Increasing Online Payments with AppFolio: A Case Study on Northwest Commercial Real Estate Investments, LLC
Technology Category
- Networks & Connectivity - NFC
Applicable Industries
- Finance & Insurance
- Retail
Applicable Functions
- Procurement
Use Cases
- Retail Store Automation
- Time Sensitive Networking
Services
- Training
About The Customer
Northwest Commercial Real Estate Investments, LLC is a seasoned player in the Seattle real estate market with over 70 years of experience. The company owns and operates a diverse portfolio of properties, including retail, commercial, and mixed-use properties, along with more than 1,600 apartment homes in the Puget Sound area. Three years ago, they began the transition from paper-based systems to digital property management solutions to streamline their operations and improve efficiency. The company is committed to leveraging technology to enhance its services and provide a better experience for its tenants.
The Challenge
Northwest Commercial Real Estate Investments, LLC, a company with over 70 years of experience in the Seattle real estate market, was struggling with an outdated, paper-based payment collection process. The company, which owns and operates retail, commercial, and mixed-use properties along with more than 1,600 apartment homes in the Puget Sound area, had to manually collect rent checks from drop boxes at each building. On the 3rd of every month, they had to create a delinquency report and track down tenants who hadn’t paid their rent. This process was time-consuming and inefficient, often requiring property managers to pick up checks in person, even on weekends. The checks then had to be manually scanned, reconciled with the bank, and the paperwork uploaded into an audit tracker for accounting. This labor-intensive process was diverting resources away from other important tasks.
The Solution
The company decided to shift from paper-based systems to digitally-driven property management solutions using AppFolio Property Manager. This online payment processing system dramatically improved their process by eliminating the need to manually collect and process checks. The system also streamlined the process of posting notices, reducing the training required by 50-60%. However, the transition was not without challenges. Some residents were uncomfortable with online transactions and feared additional charges. To overcome this, the company removed the rent drop boxes, forcing a conversation about online payments. They educated residents about the benefits of online payments, including the use of payslips, which are like paying cash. This method saved residents money on money orders and cut the time spent on obtaining and depositing them in half. The company also communicated with residents through emails, in-person conversations, and phone calls, and even offered to help set up their online portals.
Operational Impact
Quantitative Benefit
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