Reedy & Company Selects AppFolio to Drive Ongoing Performance
Rhea-AI Summary
AppFolio (NASDAQ:APPF) announced that Reedy & Company, a Memphis-based property management company, has signed a five-year contract to integrate AppFolio's suite of products across its portfolio of over 3,500 properties. Reedy selected AppFolio Property Manager Max for its AI capabilities and innovative solutions, consolidating five previous systems into one comprehensive platform. The implementation includes key features like Leasing CRM, Leasing Signals, and Database API. AppFolio recently launched FolioSpace, a next-generation resident experience platform, and enhanced Realm-X, its generative AI solution.
Positive
- Secured a five-year contract with Reedy & Company for 3,500+ properties
- Successfully replaced five competing solutions with a single platform
- Expanded product offering with new FolioSpace and Realm-X AI capabilities
Negative
- None.
Insights
This contract win with Reedy & Company represents a strategic expansion of AppFolio's enterprise customer base in the Southeast region. The 5-year commitment from a company managing 3,500+ properties demonstrates strong product-market fit for AppFolio's AI-powered platform. The deal's significance lies in displacing five existing solutions, showcasing AppFolio's comprehensive platform advantage and potential for higher revenue per customer. The adoption of premium features like Leasing CRM and Database API suggests higher-margin revenue opportunities. Recent innovations like FolioSpace and Realm-X position AppFolio to capture more enterprise clients seeking AI-driven operational efficiency. While the specific contract value isn't disclosed, the long-term nature and portfolio size indicate meaningful recurring revenue impact.
Real estate operators with diverse portfolios continue to turn to AppFolio for its robust platform, innovative AI-powered solutions
SANTA BARBARA, Calif., Nov. 20, 2024 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ:APPF), the technology leader powering the future of the real estate industry, announced Reedy & Company, a leading Memphis-based property management company has signed a five-year contract and is fully integrated with AppFolio's suite of products to support its entire portfolio.
Reedy & Company manages a diverse portfolio of more than 3,500 properties including multi-family, single-family, affordable housing and commercial units across Tennessee, Mississippi and Arkansas. After identifying the need for a robust, scalable solution to support its growing real estate portfolio and evaluating a number of leading property management software companies, the team selected AppFolio Property Manager Max to manage its real estate portfolio due to its industry-leading innovation and AI capabilities.
“We chose AppFolio for its innovative property management solutions that align perfectly with our commitment to operational excellence and enhancing resident and owner experiences. Its comprehensive technology platform replaced five other solutions we had previously been using. By leveraging AppFolio’s advanced automation, data analytics, and AI-driven tools, we expect to streamline our workflows, improve communication, and gain valuable insights that will significantly impact our operations,” said Grant Hubbard, Vice President at Reedy & Company.
“With a diverse portfolio and plans to utilize key features such as Leasing CRM, Leasing Signals, and Database API, we are confident that the transition to AppFolio Property Manager will enhance our ability to manage our growing number of units efficiently while continuing to provide exceptional service to our residents and owners,” Hubbard continued.
“Reedy & Company exemplifies the type of multifaceted property management company that we look for in a customer,” said Katelyn Graumann, Vice President of Customer Success and Growth at AppFolio. “Our customers continue to see great value in our one powerful platform and AI-powered offerings that set the standard for innovation within the industry and help them grow their businesses.”
Over the past year, AppFolio has continued to innovate aggressively to provide the most comprehensive property management software platform on the market. This includes the announcement of FolioSpace, a next-generation resident experience that redefines how property managers and renters connect throughout the entire resident journey, along with new capabilities for Realm-X, its embedded generative AI that provides intelligent, real-time assistance by combining the latest foundation models with industry-specific context.
About AppFolio, Inc.
AppFolio is the technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business.
For more information about AppFolio, visit appfolio.com.
For more information, please contact:
Mission North for AppFolio
appfolio@missionnorth.com
About Reedy & Company
Reedy & Company, based in Memphis, Tennessee, is a premier property management firm dedicated to creating value for property owners and delivering exceptional living experiences for residents. With a firm commitment to integrity, accountability, and excellence, Reedy & Company has become a trusted partner for investors seeking both tenant satisfaction and asset growth.
For more information, visit reedyandcompany.com
For more information, please contact:
Reedy & Company
press@reedyandcompany.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/277508f7-43dd-4686-aae2-3f8eba9be144
FAQ
What is the duration of Reedy & Company's contract with AppFolio (APPF)?
How many properties does Reedy & Company manage using AppFolio (APPF) software?
What new products has AppFolio (APPF) recently launched?
