SANTA BARBARA, Calif., June 10, 2020 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF), a leading provider of industry-specific, cloud-based software solutions, services, and data analytics to the real estate and legal markets, has expanded AppFolio Property Manager and AppFolio Property Manager PLUS product capabilities in light of the evolving needs of their customers, given the unique challenges brought on by the COVID-19 crisis.
AppFolio’s technology is designed to enable superior customer experiences and increase efficiency and productivity. The current disruption stemming from COVID-19 has accelerated the need for digital transformation in the real estate industry. AppFolio users were poised to adapt quickly to the rapidly changing environment, maintaining business continuity, and continuing to serve their many customers in these difficult times.
AppFolio’s recent product innovations focus on resident retention, leasing, and communication, and are driven by real-time industry needs, our customers’ collective input, and survey data and insights.
More Flexibility to Support Resident Retention
AppFolio asked property management professionals in a recent survey of how their priorities have shifted as a result of the COVID-19 crisis. Out of over 1,000 respondents, 43% said resident retention had become increasingly important.
To help residents navigate financial hardships and keep them in their homes, AppFolio has enhanced rent collection features with flexible payment options to allow property managers to waive late fees across their properties for a designated time and to use payment plans to convert existing charges into a series of payments. These enhanced features not only provide relief to residents and homeowners but give property management professionals increased visibility into the amounts owed and the timing of repayments.
Leveraging Virtual Leasing for the Long-Term
In addition to resident retention, 71% of survey respondents reported their priority for virtual showings has increased, and 64% said they believe virtual showings are here to stay. AppFolio’s recent leasing innovations include the addition of AppFolio Virtual Showings and 3D Virtual Tours, enabling customers to show available units and sign new leases without in-person contact. AppFolio Virtual Showings host live video walkthroughs of units with prospective residents via video chat, while AppFolio 3D Virtual Tours embed interactive 3D models of units directly on AppFolio-hosted websites that prospects can view at their own leisure.
Virtual Showings now can also be automatically scheduled by AppFolio AI Leasing Assistant, Lisa — who efficiently responds to interested prospects, books showings, and creates calendar invites — providing an end-to-end, AI-powered virtual leasing experience.
"During this time, we have been using AppFolio for leases, applications, and move-ins, and this has allowed us to continue to lease vacant units, have our leases and lease renewals signed and provide information to our homeowners and owners,” said Pat Mallard, President of Duval Realty, which manages over 2,000 units with AppFolio Property Manager. “We do this all online, and it’s been an asset during this time of social distancing and the stay at home orders."
Maintaining Service Levels with Digital Communications
With social distancing, many property management companies are working remotely and depend on digital engagement to stay connected and communicate with their customers.
AppFolio has released bulk portal communication, which allows AppFolio customers to post instructions or urgent notifications, such as emergency updates, revised safety policies, or company news. Additionally, enhancements to texting, customizable maintenance policies, and bulk emailing capabilities give property managers flexible options to provide quick and proactive communication in one simple step to their customers about critical information, instructions, changing policies, and more.
These innovations reflect AppFolio’s ongoing leadership in the real estate industry’s digital transformation, making it possible for customers to maintain business continuity and be well-prepared for the future.
About AppFolio, Inc.
AppFolio offers industry-specific, cloud-based business software solutions, services, and data analytics to the real estate and legal markets. Today our products include real estate software (AppFolio Property Manager, AppFolio Property Manager PLUS, and AppFolio Investment Management) and legal practice management software (MyCase). AppFolio was founded in 2006 and is headquartered in Santa Barbara, CA.