact that we designed it. It was a workflow, it's screen to screen to screen. And you know, and everything was driven on that process. So I've sort of taken, and you know, this 10 or 15 years of learning, and then really constantly implementing it into the system. Of course, there's a franchise business. You know, the capture system is not just a reporting system. We do invoicing through it. We do scheduling a multitude of massive teams of people. We have all kinds of, you know, we have a top up, but CRM system at the front end, we plug into the, you know, the re-pitch this world. But again, this is something I've talked about a lot, you know, with, with people coming into the supplier space or evolving the supply business, really interesting to talk about that, that back-end side of the business. Because I've, I've been surprised over the years, you know, software companies that I've met either, you know, through our supplier networks, or as an agent talking to them. And I've never ceased to be amazed by the amount of companies I talk about who preach automation and streamlining. And that's what their product does. But actually, when you look at their business or you walk into their office, everything they do to facilitate that is manual. You know, you've got this process that we're manually creating, you know, invoices and accounts, all this sort of stuff. And I think it's really interesting you touch on that because it was, it was something with depository. We always kind of made a key part of as we go, you know, building out on the back-end as much as we could for ourselves. So, you know, from day dot the invoice, automatic invoice generation, and integrating that into go-cardless and zero. Yeah. Yeah. You know, and again, that's, that's the lovely thing nowadays. All this, this whole, you know, obviously we've got industry partnerships and integrations. But the nice thing is you've also got this vast ecosystem now, of all these major software platforms. They're all generally plug and play. They're all pretty much open API. They've got lots of resources. So you can plug all this stuff in and you can very quickly have an army of business tools plugged into the back of you. And I think, I think, you know, we've no letting go. You know, we have, we have franchisees to deal with local independent agents directly. And then we have a national account side which these companies have come to us that want to use the whole network. So we have to cater for both sides. So we have a sort of a head office team that look after those sort of key accounts. And of course they have very different requirements, whether they're in the built-in rent market or probably management market or corporate landlords. That's sort of part of the market. We look, we sort of handle that side very differently from we would handle a letting agent because they're requirements. You know, for a large agency, probably management company, we're very much their eyes and ears on the ground because they haven't got local offices. So we act in a slightly different way. But of course, a local letting agent will know their landlords and tenants, etc. So it's a slightly different dynamic. That's why the model works really well. But as a software platform, we have to handle both processes. So our clients that come into our national clients, of course it, the probably postcode picks up the office, it goes, the office is, and then all the notifications and trigger points to make sure the client knows what's going on and everything's in real time. All that stuff is happening in the background. It's a massive, massive, complex system. But it, because we're in a high volume, low margin business, the efficiency side has to be really good because I wouldn't know what makes any money. Yeah. And I would say again, you know, referring back to our experience in it, again, that was one reason that we kind of went, you know what, someone else is able to crack. Because we made the decision that, you know, running a London's letting agency where there is plenty of margin. Yes, client acquisition can be tough, but margin's are good and fees are good in London. Yeah, we very quickly made the decision of T2T1. Yes, specialised. Yeah, exactly. Yeah, exactly. Yeah, exactly. And, you know, that came, I think, importantly for us, we didn't start the inventory company because we had a particular desire to run a successful inventory company. It came out of a frustration as often a case. With the suppliers, with the quality and sort of. But then there was a very quick realisation of, no, do you know what, this isn't particularly easy. Like it's, you know, an inventory in its, in its truest sense, you know, what it does is a simple thing. But the things you've talked about, the consistency of formatting, the consistency of detail, the reliance on the account. What's clean to you? Exactly. And it's been marking and all that. And it's a, you know, most businesses when you look at business are relatively straightforward in them. Yeah. But it's how you implement the processes, how you handle your clients, all that sort of process. I mean, letting agents, you know, hundreds of letting agents, but they're not all the same. Yeah. You know, and you have good letting agents and then you have quality and you have good image, you come in, you have poor image companies. And of course, lots of people, because, because there were no barriers to entry in the inventory market, particularly in the early days, it was a bit like, well, okay, fantastic. It's an opportunity. I'll do that. I can write a report. The problem is, is that you didn't know there was a problem until the tenant left. So actually you didn't not understand. And sometimes even later, right? Yeah. You know, the deposit reconciled and you popped down to the property or God forbid, the landlord pops down to the property and goes, hold on a minute. Yeah. Hold on. We've got all kinds of problems here. And then we've, you know, we've had it even, even when you have a good relationship, I mean, I, you know, I remember the ones where we've had where, you know, the inventory clerk probably had a tight day. I mean, it would most often happen in summer, when inventory clerks are back against the wall, they're dashing and check out check in to check out check in. The tenant's trapped there. Oh God. You know, the keys are ready. The agency's got the keys ready for you. I think that's got to be one of the most stressful parts of a club. It is, you know, if you, you know, if you come and spend a day in, in, in our office and, and, and of course the problems that we're coming with, that volume of work that's falling through, you know, it, it, it just takes, you know, somebody's saying, well, I've just driven all the way out, you know, at the country, so I'd have to know Rachel somewhere and not, you know, and they've got her in the key that way. Yeah. And the age of God, sorry, you're giving me your own keys. Yeah. And then you've got a backlog of, and then that's a whole collection of dates loan. And then you're then calling it all the other, and rearranging the whole day. Yeah. All these sort of things happen. I mean, it's human, right? You did, you know, we're all, we're all full of foibles. So, um, so with the rebuild of the software, obviously the exciting bit with that is, you know, that's come with all the knobs and whistles and enhancements that's come with that. Yeah. Yeah. And the fun bit off the back of that was that you then had the privilege of rebuilding your partner integration with us. Absolutely. That's not enough. But, you know, it never fun to have to rebuild stuff that you've already done, but, you know, but it had to be done. Had to, you know, your been an important business partner to us. You know, depository, of course, is the, you know, we specialize in a section of the workflow of a, of a tendency, and then you specialize in the bit that comes just after us. Yeah. So, you know, it's a, it's a, it's a perfect, you know, match by in heaven in that sense, you know, images from naturally falling into your process. You do it really well as I, you know, you know, you know, your business. So, it was really important for us to ensure that, that our clients had that option. Well, I think that it's a really exciting time because we, we've, I think we've, I think we're just at or around the time we get this out, it will officially be out. I think we just do. Yeah. Well, we're very, very fine together for a long, long time, because it was in the old system. Yeah. Yeah. You were one of our initial, one of our first, you were one of our very first partners. So really, what we're doing is we just, we just, you know, and it's better now is much, much more efficient. It's a, it's a, it's a great tool. When we've got a lot of clients already, you know, historically have used depository and there are no legal clients who use depository. Now, of course, we've got the advantage that the whole connect product, the whole capture combo of no letting go and that whole solution is now plugged into depository. Yeah. And I think that for, for any of you watching, if you, if you don't use our platform or you're not, you know, with no letting go, you haven't seen that integration before. So just to explain what that does. So our, our platforms talk very closely to one another in an instant basis. And so what's really exciting is that the moment a checkout report is completed within capture, whether that is through a no that can go, facilitation or an agent or operator using that software internally within seconds of that report being completed, that report is in our platform. Agents can customize how we distribute that. So the standard configuration is we distribute that instantly to the landlord and tenant, but you guys can configure that to delay that to one or both of those parties until you send over your dilapidation proposals. We extract the meter reading data. So we pull out photos, meter readings, meter reference points, all that sort of stuff. And we've got that set separately in our platform. That's relayed to the tenants for bill closure. We've got another partner integration with a company called Please Connect Me, who are a utility management company. And so for clients who use you guys, and Please Connect Me literally like five seconds after reports completed that data is in our system and about five seconds later, Please Connect Me have that. So they have the readings, the property address, the date the reading was taken. So that hassle of relaying that data for bill closures instantly handled and seamless. And then I think the bit the property managers really love is the way our integration works is we don't just capture the report, but all those dilapidations in the report, we pull them all out and we put those on our deductions dashboard. So prior to our inventory partner integrations, a property manager would have to come onto our system and manually detail what dilapidations they were going to propose and why an upload evidence. What this now does is literally within, like I said, five, ten seconds of a checkout report being completed, you know, a PM can go onto that tenancy dashboard, the relevant tenancy dashboard in our system. They'll be prompted to say, you know, dilapidations have imported, please review, and they're now presented with that screen of whatever it is, 10, 20, 30, 50 dilapidations. From the report, we've pulled out the photos, we've pulled out the reference points, the descriptions, the photos keep importantly all their metadata. So we've got the original date timestamp to the location, which is really important if it goes to dispute, really important for the authenticity of a tenant being able to go hold on. When was this photo taken? And so up until now, we deliver that part of the process and then we've got some tools whereby the agent can then strip out any of those dilapidations that are irrelevant and then converge dilapidations together. So for example, there might be eight cleaning issues flagged within a checkout report. Nobody wants to negotiate eight separate cleaning dilapidations. So within our platform, you'll choose those eight issues, you'll click merge and we'll compound all our evidence. Now, what's really exciting about this kind of two point O release with you guys is it comes at a really timely time. Really timely time. Definitely not the right word. But it comes at a very sort of opportunity time. Opportunity time because of two really big features that we're working on at the moment. So we're at the point of recording this, we are in late stage testing, early beta testing with our new Repit Foundations app. So that plugs literally everything we do back into into Repit. So any Repit customers when we release this in the next few weeks, it's instantly going to remove all your data entry. So all of the transactional data that currently manually has to be entered, that will be automatically pulled out of Repit and into our system. Remaining one of those. And what's particularly interesting about that is we're fully integrated as well. So what happens within the Repit system is that that journey starts with all Repit clients is an ideal end-to-end process because the journey starts within Repit. You can allocate the work to yourself within the diary system. Repit, so you can go straight into to yourself or you can send it straight in and other than go. So you've got all of that flexibility built into Repit. It wizzes into our system. Of course we do all of the stuff that we do. So we click all the data, all the information, all the inventory level. And of course and then it comes into checkouts midterms, etc. Checkouts in flows naturally back into depository, then click back into the Repit. So it's sort of like finishes the circle. And even if you apply long enough, I'm an agent long enough. And in case you need any further validation, part two are the Voice of the Agent, Iron Chain Marketing, made this abundantly clear. Agents want that kind of single source of truth. They want integrations that pull everything as much as possible into their CLM. That's where an agent wants to do stuff. They don't, as little as possible, they want to avoid hopping from dashboard to dashboard. And if they do, then they want the data to seamlessly transfer. And I think that's the important thing. Like, you know, the, I talked about, you know, we're going to do that data transfer of landlord property, tenancy data, and key tenancy documents, inventory check-in, tenancy agreement, and later in the process, checkout report. But importantly, an agent won't do anything in Repit that they don't already do. So within Repit, when a tenancy, when you know a tenancy is going to end, currently you either give or receive notice, there's a tick box on the tenancy where you say end confirmed. And they tick that and save it, which they would do any way to trigger kind of whatever next steps happen within Repit. But that action that they already do, that is the trigger that triggers the webhook that we've built with Repit that will pull all that tenancy data in. Yeah, we, we, so obviously, from a Repit integration point of view, the information is pouring into the system, and then whichever reports we happen to do, whether inventory is midterms and checkouts, the, the, the, the, the, the, the, the, the, the, the, the, the reports as well. So compliance reports, prelets reports, basically any data collecting on site for whatever reason is, can be done by either capture or no listen go. So all that information then whizzes back in is constantly updating the Repit system. The stuff that then fires through the repository then sort of loops up that end tenancy sort of process. But the data is then all held in, in one of two places essentially. And, and that's really critical because you've got, you've got trusted, you know, got three trusted suppliers here that have been in the market for many years. I mean, these are not sort of just opened up overnight time things. Worked with a lot of agents, tried and tested processes, etc. So there's a, there's an element of, you know, obviously we have accountability because clearly, you know, that is our business. But there's a whole element of confidence and trust that has to, that has to sort of work his way through. And we, you know, we, we're in the business of providing very efficient processes. Nobody wants friction. We all, you and I understand as much as many other people who are listening to this, how much strain property managers get under, particularly at peak times. And, and you know what to be talking about? And then, and people are keeping and tracking and all this sort of stuff. We've lived three years. We've got, we've got, obviously, A-web, A-web, you know, we've got a home standard, H-H-S-R-S, you know, it's all, it's all coming in. You know, and you know, that, you know, the, the data collecting side of it will be the existing infrastructure. And nobody's going to pay out for another inspection. It will be bouncing on the back of the existing infrastructure. So I think we've got the, so we've got the repeat stuff, which is really exciting. But I think the other stuff that we're working on now, in tandem to that, like most tech companies out there at the moment, we've been working on AI tools behind the scenes. Yeah, like for about a year, year and a half now. Now, you know, I'm not, I'm not going to try and, and, and over exaggerate what we're doing in terms of, we're not trying to claim we've built any new AI engine or ML engine or anything like that. We're, we're leveraging the most common platform that everyone knows at the moment, which is chat GPT. But we're going to leverage it in two points. And again, this is why I touched on our integration earlier. So the first, the first AI tool that we're building, which we're already halfway through building now, we'll hopefully, we're hoping to have that out by where we now, early May. So I would hopefully within about a month. So kind of by mid-June, we're hoping to have it out. And that's going to be a tool all around the negotiation process. So we touched on data earlier. And so one thing we've seen within the platform is that, as I touched on, we, we track a very interesting data set, which is proposals versus final agreed amounts. And we record that both numerically and as a percentage. So we know what good proposals and negotiations look like, because we know what the top performers are. And we have a surprisingly large band of, I mean, what we've got something like 1200 individual users on our platform now, in terms of individual members of staff who use our platform. And, you know, there's a surprising amount who, who average 90% plus, you know, 90% of everything they propose between 92% and 100% they consistently get time in timeout. And so what we know from looking at those performers, which is, I don't know, I'm going to estimate somewhere around 10 to 15% of our user base. So somewhere in the region of about 120 to 180 users are in that 90% mark. And we know what good negotiation looks like. And look, it's not rocket science. It's acknowledging, you know, when a tenant doesn't agree with your proposal, it's acknowledging to some degree, the points that they've made. It is accommodating their request where possible. So, you know, they will quite often quite reasonably say, you know, do you have an invoice or a quote to back that up or, you know, a bit more information or, you know, whatever it is. So it's acknowledging that. And it's getting back in a timely fashion. You know, the other thing we see is our platform works, does a lot of chasing to get this process done quickly. The flip side to that is, you know, if a tenant's being chased daily or every other day to respond to your proposals, and they do so in a timely fashion, guess what? They don't really like being left in the dark for seven to 10 days, waiting for the response. So we know those three things are the key differentiators between our top 10% and the rest, but particularly our kind of bottom 20%. So what we're plugging in is a chat GPT prompting tool, because we've got the people at the front who, whether it's a skill they've learned, or that's just innately how they communicate, they do it automatically. But we've got the others for whatever reason, whether they don't value what the tenant's input is, or they are massively overburdened with too many properties to look after. And so they just don't have the time or mental space to compose a decent response. You know, we're going to leverage chat GPT's capabilities to look at what was originally proposed, what the tenant has come back with, what consent, because part of this, we're going to have a new tool coming in where we're going to ask our landlord's consent to negotiate and seek a parameter on that. And then we're going to pull all that data in to help say, here's a suggested proposal. So, you know, for the top performers, it's probably not going to change the outcome of their results, but we're hopefully going to dramatically reduce their workload. Yeah. Because rather than spending five minutes composing that email, or that not an email, that response with our platform, this will now be second. So the beauty about, you know, as a conference, a conference, or a talk the other way, and we were talking about this concept of how, you know, have you ever, ever done personality profile, at least some background on that, you know, the disc and all that sort of thing. But it's quite interesting because you can then start analyzing the information coming in from a tenant or landlord, whatever, get a sense of what type of person they are, which therefore, you can then tailor your response back that's more attuned to them. So you've got a better reaction from a negotiation point of view. And, you know, so in other words, you know, you get direct people, you get people that are a bit more fluffy and like things dealt with a certain different way. Very compliant people and non-compliant people, you know. If you can solve that problem from a communication point of view, or at least help with that process, then what you've suddenly got is you've suddenly reduced the barrier. Yeah. And I think the other, the flip side to that, and this is what I like about AI and what I often hear people talk about is that what it prevents you doing is bringing your own emotion into it. Yeah. You know, that's right. Whether, you know, you can be the best property manager in the world, but we, you can still get frustrated with the tenant's point of view. You can still be frustrated with, with what your landlord client is asking you to facilitate. You also might just be tired, stressed, going through shit at home, you know, we are human. And I think our, our, our superpower of being human in this job is also our greatest foible, right? It's the fact that we can't be consistent. And I think, I think the great thing with AI tools leveraged correctly in this point of view is they just, there is no, they don't get offended. They don't get upset. They look at it in fact. And this is how this is where AI becomes really powerful. It is sort of, you know, I think, I think sometimes we get caught up in trying to solve this amazing, you know, problem and AI is the answer to it. Actually, you should look at the very simple elements of communication and discussion and, and process and efficiencies of the stuff that you do day in, day out and just use AI to make it slightly better. Yeah. That's it. That's really, and obviously, you know, we've still got an allowance for people to edit it, to tailor it, to be crumpted, you know, because everyone's going to have their own thing. So, so we've got that coming into aid negotiation, and then straight off the back of that, we're revisiting a touch done earlier part of our integration is that, that extrapolation is left, and then we've now got a manual, but streamlined curation process where you strip out what you don't want, and then you merge together the left, and you want. So the next tool that we're rolling out straight off the back of the first AI tool, and we're knowing how busy August and September is for pretty much every letting agent in the land. Yeah. We're desperately going to try and get this out before that heat season, and that will be applying AI to that curation process. So, yeah. It's going to be that extra step where you will still need the PM to do that initial strip out. Yeah. Because AI won't know what's relevant, what's not. They won't know that six months ago, you told the land a little bit, you haven't painted the house for 10 years. So, short of them smashing a hole in the wall, it's on you. That sofa's 15 years old, please throw it away. Yeah. You know, the AI adds yet doesn't have those sorts of capabilities, and it'll be interesting to see in the future, can we plug that into potential notes and feedback within a C-system-like group it so it can make that informed stuff we'll see. But, yeah, the next great thing about our integration is that we'll do everything we do now, but when the property manager is now presented with those dilapidations, all they will need to do initially is strip out what's not relevant. So, they will quickly go through that list of 30 items and go look, these five things are fair-wearing. Yeah, and of course. And then they'll go AID your stuff, and AI will do the curation. So, AI will go, well, these eight are cleaning, bring them together. And these 12 are maintenance, and this is gardening. And the fascinating thing as well is, you know, I mean, we're talking with how much we do this. I think we are going to pull the values in, but we're going to pull it in broad is the chat GBT, obviously it goes looking on the internet. It's got, you know, it's reams of sources. It's not only now extrapolating that data and putting it into a presentable, digestible, but detailed, orientated proposals of the tenant, that is, I think, going to land better than a lot of the initial proposals, didn't it? Yeah, yeah. But, yeah, so you've not only got that, but it's just going to, yeah, just make that so much quicker. You know, so you're going to go from, you know, you'll go from someone pressing completion on a report in your system. And realistically, within five minutes of that report being completed, we could have captured and distributed that report, captured and distributed the meter reading data, extracted all the dilapidations. A PM has gone in and in two minutes stripped out the irrelevant stuff. It's curated what is left into appropriate categories. Yeah. Addressing all the points, it's proposed to value the PM's gone in and assigned the value, and that's gone off to your landlord's client for review. Or if you even do that step, I mean, we've got some agents who've got full advocacy. And they go straight up with the tenant. I mean, can you imagine, when you started back in 2007, what you were hoping to achieve, and what we now look at, what we'll hopefully be able to deliver in collaboration with partners like you, by August this year, of, you know, we'll be able to pull a tenancy in seamlessly from REAP-IT with almost nothing for a PM to do, the checkout and the clean all gets facilitated through our platform auto reminders, then, you know, the moment your team gives that report, like I said, report in meter readings in, dilapidations in, a two minute clear out from the PM to take out what's not relevant, and you've got all these detailed parameters ready to go. And then you're off into the negotiation process, and we've got that. I just reduced half half, if not more of your time, which is sort of dead time, it's prep time. And what you've done, you've taken all that out. We have exactly the same, you know, from our whole system and our clients that are using us, you know, in both the capture and the, no, let's go side, of course, we're all about ensuring that the compliance elements, that you're aware of the problems coming up. So from that point of view, so we're using AI to analyze the data within the back of the system in real time. We're looking at proportions of dilapidations. We're looking at, you know, patterns, where the potential problems. We're looking at compliance, potential compliance issues that you could get in problems, which could cost you hundreds of thousands of pounds in fines and debts and, you know, let alone the efficiency side. So, you know, I think the partnership here works really well. You're playing in that, so we provide you data to solve a problem that you know is very relevant in at the end of the tendency. We're solving a problem for agents to have, to make sure they don't get themselves into problems, but it all starts with the data. Yeah, and you touched on it there. That's, you know, we've got a third AI tool plan, which we decided definitely need to be the last one. And as you touched on, you know, and we talked earlier, is the leveraging of that data. So we've got a lot of reporting in it. But I mean, we've already played around with that side of things. Now, realistically, we probably won't roll this tool out, I don't think, until probably the end of the year with everything else that we've got on the products going. But we're looking at the data side of things in two kind of quite different viewpoints. We're looking at it in terms of what I call kind of day-to-day managerial access. Yeah. So, you know, your office manager, your area manager, guess what? They don't, they don't need granular insights of everything that's happening in our platform on a daily basis. But what they do want to know is what check out's happening today. What check outs are happening this weekend? You know, so I can make sure the team are all practicies are ready. You know, has Johnny, who I had a meeting with last month and said, you know, he needed to improve his time to close or his percentage of deductions, you know, have those stats improved, you know. So, we're looking at it whereby, you know, we've been running some very light tests already, back end, and, you know, I've tried it, sat in the car, driving to the office in the morning, and my drive's only 10 minutes from my home. But, you know, we've sat there and I've gone, you know, "Hey Siri," and it's come up, and I've gone all within the positive tree, what check outs are happening in the next three days. And it just reads out to me. Yeah, we've got X, Y, and Z, you've got X moving out tomorrow, and YZ moving out on Saturday. Boom. You know, you can say, you know, how has Johnny's performance on time to close, what was his performance over the last 30 days versus the previous 90 days, you know, and yeah, you wait five seconds, and then it goes, "Oh, you know, Johnny's 90, you know, earlier 90-day performance was, you know, retained in 16 days, and in the last 30 days, he's on 12 now." We use exactly the same tools for analyzing performance of infantry clerks and inspectors and assessors. We look at their efficiency, whether it's our client's internal class, whether it's ours, we look at all that sort of stuff. We've built over the years, we've built all the automated tools for things like ensuring that tenants sign stuff digitally so that, you know, obviously, when the tenant, tenant fee bank came back in way back when, but we're getting on to it, we're 10 years now. Of course, it was about how do you, how do you automate that process, give it sign, there's the tenant as a sort of control of that. But more importantly now, we're using AI to start looking at really delving into the into the core data here and looking at how we can make that way more efficient and then providing it back to our clients, you know, whether we've got a process, we've built into their dashboard and then we've got a process where we've provided the reports depending on what they want. So there's a whole range of stuff. The other big, we've got a big release coming out probably in a month or two related to routine visits as well because we also process an enormous amount of routine visits. And one of the big challenges in that market is having processes and systems to ensure that that routine visits are carried out, the tenants are contacted. The biggest, you know, they're not particularly, they have to get done and more and more now with, you know, obviously scrapping a section 21, all these things sort of changing. You've got this continuation of tenant. So section 21's going on, we've got a bought shock or a. Well, there we go. You've had it here first, but. Absolutely. So, you know, you've got the the the now importance of routine visits. Yeah, it's changing. More than ever. The biggest stuff fundamental change is going to be around that. And therefore, you know, they're always the routine business for always been the one that I said, "Oh, don't worry about it. I know that. I know those guys. They're fine and whatever." You know, but things happen. You need the evidence. You need a trail of evidence all the way through. Unless you nail that, the problem is going to be shifted down. And that's it. You know, a great tenant now isn't always a great tenant three years later. Right. People lose their jobs. They're jobs split up, lose their family member, you know, whatever goes through. Things happen and that and that impacts people's lives. So, look, I think I think we could carry on talking forever. I think we've there's a lot in that one. Yeah. You know, in short, guys, if you are looking at your inventory space, both in terms of how you facilitate reports, whether that's internally or externally, and how you generate your check-in and check-out reports, again, a full service, inventory clerk or your team, or as we've talked about, importantly, a dynamic blend. Yeah. You know, with the whole connect product, I think, is really cool. And I think, again, with the renters' rights bill coming, the renters' reform bill coming in, and, you know, a lot of agents are looking at how they're going to juggle the overheads that their business generates depending on the time of year. And I think also, you know, I've referenced several times this conversation, the traditional busy season of summer. Now, the interesting thing is going to be with periodic tendencies coming in. Is that going to blow that out all up the water? Yeah. Yeah. Or are we still going to see a very similar kind of retention of that? Or are we going to see the industry kind of homogenized, which might might not be a bad thing outside of the ten of the student market, obviously, to see the market kind of more steadily, you know, kind of... It's a resilient market. You know, the... I mean, people still need hope and still need a place to live, right? So no matter what law changes, no matter what tax changes, what doesn't change is the fact that people still in the middle. That's right. So the market has to find a solution, and the market will find a solution. But I think the interesting thing, some of the things you've highlighted that I think a lot of agents will be looking at substantial changes to their revenue model. I think, you know, particularly a lot of letting agents upfront letting fees are just de facto, yeah, for most agents, just how business is done. That's going to be very challenging coming into a periodic tenancy market. And so I think a lot of agents will be looking like I said, how they manage delivering the service and standards that they want to, but also managing those costs at different times of the year. And I think the great thing with how you guys work in this new, you know, connect sort of architecture that you've created is that total flexibility, big or small agent to go, do you know what? In the summer, all we focus on is doing deals. It's all about the deals. We outsource it, we let inventory clerks, be inventory clerks, and we just focus on being letting agents and get the deals done and doing the compliance. But then we all know that there are those much quieter winter months. I mean, I know for us, kind of November, December, and you know, a lot of guys, so quiet and first half of January as well. You know, so why not, rather than have your property managers and admin people sat there twiddling their thumbs, go, do you know what guys, at that time of year, we're going to pivot on some capital. You guys, get out to see your properties, you get out to see the tenants, we save a few Bob on paying for the full inventory service. And it's all sitting on one system, we've got the consistency all there, you've got everything all in play and everything. So you're not moving for one system of the other. And then we've got, if you're a re-pick client, you guys are already integrated, we're just about really, so integration. We've both got AI tools either your AI app or we've got loads of AI already in. So you've already got it was embedded. ARDS is hopefully about four weeks, roughly about a month away from release on our first one. So, you know, really exciting time. With all these changes coming in and everything that everyone's got to wrap their heads around their renters rights bill, you know, of course I'm going to say this, but you know, it seems like a perfect time to really look at this and go, do you know what, we can bring in and go and capture, we can bring in depository, we can shrink our 300 tenancy conclusions a year from 600 hours of work down to 30. Free apps from time, get the people out there and get more deals on, make yourself some more money, let us do the app stuff. More money, more relationship, and I think, you know, the thing we people are talking about relationship building, exactly spending time on the phone, doing the thing that, you know, we keep on referring back to this thing of people by from people in this industry and it's, I feel at times it's used as a crutch, but it is also a very true part of our business, people by from people that they like and people who are efficient. So, if you've got clients who like your team, help them be more efficient, because your clients are going to like them even more and you're going to free them up to spend time to have more clients, like them even more. And I think, you know, that ultimately is going to be a bigger and bigger. It's always been a huge part of agency, but I think the way tech and AI is going over the next few years, that relationship part is going to be everything. So, Nick, buddy, thank you so much. Great to have you down there. I'll shoot at HQ a little bit early to hit the Cocktail trolley just today. Come back later and we'll have dibbles. And I'll probably see you tomorrow at the letting's industry. Anyway, there we go. Guys, so it's tuning in. I'll be chatting with my business partner on the next chat as we talk about base telling 21 years. So don't miss that. I'd be interesting ones. Bye! Cheers, bye!