AppFolio is one of the most powerful tools for property management, offering a variety of features that can simplify and enhance daily operations. However, many property managers fail to take full advantage of its capabilities. By exploring and utilizing some of AppFolio's lesser-known tools, you can improve efficiency, reduce errors, and save time.
At Owndoor, we specialize in "Property Management as a Service," helping property managers optimize their processes. Our professionals are extensively trained on AppFolio to ensure seamless and efficient property management for our clients. Whether you're managing a handful of units or hundreds of properties, Owndoor's expertise and tailored solutions make us the perfect partner for growing your business.
1. Financial Diagnostics: Preventing Costly Discrepancies
The Financial Diagnostics Report is one of the most critical tools in AppFolio, yet it is often underutilized. This tool is essential for maintaining financial accuracy, especially when managing tenant liabilities. By checking this report monthly, you can identify and correct discrepancies before they become costly issues.
Pay special attention to the “Positive and Negative Balance on Additional Fee GL Accounts” section, as it can help you avoid under- or over-collecting fees. For example, those puzzling $50 discrepancies on an owner’s statement are often tied to prior errors in fee collection. Regularly reviewing this section ensures your records are clean and transparent.
When combined with other AppFolio tools, such as tenant security deposit tracking, the Financial Diagnostics Report provides a comprehensive view of your portfolio’s financial health. This level of oversight is essential for maintaining trust with your clients and ensuring compliance with financial regulations.
2. Elevate Property Listings with Unit Types and Online Marketing
A well-crafted property listing is critical for attracting high-quality leads, and AppFolio’s online marketing tools make this process seamless. However, the key to success lies in ensuring your listings are complete and compelling. Missing photos, vague descriptions, or incomplete details can drastically reduce interest from potential tenants.
To streamline the process, AppFolio offers a feature called Unit Types, allowing you to standardize details for similar units. For example, you can create a unit type labeled “2-bedroom, 1-bath” and upload high-quality photos, detailed descriptions, and marketing titles that apply to all matching units. This eliminates repetitive work and ensures consistency across your listings.
After setting up Unit Types, don’t forget to update existing listings by unposting them for 24 hours and re-posting them with the new details. This small step can refresh your listings, making them more appealing to prospective renters. If leads remain low, Owndoor’s experts can help audit your listings and offer actionable suggestions to improve visibility and engagement.
3. Seamless Tenant Onboarding with Online Leasing Tools
AppFolio’s online leasing tool is a game-changer for tenant onboarding, yet many property managers continue to use third-party platforms like Docusign. By switching to AppFolio’s system, you can create a smoother, more integrated move-in process for tenants.
Setting up your first lease is straightforward. AppFolio provides a default lease template that you can customize to meet your state’s requirements. Additionally, you can add merge fields and manual fields to tailor the lease further. These fields ensure that every lease includes accurate and specific details, saving time while maintaining professionalism.
For those who prefer Blue Moon Software for leases, AppFolio also offers an integration option. This flexibility makes it easier to transition from other platforms without sacrificing functionality. With AppFolio’s online leasing tools, you can reduce paperwork, minimize errors, and provide tenants with a hassle-free experience.
4. Simplifying Payments: Pay Management Fees & Pay Owners
Handling payments can be a challenging aspect of property management, but AppFolio simplifies the process with its “Pay Management Fees” and “Pay Owners” tools. Surprisingly, many property managers are hesitant to use these features, but with the proper setup, they are reliable and efficient.
Start by reviewing your management fee settings. Run a Property Directory report and customize it to include the columns relevant to management fees. Similarly, check reserves and additional fees by running a Trust Account Balance report and grouping it by owner. Verifying these details ensures your payments are accurate.
Once everything is set up, you can confidently run the Pay Management Fees and Pay Owners tools. To maintain accuracy, it’s recommended to run these reports two to three times per month. Always process management fees first before making owner payments to avoid errors.
If discrepancies occur, use AppFolio’s built-in breakdown tools to identify the issue. By regularly utilizing these features, you’ll streamline your financial workflows and improve transparency with owners and stakeholders.
Conclusion
AppFolio offers a range of tools that can transform your property management operations. By leveraging features like the Financial Diagnostics Report, Unit Types, Online Leasing, and Payment Management tools, you can enhance efficiency, reduce errors, and deliver better service to tenants and owners alike. These tools aren’t just nice-to-have; they’re essential for staying competitive in today’s property management landscape.
At Owndoor, we’re committed to helping you unlock the full potential of AppFolio and achieve greater success in your property management journey.
Why Choose Owndoor for Property Management Excellence
Owndoor is your trusted partner in property management, offering "Property Management as a Service" to businesses looking to streamline their operations. Our team is trained on industry-leading tools like AppFolio to deliver exceptional results.
With Owndoor, you can focus on growth while we handle the day-to-day challenges of property management. From bookkeeping and tenant onboarding to optimizing your AppFolio setup, we provide a comprehensive suite of services tailored to your needs.
Partnering with Owndoor means gaining access to experts who understand the intricacies of property management. We work to ensure your operations run smoothly, your properties are well-maintained, and your tenants and owners are satisfied. Let us take the stress out of property management so you can focus on what matters most: growing your business.
FAQs
How often should I use the Financial Diagnostics Report?
At least once a month to ensure accuracy and identify any discrepancies promptly.What are the best practices for creating Unit Types?
Standardize details like photos and descriptions, and apply them consistently across similar units.Can I switch from a third-party leasing tool to AppFolio’s system seamlessly?
Yes, AppFolio offers an easy setup process and integration options to make the transition smooth.What should I do if the Pay Owners tool calculates incorrect amounts?
Use the breakdown feature to identify and correct any discrepancies in your settings or reports.How can I optimize AppFolio further for my business needs?
Consult with experts like Owndoor, who specialize in AppFolio optimization and property management solutions.
