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Renters Warehouse Leverages AppFolio Property Manager To Grow From 30 Customers To Over 4,000
Technology Category
- Functional Applications - Enterprise Resource Planning Systems (ERP)
- Functional Applications - Remote Monitoring & Control Systems
Applicable Functions
- Business Operation
- Facility Management
Use Cases
- Predictive Maintenance
- Remote Asset Management
Services
- System Integration
- Training
The Challenge
When Renters Warehouse started in 2007, the company was using a homegrown spreadsheet system to manage its base of about 30 customers. The manual nature of the system caused time-consuming setbacks and limited the company’s ability to scale quickly. Renters Warehouse knew it had to look for a solution to expedite the process of receiving rent and get a better handle on the accounting infrastructure for its growing list of owners and tenants. The company’s manual system was not only costing time, but money as well. They used to have $20,000 to $30,000 a year in bad checks. They knew that if they wanted to meet their goals of expanding and starting to work with franchise owners, they needed to upgrade from spreadsheets. They began seeking a system that was sophisticated enough to provide the functionality they needed, but also simple enough to support many users.
About The Customer
Renters Warehouse is one of the largest and most awarded property management companies in the US. It provides professional landlord services to 2,800 customers from its Minnesota headquarters and 4,000 customers nationwide through its franchise brand. The company started in 2007 and initially used a homegrown spreadsheet system to manage its customer base. Over time, the company realized the limitations of this manual system and sought a more sophisticated solution to handle its growing list of owners and tenants. Renters Warehouse aimed to expedite the process of receiving rent and improve its accounting infrastructure to support its expansion goals.
The Solution
Renters Warehouse implemented AppFolio Property Manager in 2008 to replace its manual spreadsheet system. The new system was clean, sleek, simple, and intuitive, allowing for quick implementation and significant time savings. The biggest challenge was transferring existing data, but AppFolio provided substantial support throughout the process. The ability to have tenants pay rent online through the AppFolio Property Manager ACH feature was a game-changer, reducing the time and money spent dealing with bad checks and late rent. Now, 95 percent of Renters Warehouse tenants pay online, and the company processes over $3 million per month in rent through the online payment system. The system also offers training resources and ACH capabilities, making it easier for franchisees to get up to speed quickly. The company has mandated that all Renters Warehouse offices use AppFolio Property Manager due to its competitive advantages.
Operational Impact
Quantitative Benefit
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