Hanes Property Management Cuts Rent Week Workload by 50% with AppFolio Online Payments
UNITS
709
YEAR ESTABLISHED
1969
RENTERS PAYING ONLINE
50%
RENT WEEK TIME SAVINGS
50%
Company
Hanes Properties
Westlake Village, CA
Portfolio Type
Multifamily Residential
Previous Solution
Yardi
A Bit of Backstory
Founded in 1969, Hanes Properties is family owned and operated and manages over 500 units across the Ventura, Los Angeles and Riverside Counties. Hanes Properties is known for having the best in staff professionalism, quality of workmanship, and resident satisfaction.
The Challenge
Previously using Yardi, Hanes Property Management's rent week was extremely chaotic for all six of their property locations. Rent was collected manually and every property was handled in its own "cylinder." There was no transparency across properties which created hours of extra work and major issues with organization. Management had to focus time constantly putting out fires and dealing with late rent checks. Paper rent checks had to be manually collected and entered into the system and then communicated back to the corporate office. On average there were 7-12 notices for late rent payments per month.
Save Time and Money
Once moving to AppFolio, Hanes unified all properties under a single managed umbrella and improved transparency for headquarters and all managers in the field. Hanes implemented AppFolio Online Payments and within 6 months had 50% of their residents paying their rent using electronic rent payments. They ran an incentive that if residents paid rent online and on time they would be entered in a drawing to receive December completely free. Hundreds of residents participated and online payment adoption soared. In addition, with AppFolio, all online rent payments are automatically synced and centralized at the corporate office saving hours of unnecessary manual work.
"Our property managers have quickly and easily grasped AppFolio and love the online application functionality and all of online rental payment options. This saves management a ton of paperwork and cuts rent week workload by at least 50% compared to the days when online rental payments were not available."
Residents love the convenience of having multiple ways to pay rent online from the comfort of their homes and avoid being overdue.
"Residents are actually paying rent in the middle of the month because it's so convenient and so they don't have to worry. Plus, with AppFolio RentBureau included, paying rent online on-time actually improves residents' credit rating. This was a major benefit and incentive for residents to pay online."
The Results
With AppFolio Online Payments, monthly late rent notices on average went from 10 per month down to 2 per month. This eliminated hours of extra work manually hunting down rent from problematic residents.
With AppFolio Online Payments, Hanes Properties has more time to devote to growing business. They are now in the process of acquiring 150 new units - a 27% increase in units without having to add any additional corporate staff.
AppFolio has helped Hanes Properties become ranked #1 for Resident Satisfaction and become recognized as a Top Ranked community by ApartmentRatings.com.
"Time saving is just amazing."