AppFolio, the property management SaaS platform, piqued our interest as part of our coverage of B2B vertical market software. IGSB helped incubate the company in 2006 and still owns 25% of the capital and ~46% of the votes. 

Our research has focused on understanding the core workflows of managing rental properties, how APPF competes with incumbents, and the growth drivers and risks to its payment revenue. 

This learning journey curates our work covering: 

  • Market structure 
  • P&L of Property Managers
  • AppFolio core pricing power and retention user journeys
  • Listing, leasing, screening and maintenance  
  • APPF payment revenue mix
  • Bilt Rewards and risks to AppFolio payment revenue 
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