YieldStar chosen for Moorfield’s letting management
Moorfield Group will deploy RealPage’s YieldStar software to manage its funds’ build-to-rent (BTR) properties with a view to maximising revenue and performance, while accurately predicting future letting trends.
The private equity real estate fund manager says it is one of the first BTR developers and managers in the UK to implement this particular technology.
According to Texas-headquartered RealPage, Yieldstar’s algorithm looks at property attributes, supply and demand and competitive influences to ultimately help clients achieve the right rent for their properties while maintaining peak occupancy, highlighting opportunities for revenue generation, and improving asset performance.
The software will first be deployed for Moorfield Group at The Keel, a 240-unit BTR scheme in Liverpool with other developments earmarked for use including the Forge, Newcastle, and the Trilogy in Manchester: both opening this summer. The Keel was a former tax office redeveloped by developer Glenbrook with forward funding from Moorfield in 2015.
Heiko Figge, Moorfield Group’s head of hospitality, leisure and operations, said: “YieldStar allows us to manage our rental streams and offerings to maximise revenue as well as capturing historical data to enable us to accurately predict future letting trends.
“We see the early adoption of a sophisticated revenue management system as another sign of our commitment to the BTR space…. YieldStar’s capabilities complement our overall business strategies, and allow us to deliver premium rents that are aligned to our target markets.
“With YieldStar, we can empower and incentivise our managers to take calculated risks to drive optimal performance.”
Keith Dunkin, senior vice president of asset optimisation at RealPage said the real estate fund manager was a pioneer in the “new generation” UK BTR sector with a significant pipeline of more than 700 units for delivery over the next 18 months, adding: “We are looking forward to getting the software into place to help Moorfield maximise performance for its investors.”