Lease Decoders

Submission Details

Link to video - https://youtu.be/vNtUX6fSf90

https://www.canva.com/design/DAGKMLv-v-s/cCYnOui02oYBVRK4KTaYiQ/edit?utmcontent=DAGKMLv-v-s&utmcampaign=designshare&utmmedium=link2&utmsource=sharebutton

Lease Decoders

Unlock Clarity in Lease Agreements with AI-Powered Insights

Navigating lease agreements can be overwhelming, with pages of dense legal text hiding critical details and potential pitfalls. Lease Decode is here to simplify the process. Our tool uses cutting-edge AI to decode and analyse lease documents, presenting key facts and highlighting red and green flags to ensure everyone understands their terms effortlessly.

Our story

The Quest for the Dream House It all started innocently enough. Zoe and her friends scoured the depths of the internet, wading through endless listings on Gumtree. They had visions of fairy lights, houseplants, and movie nights in their ideal rental. But reality, as they soon discovered, had other plans.

Crazy Deposits: Their first obstacle? Deposits that seemed more like ransom demands. "One month's rent plus your firstborn child," some ads might as well have read.

Fake Houses: Then came the mystery of the disappearing houses. One moment, a gorgeous five-bedroom Victorian terrace was available. The next, it was gone, poof, like a ghost. Spooky, right?

Unrealistic Lease Terms: And let’s not forget the lease agreements. It was like trying to decode ancient hieroglyphics with hidden traps like "no guests ever" or "must water the landlord's ficus every Thursday."

The Scam That Broke the Camel's Back The final straw? After weeks of house hunting, they stumbled upon what seemed like the perfect place. Excited, they pooled their money and paid a hefty deposit, only to find out it was a scam. No house, no refund, just a valuable lesson learned the hard way.

The Birth of Lease Busters Fed up and determined to ensure no one else fell into the same traps, Zoe and her friends decided to take matters into their own hands. They pooled their collective talents and vowed to bust the leasing myths and scams for good. And thus,

Lease Decoders was born!

Meet the Team

Who We Are

We are a group of tech enthusiasts and problem-solvers united by a shared mission: to make understanding lease agreements as easy as possible. Our diverse backgrounds and skills have come together to create Lease Decode, a solution that demystifies the complexities of legal documents and empowers users with clear insights.

The Team Behind Lease Decode:

Fatima "The Code Conqueror" - Lead Front End Developer Fatima is our tech guru who built the front end powering Lease Decode. With a knack for turning code into magic, Fatima ensured our tool was fast, accurate, and user-friendly.

Zoe "The Data Design Maestro" - UI/UX Designer Zoe brought the visual aspect of Lease Decode to life. From lovely colours to intuitive layouts, Zoe's data and design expertise ensures our users have a seamless and engaging experience.

Kate "The Code Conqueror We Lost To Illness" - Backend developer working on connecting the front end to the backend

Framing The Problem

Have you ever been overwhelmed by the lengthy, jargon-filled pages of a tenancy agreement, unsure of what you are signing up for? In our increasingly digital world, navigating complex legal documents remains a significant challenge for many people.

Understanding tenancy agreements is crucial, as they directly affect millions of renters in the UK. According to recent data, there are approximately 4.4 million households in the private rented sector in England alone, and a survey by Shelter found that one in five renters did not fully understand their tenancy agreement. Misinterpreting these agreements can lead to financial losses, disputes, and even eviction.

This problem is not just about legal complexity; it's about accessibility. Renters often find themselves at a disadvantage due to the lack of clear, interpretable information. This issue disproportionately affects those with lower literacy levels, non-native speakers, and individuals unfamiliar with legal terminology.

By addressing this problem, we aim to empower renters, ensuring they can make informed decisions about their living situations. Our Tenancy Agreement Analyser is designed to break down these barriers, providing clear, actionable insights to help users understand their agreements better. With this tool, we hope to foster a more transparent and fair rental market for everyone.

Idea Explanation

Our idea is the Tenancy Agreement Analyser, an innovative digital tool designed to make tenancy agreements easy to understand. The app allows users to upload their tenancy agreements and receive an immediate breakdown of the key information, highlighting both favourable terms (green flags) and potential concerns (red flags). Here's how it works:

1 - Upload: Users upload their tenancy agreement in a supported format (PDF, DOCX, etc.).

2 - Processing: The app utilises a language learning model like ChatGPT to analyse the document, extracting key details such as rent amount, duration, maintenance responsibilities, and termination conditions.

3- Summary: The tool presents a clear and concise summary of the agreement, emphasising critical points that renters should be aware of.

4- Flags: The app identifies and highlights green flags (favourable terms) and red flags (potential issues), providing explanations for why each point is important.

5- Recommendations: Users receive tailored advice based on the identified red flags, such as seeking legal advice or requesting specific changes to the agreement.

By breaking down the complex language and structure of tenancy agreements, our app makes it easier for renters to understand their rights and obligations. This transparency helps renters make informed decisions, avoid potential disputes, and feel more confident about their housing situation.

Accomplishments: What We're Proud Of

User-Centric Design: We crafted a sleek and engaging user interface that simplifies the daunting task of reading lease agreements. By focusing on usability, we ensured that our tool is accessible to users of all backgrounds, not just those with legal expertise.

Real-Time Red and Green Flag Analysis: Our tool provides instant insights into potential issues or favourable terms within a lease agreement. Implementing real-time analysis helps users make informed decisions quickly, without waiting for lengthy legal consultations.

Business/Monetization Strategy: Making Lease Decode Viable

Freemium Model: Free Tier: Users can upload and analyze a limited number of lease agreements per month for free. This tier offers basic insights and highlights. Premium Subscription: For a monthly fee (e.g., $9.99/month), users get unlimited document uploads, detailed analysis, and personalized support.

One-Time Analysis Fee: Users who prefer not to subscribe can opt for a pay-per-use model. Each lease analysis would cost a small fee, like $5, providing flexibility for occasional users. Business-to-Business (B2B) Licensing: We plan to offer our platform to real estate agencies and property management companies, allowing them to integrate Lease Decode into their services. B2B licensing agreements could generate steady revenue streams. Ad-Supported Model: For the free tier, we could include non-intrusive ads from partners in real estate, legal services, or home goods, generating additional revenue without disrupting the user experience.

Customer Acquisition and Retention: Free Trials: Offering a 7-day free trial for the premium subscription can entice users to experience the full capabilities of Lease Decode without immediate commitment.

Educational Content and Webinars: Providing valuable content on understanding lease agreements and avoiding scams can attract users to our platform and establish Lease Decode as a trusted authority in the space.

Next Steps: Building the Future of Lease Decode Short-Term (Next Hackathon or 1 Month): User Feedback Integration: Collect and implement feedback from initial users to refine our tool's functionality and user interface. Enhance the document processing engine to support additional formats and languages.

Enhanced Red/Green Flag Detection: Expand our AI's ability to recognize more nuanced legal clauses and potential scam indicators, making our analysis even more comprehensive.

Marketing and Outreach: Launch targeted marketing campaigns to build awareness and attract our first batch of users. Focus on social media and university campuses where our tool can make an immediate impact.

Mid-Term (3-6 Months): Expanded Feature Set: Introduce new features like comparative analysis (comparing multiple leases) and user profiles that save and track past analyses.

Long-Term (1 Year and Beyond): International Expansion: Adapt our platform to support lease agreements from different countries, considering legal variations and language differences.

Vision: Ultimately, we envision Lease Decode as the go-to tool for anyone dealing with lease agreements. Whether you’re a tenant, landlord, or property manager, our goal is to empower you with the clarity and confidence needed to navigate the complexities of leases with ease and security.

Link to video - https://youtu.be/vNtUX6fSf90