The unintended consequence of the Renters’ Rights Act that NOBODY is reporting

0:01Hey everyone, Rob B here with Rob D. You are listening to The Property Podcast and today we look at the unintended consequences of the Renters' Rights Act that nobody is reporting. And then we move on to look at why a 5 % savings rate, as attractive as it sounds, is a trap and you need to make sure you do not fall into it. And then finally, we find some time to either inspire you or terrify you with a discussion on AI.

0:33Welcome to the Property Podcast. Now, in our business, Property Hub Invest, where we arrange more than£100 million worth of property deals every year, we are thinking and talking to our team a lot about AI and the challenges and the opportunities that it brings up. And depending on who you are, it could be the best or worst thing that's ever happened to you. We also talk to clients every day about what to do with their cash. And there's a very interesting conversation that's been happening more and more recently. We're going to share that with you as well. But we're going to start with the Renters' Rights Act and some of the things we've been seeing that maybe their government didn't have in mind when they brought this in.

1:03That has been massive in terms of the noise around it, at least leading up to the implementation. And then it's all gone a bit quiet. There's not much being reported on it. We've talked about it, but nobody's really talking about what's happened since it's been implemented. So there's so much noise leading up to it and then so little afterwards. But things have changed. It's not that nothing has changed. It has. It's just not being talked about. And there are consequences to those changes, some for the better, but also some for the worse. Very much so. There was so much hype going into this, like there always is with any change.

1:41Like, oh no, this is going to happen. The world's going to end. The world didn't end. For the most part, I would say the change has been less dramatic than most people would have thought. But we've been living with renters' rights for, what, five-ish months now, something like that, which is just long enough for some of the smaller unintended consequences to start making themselves known. I can't believe it's been five months. It still feels like it was implemented last week to me but five months is crazy. Yeah it doesn't seem that long and everyone is still finding their way around it. Agents, landlords and tenants.

2:09Everyone's still figuring out how this world works. And a change that didn't get talked about that much in the lead up but it's turned out to be one of those been some very interesting changes in the market as a result is the change that was brought in where you now cannot accept or encourage rental bids over the asking price. So the idea was no more bidding wars. You advertise a price, you cannot accept anything more than that price. However much someone begs you or offers you, you cannot take it. That is the ceiling. That was supposed to end bidding wars, but what it has done is brought about the inverse bidding war.

2:39Apparently this is what we're calling it now. This is a story that I picked up from London Centric, which is a really great publication. They did some on the ground reporting talking about inverse bidding wars. In other words, if the maximum that you can accept is the amount advertised, and you're not quite sure where your rent's going to land, then obviously as a landlord or an agent, what are you going to do? You're going to put that rent up. You're going to go in high and let people know that they can make offers below that. And that's exactly what happened. So there's a quote from this piece that says, they're talking to someone, she told one lessing agent she was shocked by the massive increases in advertised prices.

3:09The agent said some landlords were going crazy and putting the rent really high. Others were doing it just a little bit higher than what their current tenants were paying. In other words, Rob, this hasn't really solved the problem. This has created a new and almost slightly worse problem. Because before, if you really wanted to place, you could offer the asking price and you wouldn't always get it, but you'd be pretty sure of getting it. Now, if you pay the asking price, you're very likely going in too high. But otherwise, you're playing this weird game of like, well, how much lower can I go without someone else being higher than my lower?

3:38It's weird, right? And imagine this is regional because this can't play out in every region because you need more demand than supply because if you're playing this game and no other landlord is you're just going to fall flat on your face like if you're trying to put your rent let's say everyone else is at a thousand and you go in at 1200 then it's crickets who's going to take the time to go and start engaging with you at that level so i suppose it's a dangerous game to play especially if the market isn't hot i've not seen any adverts like deliberately saying like make offers or this is a starting point like please come in and make offers have you seen any so i know it's been reported but i've not seen any yet i haven't i haven't been looking extensively but i think what you said is right this is going to be regional so this publication was a london publication where obviously there is tons of demand and not a whole lot of supply so you could imagine it happening more in london than elsewhere but i haven't seen it but i can imagine agents saying i'll just make it an offer because when i was looking even before renters rights that was something they're saying to me agents just want offers because once they've got an offer that's something they can do with it something they can use to get leverage with other parties so i can imagine it happening but you're exactly right that only works if your listing generates the attention in the first place and if there is demand if you set your price so high that no one inquires at all then yeah the whole thing falls a bit flat i think this is really interesting though because this is clearly one of those unintended consequences that has not been thought through you know whoever put this together hasn't thought this could play out and I wonder and I'm not saying it will but it's certainly I think everybody can get their heads around how it could become the possibility that this eventually becomes the norm where people put rents on and then they say things like bids up to or rent up to like make offers like offers up to that structure of advert becomes the norm and everyone gets used to it so at the moment it would really fail, like I've pointed out, in the wrong markets.

5:37But if this becomes the transactional norm that tenants know that when they look at a property, they can always go in and put offers, that's acceptable and that's expected, then that landlord at$1 ,200 still may get contact if they like to look at the property, but someone goes in at$900. And it could be that tenants feel like they're getting a better deal anyway if they get$900 against$1 ,200. Maybe it's that, oh, I'm get myself a bargain and what's the true asking price and all that comes into play it would be a really weird market if that happens then you can see how rental inflation can spike in hot areas when this happens because tenants get used to that bidding play of course there's a ceiling there's a cap and they also know they can lock it out at that price but bidding wars unless you're involved in one nobody really knows that they exist listeners this podcast will because we can share that news and that information but in all markets gone by most tenants wouldn't be aware that you go beyond what's advertised anyway so this whole new market dynamic that could become the norm is really interesting i don't necessarily think it's a good thing for either side but i think it could be the new thing we'll see yeah i think it's one of those where you try and solve the problem but you create another problem in the process because the underlying problem which is a supply demand imbalance has not changed and there's another example of that as well another unintended consequence or maybe not we'll see of another change that was made which is that now you're not allowed to take rent in advance so previously like the classic case was overseas students you've got someone coming from overseas they haven't got any uk income they haven't got a guarantor so you just take 12 months up front done it works for them it works for you as a landlord.

7:23That was seen as unfair because people with savings, people who were in a position to put down six or 12 months up front, were able to get in ahead of people who weren't able to do that. So change the rules. Now I'd be here in the realm of anecdote. I've heard a few cases of this now where people who are extremely financially secure but can't pass referencing on paper are really struggling to find anywhere to rent. So I've got a friend who's just sold a business. He sold a business for a lot of money. He doesn't have an income but he's got a lot of cash so he's very happy to put down a year in advance but now he can't do that so the landlord's in a position of going well this person looks great on paper but they're going to fail referencing and if they fail referencing you can't get rent guarantee insurance and as we've spoken about in the past rob with the situation you had rent guarantee insurance becomes very important so i don't know if this is an unintended consequence or not because i suppose it's kind of the point but it just sort of shifts unfairness around it doesn't really solve a problem and it creates a new problem for landlords who go well on paper this is an absolutely amazing rock solid tenant but because of the lack of rent guarantee it's the most risky yeah that's right and another unintended consequence that i've personally worked through the last few weeks is what do letting agents do because letting agents used to make good money when you had a tenant in let's say it was for a 12 month agreement the 12 months is up you could go on to rolling but if you wanted them to sign up again the letting agent would make more money but that isn't needed anymore right they don't need to offer new tenancy agreements but the letting agents still need revenue so what happens because in theory if you find yourself a good tenant you want to do your utmost to keep them but at some point you may want to increase the rent and that is where I've started to spot where letting agents are test I would say testing new concepts to see how they can make revenue and on one of my properties the last couple of weeks, a letting agent has got in touch and proactively to say, hey, I've assessed your rent on this property and we think you should be charging£25 more per month.

9:26Now, I hadn't even looked at it and you could say, wow, good proactive agent. Well, there's a reason they're proactive. Yeah. There's a reason they were proactive, Rob, because they said, and we're happy to process that uplift for you, do all the work and an AML check, which they said they would required to do for this process i'd need to look into whether that's actually needed or not but i don't think it is but the charge rob would you like to guess how much they'd like to charge for this process for the 25 pounds a month uplift well it's worth 300 pounds to you a year so i don't know anything over 100 and why bother right well their math wasn't my fingers the kids like to say anymore because they they were offering this service for 300 pounds all right now a pure transfer the tenant might as well just pay the 25 pound a month to the agent be done with it yeah which i politely pointed out to them that this doesn't work as a concept and then they said what would you be willing to pay so they think they clearly haven't really and this is a big agency i might add a huge agency that has many thousands if not tens of thousands of properties into their books and they still don't know how to to deal with this and i said well it's not for me to tell you what you should be charging but clearly you're you're saying i can move it up by 300 pounds a year if you're charging me anywhere near that why am i even considering it anyway they came back with 50 pounds and that's that's what so and it just shows you're also doing the offers up to model yeah but it also shows like how much is pure profit there i mean obviously there's loads of pure profit in that but they must have some people saying yes if they start there and just go in and go with it and of course that was a low value uplift so it didn't work as well maybe if people are seeing you know if their property go by 50 pounds per month they might consider that 300 pounds i wouldn't and now i know what's achievable with one agent that will be me operating at that level at the max with future agents and i've just informed tens of thousands of other property investors as well that that's what they were happy to accept so if you are offered this service and you are offered a silly number then that's the number to look at but what I want to investigate Rob and haven't had the time to do yet is is that even required is there a way to process it with no cost I'm sure there is of course if you self-manage there's no cost but is there a way to process that without having to pay the agent I mean 50 pounds isn't a lot and if that's where it ends up then I think that's okay But I think another unintended consequence of this, if that is a way agents have identified that they can make revenue, it's going to mean that everyone's pricing their properties really keenly because agents, as soon as they can spot an opportunity to uplift rent, will be getting in touch.

12:14It's really interesting. I don't know how this is going to shake out, but it is a big problem for agents. I think what's very likely is that we will see ever more interesting, imaginative, and opaque charges for landlords built in there. Because like you say, so many of the big revenue drivers have gone away. Back in the good old days, when you could charge tenant fees, an agent could every 12 months photocopy a new agreement, get everyone to sign it, and charge both sides. Then when tenancy fees went away, they could only charge one side. And now, well, there won't be renewals at all. But they still need to make their money somehow.

12:45So already, if you review the contracts of lots of the big chains, and you actually read them, there are some pretty bonkers stuff in there that's only going to increase. We think everyone's going to be trying to figure out what can we charge for here that people aren't going to complain about too much that's going to get us back to where we were before. And I hope for the sake of the sector as a whole, that they're more successful at it than your agent, Rob, because I don't see that one sticking. No, I don't either. We've got a really good Hub Extra later on where we dive deep into AI and You must listen to that, whether you're into AI or not, because the world is going that way.

13:17But before we do, let's move on the discussion, Rob. And the next topic I want to bring up today is the cash trap. Because right now, if you go onto your AI platform or search engine platform of choice, and you say, show me the best interest rates I can get for my money right now, savings rates, you can easily get 5%, which is very attractive as a headline number, right? Like 5 % return in the bank. I think a lot of people are going to be tempted by that. A lot of people are going to feel like they're getting a great deal. And that's a trap. Yeah, I'm not wondering why I'm standing here talking to you about property.

13:55I could just be getting 5 % in the bank. Just do that and not have to worry about any of this letting rubbish. Exactly. But if it is that good, why is there any retail investors doing it? Why aren't all the big institutions doing it? And don't get me wrong, when cash isn't deployed, all institutions, including Warren Buffett, who we talked about a few weeks ago, we'll leave money in cash getting a return but that is waiting to be deployed and i think a lot of people now are getting comfortable or even another word for comfortable lazy and switching off by just saying oh i'll leave that there it's easy it feels good five percent feels good as a number on your return but it's a massive trap it's a massive trap and that's why i want to bring it up as our next topic today because i feel more and more people are falling into it and i think it's particularly up for property investors because I'm sure there's people listening today that are doing that, that normally invest in property or want to invest in property but just feel so comfortable with that lovely blanket of 5 % and falling into a huge trap.

14:56Because if you are outside an ISA and you are very much limited about what you can put into an ISA and the rates slightly change, then you're not earning 5%. But so many people forget or choose to forget that. They don't remember that they're going to be taxed on that number. But let me give you an example of this about what you're really earning. So let's say you put£100 ,000 in and you're earning 4.5%, you know, that competitive rate from a well-established bank. If you're a 40 % taxpayer, and the chances are if you've got that amount of money you probably are then you're only netting £2 ,700 per year which is a 2.7 % return effectively but if inflation which it is is hovering between two and a half to three percent you're actually earning nothing and they're the two things that people aren't talking about so everyone talks about the headline and nobody seems to talk about the two things after that the tax and the inflation so you've two types of tax.

15:59You've got the tax that goes to the government, and then you've got the invisible tax, which is called inflation. So that£100 ,000 you feel smoke about that you're earning 4.5 % means you're effectively earning zero. That's wild. I knew it, but I still hadn't actually fully worked that through in my head and worked out just how little you keep when you put those two things together. And for any pedants listening, you do get a savings allowance, So an amount of interest you could earn tax-free. But that has been slashed over the years. So if you're a higher rate taxpayer, you get£500 of savings interest tax-free.

16:32What do you do? If you're an additional rate taxpayer, 45%, you get nothing. Nothing at all. Which, by the way, is one of the things that annoys me about the tax system. Like, fine for it to be progressive, but you also randomly lose other stuff as you go up these bands. It's just weird. But anyway, point is, yeah, you really end up not making what you thought you would. And I think it's relevant for people who are saving. but I also think, Rob, people who are exiting property as well. We've heard about all these landlords who are getting out, but then once they're out of property, getting into something else is going to be scary and difficult anyway.

17:03It'll be unfamiliar. So if you're sitting there getting your cash, that's going to be very seductive. You're going, oh great, I'll just sit here with this cash, not realising that it's going nowhere for you. So that income, unlike rental income, it's never going to go up. You're not getting any capital growth. You're not building anything. It's just getting eroded. It is. And you know what? Not everybody who's got cash in the bank he's going to go all right fair enough rob i'm going to put this into property instead but you're listening to the property podcast so clearly you believe or have at least believed in property but do not believe in the numbers of savings because it just makes sense like when you compare it to property investment and you are either a property investor or aspiring property investor that hundred thousand pounds well when you leverage the return that you start to earn is phenomenal because that£100 ,000 allows you to buy an asset worth£400 ,000, or if we include costs, let's say£300 ,000, if that goes up by just 10 % over five years, and remember that's super small, that would be terrible, right?

18:09That would be a terrible return. So if that goes up by 10 % over the five years, then that property is worth£330 ,000. That's a $130 ,000 gain on paper, I admit, on paper in property. But you've also been earning return through rents as well. And rental yields are really good at the moment. We've talked about that on the podcast a lot recently, where 6 % gross or more is the norm now, is the norm for most areas in the UK. And some areas even more, and of course, some less, but why would you do that? But there are some really good areas that you can invest in, and you will get more than 6 % gross on your money.

18:44So when you add those two together, the numbers start to get really, really big. And we're not even talking about wild expectations here. That was just some very modest growth. Like I owe me, if you go and talk to Sally or Bill on the street and say, why are you leaving your money there? They may be scared to go and do something else. But if you've already got your head around property investment, this is the wake up call. This is why I wanted to talk about it because I feel it is so easy to fall into that trap and not really acknowledge what you're getting out. So with the property route after five years you've earned 30 to 40 ,000 pounds but with savings you've earned zero because of the tax and the invisible tax that no one talks about but nobody wants to talk about them because it's uncomfortable.

19:30It's an uncomfortable truth that people don't want to discuss or acknowledge because they want that safety blanket that I've talked about because it feels nice and if you tell your friends you're getting five percent no one's going to judge you no and you called it a trap and I think that's the right word I think it is a trap now in a way that it wasn't before because when rates were pretty much zero you knew that you were getting zero in the bank and so you got right I need to do something but now nothing's really changed I mean okay like real rates before tax and everything are positive so in theory you're making something but not really substantially better but it feels so much better so the urgency just isn't there anymore and I think even people who know this fall into the trap.

20:06I'm part of WhatsApp groups with business owners and people who are generally doing pretty well in life. And routinely, the subject comes up of where can you get the best savings rate? Oh, this place is doing 4.5. This place is doing 4.6. Oh, but you can't do it in a business account. And it's like, guys, it doesn't matter. Take this energy and put it into the thing that's making the money or put it into the investments. I'm not saying that they're not investing. They definitely are. But the point is, it's such a small concern in the scheme of things. like fine make sure you're getting something rather than nothing but then move on move on be thinking about how to earn more be thinking about how to invest it because cash in itself beyond emergency fund and beyond optionality it's not doing anything for you no it's not see these savings accounts as a parking spot for your cash before you drive into action it's there it's useful while you're in between investments or you're saving for an investment but always remember that.

20:59It's a parking mechanism for your money, for your cash. And for you to create any real wealth, you need to take out that comfy parking spot that feels really nice right now and deploy it into some serious assets that will help you generate some serious wealth. And this ties in really well because we're talking about people focusing on the wrong things. There's something else that people don't focus on enough, in my opinion. I've wrote about this in my book when it comes to your overall financial success, which is your earning power. The amount that you can earn over your working life is the driver of everything because you need to earn it, then you need to save it, then you need to invest it.

21:37And something we talk about a lot on this podcast is property is your investment. So if you're doing something that's making you good money, you're a high earner, you're a consultant, you're a business owner, put your focus on that, bring in the money, then use that to invest in property, which compounds for you in the background. But there is a potential wrench being thrown into this, Rob, into the form of AI. because AI can drastically change. I'm not going to say make worse. I think it's different for each person. We'll talk about that. But AI can dramatically change the trajectory of your earning power.

22:07And it can do so in a very short space of time. We're a few years into the AI age. Give it another few years. I think we'll see some enormous changes. But already in terms of how work is done, a lot of jobs, a lot of high paying jobs, a lot of prestigious jobs are going away. and that is a problem for your wealth building if you're in a career going great i've got another 15 years of absolutely smashing it my income's going to go up and up but then suddenly oh claude can do that now but then there's a good side of it as well but the point is rob i think that this is something that everyone should be thinking very seriously about right now it's like are you on the right side of ai and you're going to benefit for you and it's going to help you earn more and get wealthier or are you on the wrong side of it and it's going to really affect your investment plans because your earnings aren't going to be what you thought they were going to be.

22:52Phew. For a moment then, I thought you were going to go full Steve Bartlett and say AI was going to kill us all in the next two years. So that's, I mean, it's a step back from that, Rob. So I'm going to take it. In seriousness, though, it's true. I think, not the Steve Bartlett stuff, don't worry. At least I hope not. It's true that it is going to be a disruptor, both negatively and positively. we've talked about this in a very different way over the last decade that there's a wealth gap being created and has absolutely been created and I feel it's felt more now than certainly when we started talking about it over 10 years ago that the way the world has changed means that you're either punished or rewarded by the way the world works financially now and one of the ways to be rewarded is to invest in property and that's on numbers that's not an emotion that's not me being a podcaster about property you only have to understand the concept of leverage and inflation and how it all works in your favor to understand that's one of the ways to be on the right side of this wealth gap but i think there's also this new technology gap and it's going the very same way and for those people who are either burying their heads in the sand or don't even know it's happening they're the ones I worry for the most it does not mean they're doomed they might be lucky because of what they do currently but there are going to be a lots of people disrupted by AI in a negative way and I think if you are slightly aware that could be you I think you need to stop burying your head in the sand it's a bit like the cash trap i talked about before it might feel comfortable to just think it's not going to happen and it won't be an issue but there's an incredibly strong chance that what you do will be disrupted even in a negative or a positive way and you need to take that assessment i think there's things you can do don't worry this is not all doom and gloom but that is the first thing you should be doing like if you are a solicitor for example you should acknowledge your world and your industry it's going to be dramatically different it probably has already started to feel that way but dramatically different in the next two years and if you are just hoping that doesn't happen you're in a lot of trouble i've got a test for this a test i've only just come up with right now but let's say it seriously and confidently and i'm sure it'll sound good i think it's about how much of your role is about producing work churning it out versus shaping and directing it because producing the work has just got way easier if you want an analysis a slide deck a contract reviewed like in your example then well that's got a lot faster and cheaper and it can be done by ai but experience and judgment is something that i think becomes more valuable because you've got this intelligence right you've got these incredible tools but they need to be directed and they need to be directed by people with the judgment of like what should you point them at and the experience to know if the outcome is any good because they can with great confidence tell you completely the wrong thing and go off on completely the wrong track and it takes someone with experience to go no there's something about this doesn't smell right and they figure out what it is i think you probably chuck people skills into that as well because you'll still need to direct and influence and persuade people.

26:21I think those skills become even more valuable because they're backed up by this incredible intelligence. So some skills become exponentially more valuable. And if you have those, then your earning power, if you package them the right way, is way, way, way higher. But on the other side of that, if you're just sitting there doing the work, yeah, that is going to change. It is going to change, but it doesn't mean everybody is doomed. Although, let's not dress this up there will be people that are impacted negatively but let's say there are a hundred people in that sector there will still be people needed in that sector there'll just be less of them so who are the people that will survive that change for me i think there's two interesting camps to build on what you've said rob you've got experienced people so people with that knowledge that you've sort of touched on there who have the potential to do something with it and then you've got the younger people who you could possibly immediately think well they're the ones in trouble because it's the ones with the experience plus AI who will win what they have to their advantage is one much more willingness to work with technology and to be much more comfortable working with technology or let's change the word to AI if you've got young people who are all over AI, then they can become really, really valuable in the workplace as well, even in a vulnerable sector.

27:45I think what you need to become, whether you are young or experienced, that's a nicer word than old, isn't it? Experience. If you are young or experienced, what you need to become is a conductor. And I've said this to quite a few people one-on-one now, that AI is being a conductor. it's using it to drive through work if you are very comfortable using ai to conduct the work that needs to be done and you are seen to get the most value from that and truly understand and embrace it are you going to be someone that's wanted in the workplace even in a very vulnerable sector absolutely if you are waiting for somebody to show you how ai works even if you're experienced you are really vulnerable and if you are young and you're not all over AI and what it can do and building out interesting things you are hugely vulnerable because you don't have the experience part it might not be comfortable for a lot of people to hear this but you really need to start waking up if you are in one of those sectors there are sectors that will massively benefit from all of this and if you're working in one of those sectors then great you're going to have a wonderful time but there are clearly sectors and you've given a really good framework rob of how you can identify if you're in one or not that are going to be in a lot of trouble in the very near future i like the comparison you gave with property investment as an example because i think it's the same situation of like you may or may not like it but it's the reality i think it's possible to not like how the economy works but you can position yourself to either benefit from it or not you can make that choice i think a lot of people feel the same way about ai because i think there are things about it and it's different for different people some people are concerned with the environmental side there are people who have lots of legitimate concerns about different areas of it you might not like it but again putting it how it is so you can position yourself to benefit from it or not i think leave it on a positive note because it's not meant to be doomerous at all it's meant to be like this can be a great opportunity if you take it as one for people who are listening who are younger who are earlier in their careers, this is an opportunity to take a huge, very quick jump up.

29:57Because of course, you can start your own business and that's easier than ever, but that's not for everyone. But even within the world of employment, all businesses get it. They want AI to work for them, but they struggle. They don't really get it. Most people inside a business don't get it. So if you are that young person who gets it and is a leader on that, and you give yourself superpowers and you show your boss how to give themselves superpowers as well, then what could have been a 10, 15 year progression, you could do in a few years. By the way, if you are one of those people and you live in a commutable distance to manchester then drop me a message on instagram or linkedin because those type of people for forward thinking businesses at least are very very welcome and we've got a wonderful business it's won awards for showing how wonderful it is so please do reach out message me directly on my instagram or linkedin and i can point you in the right direction from there if you can demonstrate that you are exceptional at this not that you've downloaded Claude.

30:49Sorry, I'm going to miss the opportunity to get a bit of talent acquisition in there as well. But I completely agree with what you're saying. It sounds like we're trying to scare, but it's not. This is the moment of opportunity. This is the wake-up call. We gave the wake-up call to the wealth divide over a decade ago. We're giving you the wake-up call to the technology divide now. You've got to decide which side you're going to be on. And if you don't decide, your side is already decided because it's going to just get away from you. Embrace it, don't fear it, get all over it, get used to this world.

31:25You might not like it, you might like it, but it doesn't matter. It just is the reality. By embracing it, you can put yourself in an incredible position, whether it's career, business, freelancer, wherever you choose to be. But if you don't, that's when the scary stuff happens. But if you do, the doors that will open for you in the future are going to be incredible. There you go. Well done, Rob. You ended up with an inspiring speech. I was worried I'd taken us from too much of a doomerist tinge, but somehow we turned it around. I mean, somewhere inspirational. I felt it was needed, Rob, because I think we had to go to the gloom to try and wake some people up here.

32:02I think it was important, but there is opportunity, right? Yes, there is, up to the point that AI escapes the lab and destroys us all, but we'll save that for another week. No, I'm not going to take it back into the doom. I will leave us there. Thank you for listening. You can find us personally on the socials and of course, Property Hub as well. Links will be in the show notes. And we will be back with the Property Podcast again next Thursday. We'll see you then. Bye-bye. Bye-bye.