Property Managers (And Their Residents)
Are Happier Than Ever with Appfolio
UNITS
300
RENTERS PAYING ONLINE
74%
FULLY DIGITAL LEASES
8
TIME SAVED / MONTH
20 hrs.
Company
Drexel Properties LLC
Chicago, illinois
Portfolio Type
Multifamily Residential
Previous Solution
Tenant Pro 7
A Bit of Backstory
Founded in 2002, Drexel Properties set out to acquire and manage multifamily assets. "While our primary focus is on growing our asset base, property management was a core function that we wanted to offer," says Jeff Weinberg, Founder and President of Drexel Properties. "Integral to our property management offering is customer service, and we are always seeking ways to ensure that we are not only providing quality apartments but the highest quality of services to our residents."
Why AppFolio?
Jeff and his team are what's known as "power users" of AppFolio, as they have made the software the center of all of their daily processes. They no longer accept applications on paper, in fact the only way a prospect can apply for an apartment is through their website. "Once approved for an apartment, we send them a digital lease and once the lease is countersigned we require them to make a payment online," adds Jeff.
The ability to provide digital leasing also allows Drexel Properties to navigate the complexities of local leasing laws. Chicago has an extremely rigid landlord-tenant ordinance. With digital leases, they can provide all the necessary documentation and in an organized fashion.
"When we need help, they are always responsive. The process is always easy"
As a customer-focused team, Jeff also loves AppFolio because it makes his renters happy. From the move-in process to online payments and maintenance requests, Drexel's resident retention has never been higher:
"Prior to AppFolio, work orders were written on three copy sheets [...] low priority items were frequently neglected — causing poor customer satisfaction. With online work orders [...] the maintenance worker is instantly accountable to get the work done–leading to better tenant satisfaction. As a result of this, I believe that tenants are staying longer, upsizing (or downsizing) into space within our portfolio that is more appropriate for their needs."
The best part? When we spoke to Jeff about how AppFolio saves him time, he was currently on vacation... relaxing on a train in Central Europe.
Benefits
We asked Jeff just how much AppFolio helps Drexel Properties grow and prepare for the future.
Are you saving time on specific tasks?
If you look at all the ways Appfolio is saving us money, I would guess [we save] 15 to 20 hours per month – and this is among 4 people.
Are you finding that AppFolio is helping you to make more money?
Appfolio is helping us make money in many ways. From tenant acquisition through move out, Appfolio has streamlined the process and allowed for tenant self-service that has been beneficial in so many ways.
Do your residents pay rent online and is this reducing your costs?
74% of our tenants pay rent online. It's 100% at some properties. I would guess we are saving 5 hours per month from one person.
Has your AppFolio-designed website impacted your business?
Beyond continuing to help us build our brand, the ability for people to self-service their needs has streamlined our processes, reduced costs and improved accountability.
"When I've needed help, they are always there... Appfolio never made us feel like we were being a burden."
What would you say to Property Managers who are currently looking for a solution like AppFolio?
"I recommend Appfolio all the time," Jeff proclaims. "I frequently say, ‘Appfolio has changed my life.' I tell people how it has improved my business. That not only has it allowed me to charge top market rents, it has allowed me to leverage new ways to charge and collect more fees and turn apartments more quickly. We have improved our revenue in ways we were never able to prior to Appfolio.
"I talk with my owners and investors and tell them how much Appfolio has improved our business. "
What's Next for Drexel Properties?
According to Jeff, Appfolio allows Drexel Properties to focus on their growth and on customer service. "We are acquiring more properties and adding more third-party management to our business. While we will grow our staff this year, at the same time AppFolio enables us to do more with less."