KH Properties:
Space for a broader perspective
Space for a broader perspective
KH Properties
Portfolio: Multifamily\ Location: Midwest and SoutheastKH Properties was looking for a reliable accounting tool when searching for a new property management platform — nothing more and nothing less. Little did they know that finding the right technology partner would broaden their horizons and grow their business into a much more sophisticated operation. Co-Founder Matthew Hoffman and Chief Operating Officer Richard Green describe the evolution.
Established
2002
Employees
80
Units Managed
1,950+
“AppFolio has helped transform our business to be something that we can really be proud of.”
Humble beginnings
“We’re able to have a greater impact in the market by going with apartment complexes. We look for underperforming or neglected communities that we can reinvigorate with capital and improve the assets in the community and make it a nice place for people to live, maybe in those communities that have been forgotten. We're not just a management company. We buy, operate, and do all of the renovations in house. We have a construction side of the company. We only manage what we own, and we typically hold our properties indefinitely.”
Seeing — and seizing — new opportunities
“Looking back on it, we had no idea how it was going to change our business. We thought we were just signing up for an integrated accounting system. We wound up transforming into a much more professional, sophisticated company. Our eyes were opened to so many other things that we never would have thought of.”
Ancillary revenue:
“If we didn't join AppFolio, we never would have had our thinking and planning and budgeting guided by all these other income categories. Being exposed to Utility Management, for example, has allowed us to collect water and sewer income. That’s opened our mind to new revenue streams. We've started collecting amenity fees, which is our cable and internet, and an application fee.”
Performance metrics:
“There are so many metrics that I never would have known about without AppFolio. Vacancy loss. Delinquency loss. We’ve been exposed to these concepts that allow us to reflect on our business and think of different things that we should be tracking. AppFolio has allowed us to improve our business and our budget, and has helped us become a more sophisticated business.”
Cross-property leasing:
“All of our showings used to be done in person. COVID forced us to think differently. We learned about Lisa, the AI-powered leasing agent, which showed us that leasing can be done virtually and more efficiently. It's given us the ability to implement cross-property leasing where one person can lease for multiple properties sitting at a desk somewhere else. People still walk into the office. We still want to engage with them, but the vast majority of leasing is done remotely. It’s what the market wants.”
Automatic reconciliation:
“We only accept rent payments through the online portal. We don't take physical checks in our offices. Everybody has to pay online. So the accounting for rental income is automatic and it doesn't have to be reconciled. It's just done, automatically. It’s really great.”
True partnership
“AppFolio treats us as a true partner and dedicates unlimited time to help us get the most out of every feature of the system. We really appreciate that the support team is always available and willing to explain what’s required to allow the system to work at its best. Sometimes that even means us making operational changes, like the way we do move-ins or renewals, in order to make the software work optimally. We realize we don't have the answers all the time, or we might be doing things that need to be changed in order to work with AppFolio better.”
A sense of purpose greater than dollars and cents
“It's been a big focus the past year. It started when a few residents at one of our properties wanted to help people during COVID because they knew some people were having trouble finding work, and others were having trouble finding workers. So they reached out to employers and then they reached out to all the residents of the property and said ‘Hey, we're having a job fair.’ Then we stepped in and reached out to the community at large to let as many people as possible know about it. It really sparked joy among our team, which then spread to the entire community. We try to plan events quarterly at all of the properties we operate.”
Space for their communities — and families.
It’s a basic equation: A more robust, user-friendly property management platform makes for higher level auditing possibilities and more efficient operations, which can all be done remotely. The result:
“Space for more family-time. I don't have to get on a plane once a month and fly into town like I used to. Not being on the road is more time with the family, right?”
Richard Green
Chief Operating Officer, KH Properties
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