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AppFolio was established in 2006 by co-founders Klaus Schauser [3] and Jon Walker. [4] [5] Schauser had previously founded Expertcity.[4]The company's first focus was property management for small to medium businesses [4] and its first product, AppFolio Property Manager, was launched in 2007.
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The property owner in this case signs a property management agreement with the company, giving the latter the right to let it out to new tenants and collect rent. The owners don't usually even know who the tenants are. The property management company usually keeps 10-15% of the rent amount and shares the rest with the property owner.