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Profile: AppFolio Inc (APPF.OQ)

APPF.OQ on NASDAQ Stock Exchange Global Market

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AppFolio, Inc., incorporated on September 22, 2006, is a provider of industry-specific, cloud-based software solutions for small and medium-sized businesses (SMBs) in the property management and legal industries. The Company's mobile-optimized software solutions enable its customers to work at any time and from anywhere across multiple devices. The Company's property management software provides small and medium-sized property managers with an end-to-end solution to their business needs, enabling them to manage properties in a single, integrated environment. Its legal software provides solo practitioners and small law firms with a streamlined practice and case management solution, allowing them to manage their practices and case load within a flexible system. The Company also offers Value+ services, such as its professionally designed Websites and electronic payment services. Its property manager customers include third-party managers and owner-operators, managing single- and multi-family residences, commercial property and student housing, as well as mixed real estate portfolios. Its property manager customers typically manage portfolios ranging from 50 to 3,000 units.

The Company's solutions address business functions and interactions of SMBs in its targeted verticals by providing functionality, including accounting, document management, real-time interactive search, data analytics and communication options. It offers AppFolio Property Manager (APM) for property managers and MyCase for law firms. APM is a software solution for the operational requirements of small and medium-sized property managers, including activities, such as posting and tracking tenant vacancies, handling the entire leasing process electronically, administering maintenance and repairs with their vendor networks, managing accounting and reporting to property owners. MyCase is a flexible practice and case management solution for solo practitioners and small law firms, providing time tracking, billing and payments, client communication, coordination with other lawyers and support staff, legal document management and assembly for solo practitioners and small law firms.

The Company's Value+ services are available on an as-needed basis and enable its customers to adapt its platform to their specific operational requirements. It offers Value+ services to its property manager customers, including resident screening, tenant liability insurance and its contact center to resolve or route incoming maintenance requests. The Company's RentLinx, is a software platform that allows customers to advertise rental houses and apartments online. It also allows property manager customers to spend, track and optimize their marketing investments. The Company's AppFolio Business System includes AppFolio Technology Platform, which is a cloud-based technology platform that includes a range of reusable functionality and Value+ services that can be used to provide continuous updates across its software solutions in its targeted verticals. It also uses in-application messaging to remind existing customers of its Value+ services at natural points in their workflow.

The Company provides SMBs with cloud-based business management software solutions. Its Value+ services consist of Website services, electronic payment services, background and credit checks, insurance services and contact center services. Its software solutions run on any device and are compatible with any operating system. The Company uses Ruby-on-Rails as its Web application framework for both APM and MyCase. Its software solutions run on a combination of both public and private cloud infrastructure, consisting of both its own servers and Amazon's Elastic Compute Cloud platform. Its servers are located in data centers operated by third-party service providers.

AppFolio Property Manager

The Company's property management software solution provides small and medium-sized property managers (including both third-party managers and owner-operators) with a multi-faceted solution for their operational requirements. Its APM provides integrated accounting software, which is designed for property managers, including accounts payable, accounts receivable, trust accounting, Form 1099 creation, check printing, automatic bank reconciliation and Ratio Utility Billing to calculate a resident's share of monthly utility costs based on predetermined allocations. Unlimited storage allows all data to be centralized in APM, making it available to property manager's on-demand through its search capabilities. APM also allows property managers to understand and track their business performance through property-level budgets and various customizable reports covering accounting details, property details, and resident and vendor information. Through the Company's tenant vacancy tracking software, property managers can manage listings on their own Websites and make automatic feeds available to a range of third-party listing sites.

The Company allows property managers to embed YouTube videos and use its professionally formatted hypertext markup language (HTML) code for listings on third-party Websites. All vacancy listings and tasks are then consolidated in real time to reflect the status of a property manager's vacancies, with detailed metrics showing how vacancy rates are affected by changes in rent or marketing. APM provides an online leasing solution that allows prospective residents to complete online rental applications from the vacancy listings and upload photographs of their driver's licenses and other important documents. If approved, the property manager can generate a lease agreement pre-populated with the applicant's data that can be electronically signed by the new resident in real time. Its online lease template can be customized to create multiple lease agreements for various property types and requirements, including forms required by applicable law. The Company's lease renewal workflow automatically incorporates designated increases in rent into the relevant documentation.

The Company's messaging center facilitates a range of communications from move-in and move-out instructions to invitations to resident events, as well as short, time-sensitive communications, such as maintenance alerts and late rent reminders. Its messaging center allows property managers to personalize communications and interact with property owners and vendors. APM enables property managers to post to private and secure online owner portals. These postings include owner statements, completed work orders and other reports to which owners have on-demand access. Its owner statements provide an overview of transactions affecting the property in the past month. APM's built-in property maintenance software facilitates electronic work orders to vendors, for both one-time and recurring tasks, which are organized in real time to provide a snapshot of all past and in-progress work orders. Residents can access tenant portals to submit online maintenance requests, which automatically creates work orders upon acceptance by the property manager. This allows property managers to expedite response times, track and edit the status of repairs, and ensures that property issues are addressed in a timely manner.

As an alternative to cash or checks, APM enables property managers to make payments to owners and vendors by depositing funds directly into their bank accounts. Built-in property inspections functionality allows property managers to perform and manage on-site property inspections remotely on their preferred mobile device. Property managers can make notes directly in the application (or use their phone's speech-to-text functionality) and upload related photographs as they walk through the property. APM then generates an inspection report in a fraction of the time it would take to type up handwritten notes and allows property managers to create work orders from flagged inspection items. The Company's RentMatch, which is a rent comparison tool, analyzes the rental price and characteristics of any given unit and uses data analytics to compare them to actual rental prices of units of similar size and bedroom count in the same geographical area. APM allows property managers to manage single- and multi-family residences, student housing, commercial property or mixed real estate portfolios, as well as optional rentable items, such as parking spaces or storage. Its other functionalities include rent-by-the-bed for student housing and the ability to allocate common area maintenance charges.

Value+ Services

The Company's Value+ services enable property managers to activate certain optional, but often mission-critical, functionality that is built into APM. The Company collaborates with its customers to deliver and maintain Websites that showcase modern and mobile-optimized designs, with sites customized for individual properties, including image galleries and floor plans. Its Websites are fully integrated with APM's functionality, including vacancy postings, payment options, owner portals and maintenance requests. Property managers can track and analyze site traffic and lead generation and identify prospects by evaluating the guest cards on vacancy postings that are filled in by prospective residents.

The Company's payments platform provides prospective and existing residents with various payment options. Prospective residents can pay rental application fees through the Company's online rental applications. APM supports ACH payment processing (e-Check) and credit or debit card payments of security deposits and rent through its online tenant portals. Residents can also make regular or last-minute electronic cash payments. APM offers instant background screening and credit checks for use during the rental application process. Instead of manually entering or faxing information to third-party service providers, APM allows property managers to press a Screen Now button upon receipt of a new online rental application and receive a report summarizing the results of a credit check, and eviction and criminal records search around the nation.

APM facilitates enrollment of residents in a tenant liability insurance program, and allows property managers to link this service to lease signings and renewals and track resident compliance. Its tenant liability insurance program seeks to provide residents with an integrated solution that provides property managers with an advantage when marketing their services to owners. APM's contact center is manned around the clock by professionally trained agents. These agents can act as an extension of the property manager's office to resolve or route incoming maintenance requests. Its answering service is designed to work with APM's property maintenance software. APM agents are equipped to enter non-emergency work orders directly into APM for the property manager's approval and dispatch vendors immediately in case of an emergency.

MyCase

The Company's MyCase allows attorneys to enter billable hours on their preferred mobile device, automatically linking time entries to the appropriate case or matter. Lawyers are able to handle multiple court appearances, meetings and other interactions without having to recreate their days after the fact. MyCase can also be used to track non-billable entries to monitor the performance of flat-fee arrangements and contributions to pro bono work. MyCase's legal billing software can be used to generate detailed trust account balances and a range of reports to track productivity and other firm metrics. It can also pull unbilled time and expenses or flat fee balances into a professionally formatted invoice, which can be customized with the law firm's logo. Attorneys can use its Payment Plan Generator to define a payment schedule for a client with flexible due dates and balances. Its QuickBooks integration functionality provides a one-way sync of detailed accounting data into QuickBooks, ensuring consistency across accounting software.

The Company competes with RealPage, Yardi, Thompson-Reuters, LexisNexis and Clio.

Company Address

AppFolio Inc

50 Castilian Dr
GOLETA   CA   93117-3080
P: +1805.3646093
F: +1302.6365454

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