AppFolio > Case Studies > Streamlined Accounting with an Innovative Technology Solution: The Equity Group Case Study

Streamlined Accounting with an Innovative Technology Solution: The Equity Group Case Study

Applicable Industries

Buildings
Finance & Insurance

Applicable Functions

Facility Management

Use Cases

Inventory Management
Onsite Human Safety Management

About The Customer

The Equity Group is a property management company based in Visalia, CA. Founded in 2002, the company manages a large portfolio of multifamily and single-family residential properties in the Central Valley of CA. Over the last 15 years, they have grown significantly by acquiring several smaller property management companies, adding hundreds of units to their portfolio. They manage over 2,900 units and have experienced a unit growth of over 500 with AppFolio. Despite their growth, they were facing challenges in adapting to the fast-paced technology trends and were spending a significant amount of time on accounting tasks.

The Challenge

The Equity Group, a property management company established in 2002, was facing challenges in adjusting to the fast-paced technology trends in the market. They were managing a large portfolio of multifamily and single-family residential properties in the Central Valley of CA. Over the years, they had acquired several smaller property management companies, adding hundreds of units to their portfolio. However, their old property management software was not able to keep up with the rapid changes in the market. They found it difficult to adapt quickly without purchasing new, third-party systems to supplement their existing software. Additionally, they were spending nearly a third of their time on mid-month and month-end accounting close outs, which was a significant drain on their resources.

The Solution

The Equity Group adopted AppFolio Property Manager PLUS, an innovative technology solution, to address their challenges. AppFolio helped them streamline their accounting processes, saving them significant time each month. The software also made communication simpler and more efficient, enabling them to respond to market trends more quickly. With AppFolio, they were able to increase their portfolio each year without the need to hire new staff. The software also facilitated faster and more efficient communication, which was a significant improvement over the old days of property management. Despite the technological advancements, the team at The Equity Group acknowledged that human interaction could not be completely replaced. However, AppFolio made it easier for them to communicate faster and more efficiently than before.

Operational Impact

The implementation of AppFolio Property Manager PLUS brought about significant operational improvements for The Equity Group. The software streamlined their accounting processes, saving them nearly 8 full days of accounting work each month. This allowed them to focus more on their core business activities and less on administrative tasks. The software also facilitated faster and more efficient communication, enabling them to respond to market trends more quickly. Despite the technological advancements, the team at The Equity Group acknowledged that human interaction could not be completely replaced. However, AppFolio made it easier for them to communicate faster and more efficiently than before. As a result, they were able to increase their portfolio each year without the need to hire new staff.

Quantitative Benefit