AppFolio provides easy-to-use, cloud-based software serving customers in the property management and legal industries. Last month, the company announced the upcoming launch of four new offerings for its AppFolio Property Manager (APM) customers:
AppFolio Renters Insurance
Rainmaker LRO integration
The rental insurance feature allows property managers to easily offer and track tenant liability and content insurance policies -- all from within the company’s software. This is an expansion of AppFolio’s existing Tenant Liability Insurance service, designed to cover tenant-caused damage to property only.
The electronic payments service offers the added enhancement of same-day automated clearing house (ACH) payments for owner contributions and eCheck payables. This shortens the process from next-business-day transactions to same-business-day transactions -- a key benefit for property managers. This can help facilitate urgent repairs, rush payments to owners and better manage cash flow.
Collections allows AppFolio users to transfer past-due tenants to a collections agency, report tenants to credit bureaus, and help recover money that otherwise may go uncollected. This can all be done within the existing AppFolio Property Manager software. Benefit: reducing the time and money it costs to recover tenant debt. AppFolio partnered with national collections agency Hunter Warfield, which will handle the past-due tenants that AppFolio customers will send to them.
A new integration with Rainmaker LRO (lease rent options) lets property managers competitively price their vacancies based on recommendations provided directly from Rainmaker LRO. The platform delivers objective, consistent and transparent pricing for both new and renewal rents, based on industry-leading forecasting. It also considers factors such as traffic, lease duration and competition. This added integration helps customers price their units to best maximize rent growth. It also allows them to make informed decisions regarding the lease options that will provide the biggest return.
The AppFolio platform includes an online portal so that owners have instant online access to shared documents, property or unit inspection reports, 1099s and historical financial statements. It also allows for personalized owner packets containing invoices, work orders and statements. Owners can also securely and directly send funds to their property management company for emergency maintenance repairs, renovations, or reserves.
The eCheck option helps property managers quickly and securely pay owner, vendor, or tax authority bills from within AppFolio Property Manager. The process was simplified and streamlined to minimize future bank set ups, and to ensure that all funds are secure with multi-factor authentication on all outbound payments.
AppFolio was founded in 2006 by Klaus Schauser and Jon Walker, as a platform for property managers in small-to-medium properties. In 2015, it announced its IPO, which was unveiled in June of that year, and raised $74 million. It’s headquartered in Santa Barbara, California and also has offices in Dallas and San Diego.
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