MRI Residential Suite Delivers Powerful Features that Address the Unique Business Requirements of the U.K. Private Rented Sector
SOLON, Ohio – June 27, 2018 – MRI Software LLC (“MRI”), a global leader in real estate software solutions, today announced its industry-leading residential proptech solution is generally available in the U.K. to meet the unique needs of the emerging private rented sector (PRS) market. In bringing its Residential Suite to the U.K., MRI collaborated with U.K. PRS leaders to adapt the software to address the emerging needs of residential managers contending with significant investment and change.
According to a 2017 report from Knight Frank, nearly one in four households in England will be living in rented properties by 2021. As the demand for rentals continues to rise, large-scale investment in multi-housing and build-to-rent schemes has also risen, particularly in London. Tech-savvy renters expect a streamlined level of service that can be accessed from their smartphone, yet 88 percent of residential managers in the U.K. feel unprepared to meet the demands of the growing user base, according to a survey conducted by Qube Global Software, an MRI Software company.
MRI’s Residential Suite complements perfectly the company’s existing offerings for the U.K. residential sector, including those gained through its acquisition of Qube in October 2017. These solutions are widely used in a number of residential property management disciplines, including leasehold block management, sales and lettings, as well as a number of build-to-rent operations. The company’s residential offerings support more than 7.9 million units around the world and offer residential managers in the U.K. the expansive tools they require to address the needs of a new generation of renters. A leading solution in the U.S., MRI’s Residential Suite is trusted by 88 percent of the top 50 managers and 66 percent of the top 50 owners in the National Multifamily Housing Council’s (NMHC) annual ranking to manage their residential properties.
“The PRS market in the U.K. is rapidly expanding, and MRI is proud to provide real estate organisations with an open and flexible software solution to manage and scale their PRS business,” said Dermot Briody, MRI Software’s Executive Managing Director of Europe. “Our award-winning Qube PM and SLM offerings have served the U.K. market for a number of years, and we’re pleased to now complement these solutions with an expansive suite designed specifically to meet the needs of the nation’s evolving PRS sector. Our powerful global platform has the flexibility to meet the unique requirements of U.K. residential managers, and MRI’s substantial local presence provides on-the-ground support to our U.K. clients.”
MRI’s comprehensive and flexible Residential Suite encompasses marketing and leasing functionality, property management, and prospect and resident portals. Through the marketing portal, residential managers can better attract enquirers and showcase properties by integrating with local property portals. MRI’s Residential Suite also supports applications, security deposits and holding fee payments from potential new residents. Finally, once prospects become residents, they can use the resident portal to pay online, submit service requests, check their balance, and take advantage of concierge services.
New capabilities for the U.K. market in MRI’s Residential Suite include:
- Flexible rent dates: U.K. property managers have the flexibility to adjust the monthly rent due dates for any tenant.
- Proration: Real estate organisations have the ability to prorate on an annual or monthly basis.
- Step-ups: This solution enables the rent on a multi-year tenancy to increase annually, making it easier to manage three-year lettings.
- Break clause: Property managers can set the ability for a resident to break a lease without penalty after a certain amount of time in the unit.
- Common banking: Fee managers can collect rents into a common bank and then disperse the funds into the proper accounts afterwards.
With the 2017 acquisitions of Qube and Real Asset Management (RAM), MRI is now the largest real estate software provider in the U.K. The company will continue to provide flexible software to support long-term growth and meet the evolving needs of the industry.
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About MRI Software
MRI Software is a leading provider of innovative real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses-from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry, MRI develops lasting client relationships based on nearly five decades of expertise and insight. Through leading solutions and a rich partner ecosystem, MRI liberates real estate companies to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.