Staying Ahead of the Competition
with AppFolio Property Manager PLUS
Company
Wright Equities | Fresno, CA
Portfolio Type
Multifamily Residential
Previous Solution
Quickbooks
Background
Wright Equities broke into the multifamily market in 2013. After acquiring several multifamily buildings across California’s Central Valley, they transitioned to AppFolio Property Manager and have continued to grow, with a focus on mid-sized multifamily buildings and expanding into construction and development.
Interview with Brian
We sat down with Brian Wright to learn how AppFolio Property Manager PLUS has aided growth at Wright Equities, allowing them to streamline their processes, boost efficiency, and ultimately diversify their portfolio by focusing on new acquisitions and development.
What processes have you streamlined with AppFolio Property Manager PLUS?
Having everything all in one place with access to our data and information has been huge for us. The real-time access to data with the transparency AppFolio’s reporting provides has enabled us to have a better view of how each property is performing, whether we’re in the office or using the mobile app in the field. As soon as we were fully trained on AppFolio, my office was able to run with fewer staff which ultimately means less overhead and a tighter operation. This has saved me time in training new employees and ultimately allowed me to scale the business faster. We can run a lean operation because of AppFolio, whereas some of the old-school property management companies are still doing double entry and manual reporting, AppFolio has built all that in for us. AppFolio allows me to wear many different hats, especially as we continue to grow.
"The real-time access to data with the transparency AppFolio’s reporting provides has enabled us to have a better view of how each property is performing, whether we’re in the office or using the mobile app in the field."
How has using the Revenue Management tool with AppFolio Property Manager PLUS enabled you to stay competitive in your market?
The pricing tool has been really helpful to us, and it was a no brainer for us to use. It has allowed us to sit down and do a weekly call with managers to benchmark where we are and evaluate the state of the market in our area. Using the algorithms provided by AppFolio we can see where we’ve set our current units and if it’s a good price for us. Ultimately, it’s allowed us to be more aggressive by relying on the AppFolio data and it allows us to test and reach towards the top of the market. It’s produced great results and it’s been one of the most helpful features that AppFolio has released that enables us to stay competitive. The rental market is moving so quickly and adapting to this with the help of the revenue management tool has allowed us to stay on the cutting edge in terms of pricing. I see it as where the future is heading and it allows us to capture and evaluate the demand or lack of in our market and keeps us at or near full occupancy.
How has using Online Payments saved you time?
We no longer have staff onsite booking cash or check scanners at properties. My onsite staff appreciates this and the bookkeepers are saving a ton of time not doing double entry or manual deposits. We’ve also cut down on errors in entry or reconciliation because the process is fully streamlined and automated.
We allow our managers to run incentivized contests where we’ll give rent credits or a gift card to people who sign up. We’re at nearly 80% of rent collected online and we’ll be moving towards 100% this year, as we no longer accept other forms of payment. We require renters to set up their portal with online payments right when they move in and this has ultimately cut down on our delinquency as well. With AppFolio’s help, we’ve been able to streamline this process and go almost completely paperless. It’s easier, it’s more trackable, and it’s saving my staff time.
How are you providing better service to your customers, whether they are residents or prospective renters?
For residents, they love being able to submit work orders and pay rent online, which is also a benefit to us. The convenience for them is mutually beneficial.
For prospects, the application and move-in processes are streamlined and we really appreciate having our websites all integrate and built by AppFolio. We can show units virtually with the ability for prospects to both view the unit and then apply online right there. It’s allowed us to streamline the move-in process and reduce vacancy because we never lose a potential resident because of a clunky or cumbersome process. Having it online is essential in this day and age.
"The rental market is moving so quickly and adapting to this with the help of the revenue management tool has allowed us to stay on the cutting edge in terms of pricing."
What is your experience with AppFolio’s service and support teams?
Having a dedicated person to train our team and answer questions is extremely helpful. The training is a big investment in terms of time and getting our staff up and running. It can be a bit intimidating if you are completely new to it, so having a person that was dedicated and invested in our team’s success went a long way with us ultimately being successful with AppFolio. Not only has our rep trained and supported us, but he’s helped us adopt new features, made us comfortable with the software, and given our team confidence that they are doing it right.
I also love that AppFolio is constantly and quickly rolling out new features that have the ability to revolutionize the way we work on a daily basis. It’s true that they listen to their customers. We’ll send in a request, or chat with our success rep or someone from the Product team, and often we’ll see those features released or the team will get our input while it’s in production. We know AppFolio is on the cutting edge of property management. Some companies may not adapt to change, but we are always willing to try the new features AppFolio releases and we feel like AppFolio is a partner in our business.
What is the future of Wright Equities?
We’re continuing to grow our portfolio on the management side and as I mentioned, break into new construction and development. Our bread and butter is acquisitions and having a technology to support all of this is paramount to our success. To have all these efforts streamlined into management under one software allows us to do more with less. I’m a huge proponent of running a lean operation and AppFolio allows us to grow rapidly without dramatically increasing our overhead.
Would you recommend AppFolio Property Manager PLUS to other property management companies?
We wouldn’t be able to operate in so many markets with growth strategies across multiple areas of management without the streamlining capabilities of AppFolio Property Manager PLUS. As I mentioned, we love that AppFolio is constantly changing, upgrading and updating their software and it gives me the confidence that you will continue to be on the cutting edge of the industry. Technology is changing so quickly and being a part of a company that recognizes and actively embraces it makes me trust in their vision and our partnership together in the years to come.