AppFolio > Case Studies > Hanes Property Management Streamlines Rent Collection with AppFolio Online Payments

Hanes Property Management Streamlines Rent Collection with AppFolio Online Payments

Applicable Industries

Buildings
Finance & Insurance

Applicable Functions

Facility Management

Use Cases

Inventory Management
Time Sensitive Networking

About The Customer

Hanes Properties is a family-owned and operated property management company that was founded in 1969. The company manages over 500 units across Ventura, Los Angeles, and Riverside Counties. Hanes Properties is known for its staff professionalism, quality of workmanship, and resident satisfaction. The company was previously using Yardi for property management but faced significant challenges with rent collection, particularly during rent week. The process was manual and each property was handled separately, leading to a lack of transparency and organizational issues.

The Challenge

Hanes Properties, a family-owned property management company established in 1969, was facing significant challenges with their rent collection process. They were using Yardi, a property management software, but the rent week was still chaotic for all six of their property locations. Rent was collected manually and each property was handled separately, leading to a lack of transparency across properties. This resulted in hours of extra work and major organizational issues. Management had to spend a significant amount of time dealing with late rent checks and other related issues. 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.

The Solution

Hanes Properties decided to switch to AppFolio, a property management software that allowed them to unify all properties under a single managed umbrella and improve transparency for headquarters and all managers in the field. They implemented AppFolio Online Payments and within six months, 50% of their residents were paying their rent using electronic rent payments. Hanes Properties ran an incentive program where residents who paid rent online and on time were entered into a drawing to receive December rent-free. This led to a significant increase in online payment adoption. With AppFolio, all online rent payments are automatically synced and centralized at the corporate office, saving hours of unnecessary manual work. Residents also appreciated the convenience of paying rent online from the comfort of their homes.

Operational Impact

The implementation of AppFolio Online Payments has significantly improved the rent collection process for Hanes Properties. The system has eliminated the need for manual rent collection and data entry, saving the company hours of work each month. The transparency across properties has also improved, making it easier for the management to oversee the rent collection process. The convenience of online payments has also led to a reduction in late rent payments, further reducing the workload for the management. The company has also been able to focus more on business growth, with plans to acquire 150 new units without the need for additional corporate staff. Furthermore, the improved rent collection process has contributed to Hanes Properties being ranked #1 for Resident Satisfaction and recognized as a Top Ranked community.

Quantitative Benefit

50% of residents started paying their rent online within six months of implementing AppFolio Online Payments.
The number of monthly late rent notices reduced from an average of 10 per month to 2 per month.
Hanes Properties is in the process of acquiring 150 new units, a 27% increase, without having to add any additional corporate staff.