Challenge

Select Residential, a leading UK residential property developer, faced the need for an upgraded technology stack to handle its growing demands efficiently. Managing online tenant applications, rent collection, and investor management posed complexities, and Select required a solution to streamline its operations and deliver a seamless experience for both tenants and investors. The company needed to address failed payment recovery, reconciliation processes, and customer risk insights to maintain its high standards.

Solution

Yorlet’s platform was selected to power Select Residential’s online tenant application process, automate rent collection, and provide real-time investor management. With Yorlet’s advanced payment infrastructure and data-driven insights, Select Residential transformed its rent collection and reconciliation processes. Invoices with payment links are now automatically generated and reconciled, eliminating the risk of misallocated payments and streamlining debt recovery. The smooth integration of online tenant applications, automated rent collection, and real-time investor management enables the company to operate more efficiently and provide a seamless tenant experience.

Result

Since implementing Yorlet’s solution, Select Residential has seen a 99.5% recovery rate in failed payments, significantly reducing financial losses. The company reports that arrears schedules are now “100% accurate in real-time,” ensuring quicker recovery rates and improving operational efficiency.

Automating rent collection and reconciliation has enhanced financial accuracy and freed up considerable administrative time, allowing property management and finance teams to focus on higher-value tasks. Additionally, Yorlet’s platform surfaced over 50 customer risk insights, enabling proactive decision-making and enhanced operational efficiency for Select Residential.