Customer Story
DLP Capital: How Collaboration Helps Build Thriving Communities
DLP Capital
Established: 2006
Headquarters: St. Augustine, Florida
Asset Type: Multifamily, Affordable, Mixed Use, Office
Investment Type: Funds, Syndications, Private REIT
As a private real estate investment and financial services company, DLP Capital is focused on making an impact through a wide array of business divisions and companies, including lending, investment funds, sales, leasing, property management, construction management, development, and loan servicing.
With such diverse areas of focus, they needed greater technological support and transitioned to AppFolio in 2022. Larry Hickernell, Jr., Senior Director of Investor Success at DLP Capital, shares how utilizing AppFolio Investment Manager led to impactful organizational improvements and accelerated workstreams.
$5 billion+
$350M to $400M+
“AppFolio said, ‘Let’s talk, and we can make that work.’ The fact that AppFolio was willing to have that conversation and collaboration was incredibly important to many people across DLP Capital teams.”
Larry Hickernell, Jr.
Senior Director of Investor Success, DLP Capital
Creating Results for Both Residential Families and Investor Partners
DLP Capital serves nearly 3,000 investor families and manages 29,000+ units, with about $5 billion of assets under management in their funds. The company uses its success to positively impact the lives of close to a million people through real estate. With ample collaboration and communication, DLP Capital leverages AppFolio solutions to streamline their operations and efforts.
“We live by our core values. We’re fierce stewards, taking what we’ve been given and entrusted with, investments-wise, and doing well while doing good. We’re making a big impact by serving folks who need affordable housing, and, of course, our investors make a great return. Our residents stay for an average of six to seven years instead of the national average of 14 months… We try to build thriving communities and make an impact for our investors.”
Increased Data Confidence With a Single Source of Truth
Having a variety of tools, software providers, and locations for data can result in wasted time at best and costly errors at worst. Solving this issue becomes even more critical when managing multiple portfolio types and a substantial number of units. DLP Capital found their ideal solution by centralizing their investor management data with AppFolio.
“Previously, our CRM did not integrate with any other platforms. There was duplicate information and multiple technologies that didn’t talk to each other. Now, we’ve retired a number of different documents because we trust the AppFolio data. That data integrity is a huge point. If we go out and tell investors one thing, and it doesn’t match the data, our integrity is at stake. So, that trusted single source of truth has been helpful to us.”
Alleviating Roadblocks and Delays With Easy Reporting Tools
As a company grows, so does the need to streamline reporting and ongoing communication touchpoints. Investors and owners all require relevant, timely, and accurate updates. DLP Capital realized the need to export data and translate it into meaningful storytelling that provides value for each of their property partners. Larry explains:
“Being able to communicate consistently and steadily is number one. Our reports are published every month to the investor portal, and investors are automatically notified. With that competitive advantage, we can move faster and exceed expectations. AppFolio technology helps us do that.”
Instant Visibility Into Big Picture Trends
When choosing an investment management software, DLP Capital wanted to see trends and data more clearly across their diverse — and expanding — business. Before, their team spent too much time looking at data across many places, and Larry knew that consolidating platforms was key to gaining comprehensive business insights that would better serve his company. With AppFolio, DLP Capital can focus on the right things quickly and easily.
“The AppFolio Investment Manager dashboard is the big thing. When I’m looking at our goals, I can see where we’re at in terms of our equity under management, the number of subscriptions that are coming, and where our new capital is coming in…It’s so much easier now that I can pop in and look at things at a high level.”
Transforming the Investor Experience
Critical opportunities sometimes come up at the last minute. It can be frustrating to postpone a potential new client or portfolio expansion because of a tight preparation period. Having the right investment management tools in place can enable more meetings and empower greater spontaneity. Larry describes how AppFolio Investment Manager helps DLP Capital stay connected with their owners and investors:
“They say ‘time kills all deals.’ If someone says, ‘I’m interested in investing,’ the first thing we do now is send them a link to the AppFolio Investor Portal. We can walk through information immediately and get somebody to say, ‘I’d like to invest with you,’ on that very same meeting instead of having two, three, four meetings. That’s helped us from a timing perspective.”
Increasing Referrals and New Leads With Ease
A modern community expects modern technology with mobile capabilities. Whether working with other property management professionals, renters, investors, or team members, a mobile experience is frequently preferred — and often necessary — to conduct business both onsite and off. Fortunately, investing in mobile app tools can deliver very real results. Larry shared a positive outcome for DLP Capital:
“The AppFolio mobile app capabilities are really good. At DLP Capital, 40% of all new investors onboarding with us are referrals from existing investors. The Refer a Friend link on the investor’s portal has been huge: We want to continue to leverage that. It’s one of the biggest things we use that makes the biggest impact from the experience side.”
Smoother Onboarding and a Happier Team
First impressions are both important and long-lasting. The time it takes to onboard — and how complicated the process is perceived to be — can be the difference between an investor deciding to work with a certain company or with its competitor. Better onboarding processes can also be a source of great team morale and motivation for a company’s employees. Larry shares how DLP Capital reduced friction points with AppFolio:
“Our previous solution was clunky with a lot being done manually. Today, we’re able to do everything from start to finish across operations and experiences. Team members now do everything through AppFolio. We’ve been able to accelerate processes in massive ways…Our teams are happier, and that lets us have more time, which is so valuable because we can then focus on how we can do better for our investors.”
Collaboration and Customization Are Key to Success
Real estate investment firm requirements evolve, and strategies, goals, and technology solutions may look very different today than a few years ago. This is especially true in the ever-changing real estate industry. DLP Capital appreciated how collaboration, customization, and conversation were core parts of their AppFolio partnership. Calling AppFolio a “clear leader” compared to other providers, Larry elaborates:
“AppFolio was willing to have conversations and collaborations. Being open to what we were trying to accomplish was a ‘must-have’ for us as a growing company. AppFolio told us that they’ve taken things we’ve talked about and incorporated them into the platform, which has then helped many other operators and fund managers as well…AppFolio’s interactions with us have been really development-forced and forward-looking.”
Saving Time for What Matters Most
DLP Capital works hard to provide positive results for their investors and deliver on the increasing need for affordable housing. With efficiencies gained via AppFolio Investment Manager and AppFolio Property Manager, they are able to dedicate more time and energy to what matters most to them: making a positive impact in people's lives. Whether interacting with investor families, affordable housing residents, or hard-working team members, DLP Capital strives to develop phenomenal relationships and build thriving communities with help from AppFolio.
“I see a lot of similarities between DLP and AppFolio. It’s that focus on each other and on building community. It’s what we’re all about. I’m very happy we’re a part of the AppFolio community and hope to be for many years to come.”
Larry Hickernell, Jr.
Senior Director of Investor Success, DLP Capital
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