AppFolio Case Studies Increasing Online Payments with AppFolio: A Case Study on Northwest Commercial Real Estate Investments, LLC

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	Increasing Online Payments with AppFolio: A Case Study on Northwest Commercial Real Estate Investments, LLC AppFolio

Increasing Online Payments with AppFolio: A Case Study on Northwest Commercial Real Estate Investments, LLC

AppFolio

Technology Category	Networks & Connectivity - NFC
Applicable Industries	Finance & Insurance Retail
Applicable Functions	Procurement
Use Cases	Retail Store Automation Time Sensitive Networking
Services	Training
Challenge	Northwest Commercial Real Estate Investments, LLC, a company with over 70 years of experience in the Seattle real estate market, was struggling with an outdated, paper-based payment collection process. The company, which owns and operates retail, commercial, and mixed-use properties along with more than 1,600 apartment homes in the Puget Sound area, had to manually collect rent checks from drop boxes at each building. On the 3rd of every month, they had to create a delinquency report and track down tenants who hadn’t paid their rent. This process was time-consuming and inefficient, often requiring property managers to pick up checks in person, even on weekends. The checks then had to be manually scanned, reconciled with the bank, and the paperwork uploaded into an audit tracker for accounting. This labor-intensive process was diverting resources away from other important tasks. Read More
About Customer	Northwest Commercial Real Estate Investments, LLC is a seasoned player in the Seattle real estate market with over 70 years of experience. The company owns and operates a diverse portfolio of properties, including retail, commercial, and mixed-use properties, along with more than 1,600 apartment homes in the Puget Sound area. Three years ago, they began the transition from paper-based systems to digital property management solutions to streamline their operations and improve efficiency. The company is committed to leveraging technology to enhance its services and provide a better experience for its tenants. Read More
Solution	The company decided to shift from paper-based systems to digitally-driven property management solutions using AppFolio Property Manager. This online payment processing system dramatically improved their process by eliminating the need to manually collect and process checks. The system also streamlined the process of posting notices, reducing the training required by 50-60%. However, the transition was not without challenges. Some residents were uncomfortable with online transactions and feared additional charges. To overcome this, the company removed the rent drop boxes, forcing a conversation about online payments. They educated residents about the benefits of online payments, including the use of payslips, which are like paying cash. This method saved residents money on money orders and cut the time spent on obtaining and depositing them in half. The company also communicated with residents through emails, in-person conversations, and phone calls, and even offered to help set up their online portals. Read More Log in to view content
Contents

Technology Category

Networks & Connectivity - NFC

Applicable Industries

Finance & Insurance

Retail

Applicable Functions

Procurement

Use Cases

Retail Store Automation

Time Sensitive Networking

Services

Training

Challenge

Northwest Commercial Real Estate Investments, LLC, a company with over 70 years of experience in the Seattle real estate market, was struggling with an outdated, paper-based payment collection process. The company, which owns and operates retail, commercial, and mixed-use properties along with more than 1,600 apartment homes in the Puget Sound area, had to manually collect rent checks from drop boxes at each building. On the 3rd of every month, they had to create a delinquency report and track down tenants who hadn’t paid their rent. This process was time-consuming and inefficient, often requiring property managers to pick up checks in person, even on weekends. The checks then had to be manually scanned, reconciled with the bank, and the paperwork uploaded into an audit tracker for accounting. This labor-intensive process was diverting resources away from other important tasks.

About Customer

Northwest Commercial Real Estate Investments, LLC is a seasoned player in the Seattle real estate market with over 70 years of experience. The company owns and operates a diverse portfolio of properties, including retail, commercial, and mixed-use properties, along with more than 1,600 apartment homes in the Puget Sound area. Three years ago, they began the transition from paper-based systems to digital property management solutions to streamline their operations and improve efficiency. The company is committed to leveraging technology to enhance its services and provide a better experience for its tenants.

Solution

The company decided to shift from paper-based systems to digitally-driven property management solutions using AppFolio Property Manager. This online payment processing system dramatically improved their process by eliminating the need to manually collect and process checks. The system also streamlined the process of posting notices, reducing the training required by 50-60%. However, the transition was not without challenges. Some residents were uncomfortable with online transactions and feared additional charges. To overcome this, the company removed the rent drop boxes, forcing a conversation about online payments. They educated residents about the benefits of online payments, including the use of payslips, which are like paying cash. This method saved residents money on money orders and cut the time spent on obtaining and depositing them in half. The company also communicated with residents through emails, in-person conversations, and phone calls, and even offered to help set up their online portals.

Impact #1	The shift to online payments with AppFolio Property Manager has dramatically changed the way Northwest Commercial Real Estate Investments, LLC runs its business. The elimination of check processing has streamlined their entire process from start to finish. Payments now go in automatically, and accounting pulls the reports, audits, and ensures everything is reconciled. This has not only saved time but also reduced the workload of the property managers, allowing them to focus on other important tasks. The company has also seen a significant increase in the adoption of online payments among its residents, with 93% now using this method. This transition has also taught the team to 'Work smart, not hard', saving more time and money in the long run.

Impact #1

The shift to online payments with AppFolio Property Manager has dramatically changed the way Northwest Commercial Real Estate Investments, LLC runs its business. The elimination of check processing has streamlined their entire process from start to finish. Payments now go in automatically, and accounting pulls the reports, audits, and ensures everything is reconciled. This has not only saved time but also reduced the workload of the property managers, allowing them to focus on other important tasks. The company has also seen a significant increase in the adoption of online payments among its residents, with 93% now using this method. This transition has also taught the team to 'Work smart, not hard', saving more time and money in the long run.

Benefit #1	Time saved with online payments increased by 93%
Benefit #2	Online payment adoption increased from 50% to 93%
Benefit #3	Training required for posting notices reduced by 50-60%

Benefit #1

Time saved with online payments increased by 93%

Benefit #2

Online payment adoption increased from 50% to 93%

Benefit #3

Training required for posting notices reduced by 50-60%

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Overview

Increasing Online Payments with AppFolio: A Case Study on Northwest Commercial Real Estate Investments, LLC

Operational Impact

Quantitative Benefit