Moorfield Group, the private equity real estate fund manager, has selected RealPage’s YieldStar® revenue management solution for deployment across their funds’ build to rent (BTR) properties. Moorfield Group will be one of the first BTR developer and managers to implement the Yieldstar Revenue Management System in the UK.
RealPage is a leading global provider of software and data analytics to the real estate industry. Broadly adopted in North America, YieldStar’s algorithm considers internal supply and demand, competitive influences, asset attributes and consumer demand to optimize revenue for every unit, every day across millions of apartment homes.
Heiko Figge, Head of Hospitality, Leisure and Operations, Moorfield Group, said: “We focus on innovation and understand the importance of early adoption of key technologies and software to enable us to maximize our efficiency.
“YieldStar allows us to manage our rental streams and offerings to maximize 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. We have extensive experience in the hotel sector and therefore the employment of a Yield Management System was an obvious next step as we will be bringing another 500 units to the market this summer.”
Deployments will begin with The Keel, a 240-unit purpose convert BTR scheme in Liverpool, which represents a milestone as the first UK new-generation build-to-rent scheme completed outside of London. Moorfield Group will also leverage YieldStar on their assets in Newcastle (The Forge) and Manchester (The Trilogy), which both open this summer.
Heiko Figge continued: “Moorfield Group chose YieldStar based on its ability to support inventory management for the company’s portfolio of properties. In our review of other revenue management solutions, YieldStar became the obvious choice given its extensive experience and deployment in the US and the steps they have already taken to align their product to the UK market.”
“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 incentivize our managers to take calculated risks to drive optimal performance.”
Keith Dunkin, Senior Vice President of Asset Optimization at RealPage said: “We are delighted to be have been selected by Moorfield for implementation across their BTR platform. Moorfield have been pioneers in the new generation UK build to rent sector and have a significant pipeline of over 700 units for delivery over the next 18 months. We are looking forward to getting the software into place to help Moorfield maximize performance for their investors.”