AppFolio Inc (NASDAQ: APPF) is a cloud-based property management software company that serves residential and commercial real estate operators. It makes money through subscription fees for its core platform and Value Added Services, which include tenant screening, electronic payments, renters insurance, and risk mitigation products sold on a transactional or usage basis. As of December 31, 2025, AppFolio had 9.4 million property management units under management, up from 8.7 million as of December 31, 2024, a metric the company uses to track market penetration. Value Added Services revenue carries seasonal patterns, with tenant screening activity peaking in the second quarter and risk mitigation services peaking in the third quarter. The company had 1,702 employees as of December 31, 2025. Shane Trigg serves as President and CEO, with Tim Eaton as CFO, per the 10-K filed February 5, 2026. The company operates in an intensely competitive market and has introduced generative and agentic AI products into its platform.

Revenue model

Subscription fees for the core property management software platform plus transactional Value Added Services revenue from tenant screening, electronic payments, renters insurance policies, and risk mitigation products. Value Added Services revenue is usage-based and seasonal, peaking in Q2 and Q3.

Products and services

Cloud-based property management platform; tenant screening services; electronic payment processing; renters insurance policies (offered through wholly owned and licensed subsidiaries via a licensed insurance broker); liability-to-landlord insurance; risk mitigation services; CRM integrations; generative and agentic AI products embedded across the platform.

Customers and end markets

Property management companies overseeing residential and commercial rental units. Customers require renters to maintain insurance coverage in some cases, driving demand for AppFolio's insurance-related products. End market is the U.S. real estate property management industry.

Value-chain role

Software platform provider and marketplace intermediary sitting between property managers and renters, connecting customers to third-party services including cloud computing, texting, emailing, electronic payments, tenant screening, and insurance through the AppFolio platform.

Geographic exposure

United States. Subject to comprehensive state privacy laws including California and, as of 2026, Indiana, Kentucky, and Rhode Island, per the 10-K filed February 5, 2026.

Source: SEC 10-K, filed 2026-02-05

Industry: Services-Prepackaged Software Peers: Alteryx, Inc. Asana Inc Clearwater Analytics Holdings Inc Doubleverify Holdings Inc Freshworks Inc nCino Inc RingCentral Inc Salesforce Inc SMARTSHEET INC