This document discusses four trends in property management that have been accelerated by the COVID-19 pandemic and are likely here to stay. Trend 1 is the rise of automated leasing through virtual tours and self-showings, which have become necessary due to social distancing and are expected to remain an important option. Trend 2 is the increased opportunity for remote work, which requires new approaches to oversight, training, and data access. Trend 3 is the appetite for streamlined operations through automation of processes like bill entry and use of AI for tasks like answering calls. Trend 4 is the need for a "communication reset" through increased use of mass communication tools like email and text, as well as the importance of communicating clearly with

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How COVID-19 Is Changing
Property Management:
4 Trends That Are Here to Stay
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Tim McInerney
Director of Multifamily Field Strategy
AppFolio Inc.
Dom Beveridge
Principal
D2 Demand Solutions

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Agenda
● Introduction: “Digital Acceleration”
● Trend 1: The Rise and Rise of Automated Leasing
● Trend 2: The Opportunity of Remote Working
● Trend 3: The Appetite for Streamlined Operations
● Trend 4: A Communication “Reset?”
● Conclusion/Industry Outlook
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- Microsoft CEO, Satya Nadella
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We have seen two years’ worth
of digital transformation in two
months.

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In March 2020,
telehealth visits
surged by 50% -
CNBC
Teladoc reported
a spike of more
than 15,000 video
appointments
per day
Telehealth
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Source: Inside Higher Ed - April 2020
Education

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Property
Management
The way that residents &
associates interact with their
worlds has changed — and it
will change property
management forever.

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4 Trends That Are
Here to Stay

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Trend 1:
The Rise and Rise of
Automated Leasing

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POLL
Have you implemented virtual showings
for your properties?

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From D2’s “20 for ‘20 Research”
● Research based on interviews with 20
multifamily CIOs/COOs (Dec 2019)
● Half of our CIOs cited some combination
of smart home tech, self-show and AI as
their “highlights of 2019
● Two companies had completed 100%
roll-outs of AI-driven leasing
● Attitudes to self-show had changed
substantially since 2019, with 85% have
self-show as a 2020 “to-do”
● Note: This was before COVID-19!
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2020 was already going to be a BIG year
for self-show
COVID-19 meant that companies have
had to figure it out more quickly
Now we need to decide how it becomes
part of our standard operating
procedures
COVID-19
Accelerated
the Trend

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Survey Data: Virtual Showings

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Virtual Showings
Now that we know that they work, operators must
bring virtual showings into their standard
procedures
Some important considerations:
● Use of private social media accounts
● Capture of information about the showing
● Lead follow-up
● Ability to book through the property website
● Best practice and team training

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Add Title Here
Embed tours of a unit directly into
property websites
3D Tours

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Look out for...
Shifting prospect and resident
expectations: virtual tours and
self-show are here to stay. You need
to meet your prospects where they
are, so offer both options if you
aren’t already.

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Trend 2:
The Opportunity of
Remote Working

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Survey Data: Remote Work
50% of companies have increased their dependence on remote working technology, such as video meetings
Remote working can enhance productivity and add greater flexibility for employees

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Remote Work and Culture
People Management
● Culture, Connection and Team
Dynamics
● Skills development
● Collaboration looks different
The same is true of the way that
we interact with residents!

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More WFH Opportunities
Workday Structure:
● Home offices require more flexibility
● This requires a new approach to oversight, to make sure nothing
falls through the cracks
● School and child care
Onboarding
● No longer able to do this in-person
Asset Management
● Fewer opportunities to walk properties
● There are buying opportunities but due diligence is
challenging

22. With WFH, data access is key
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Observation
Team needs to be productive in
an unconventional work
environment
With fewer associates “at their
desk” we need to think about how
to access data in real time
Deals are still happening, and
partners and clients still demand
accurate and reliable data”
Implication
Key data needs to be available to
everyone in real-time, including the
data you need to track outcomes
Data needs to move seamlessly,
between mobile and desktop
environments, with no delays
Solid, reliable reporting capabilities
are table-stakes in deals involving
professional investors

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Ensure process
execution with
workflows
Track outcomes in
real time with live
performance data
Technology Enables Distributed Teams:
Enable it through a
100% consistent
mobile experience

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Look out for...
More flexible working
arrangements: WFH is now part of
our normal work life. That means
better virtual communications,
training and the ability to track
activities and outcomes.

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Trend 3:
The Appetite for
Streamlined
Operations

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Streamlined Processes
Are preparing their business
for the future by streamlining
and automating processes
Will adopt new
technology

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Operators continue to seek ways to
remove “busy work” from back-office
functions. AI can help:
● Automates a manual processes -
including bulk upload of invoices
● Removes the need for humans to
read, scan or transcribe details in
invoices
● Improves data accuracy, allow
pre-filled bill details like amount,
property and vendor
Example 1:
Smart Bill Entry

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Answering inbound enquiries is highly repetitive and risks
missed calls, follow up, etc.
That time is better-spent delivering service to residents
With the technology handling the mundane and repetitive
activities, we can focus leasing agents on selling
By removing the need to have leasing agents answer
inbound calls, new staffing models are possible
Example 2: AI Leasing

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-Open-Ended Survey Response
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This can be an opportunity to realistically
assess strengths and weaknesses and how to
improve the bottom line as well as resident
relations.

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Look out for...
Opportunities to do more with less
and enable your team to grow.
Also expect competition from
companies who are removing
“busy work” from their operations.

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Trend 4:
A Communication
“Reset?”

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POLL
How has your usage of automated lead follow-up [drip
campaigns] changed since the beginning of the COVID-19
pandemic?

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Survey Data: Communication
The ability to communicate en mass via texting and email is no longer a nice
to have but a requirement to conduct business.

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Drip campaigns are an opportunity!
D2 has run several studies over the
last few years (the most recent based
on 33 large multifamily operators)
The most recent test saw that use of
drip campaigns had increased by 10%
over the past 2 years
But Still, only slightly more than a
quarter of properties appear to be
benefiting from this high-impact,
low-cost tactic

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Don’t forget your team!
“You can't over-communicate
with your teams.” Honesty,
transparency, integrity, concern
for their well-being, being nimble
- all critical in a crisis.”
“Communication! We sent email updates
to our vendors, residents and Owners
every week to keep them in the loop of
what was going on in our industry and
how our company was handling it.”

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● Almost half of respondents said that their #1
2020 priority was “Back to Basics”
● Before COVID-19 arrived, leaders were voicing a
concern about being distracted from core
competencies
● Operators were balancing the need to innovate
with the need to deliver living experiences.
Now there are bigger distractions
● Stay focused on the way that you manage
and communicate with your team!
Also from the 20 for ‘20 study

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Look out for...
Higher expectations from your team,
your prospects and your residents for
proactive communication. Greater
competition and creativity from those
with whom you compete for residents.

38. What are your biggest lessons worth sharing with
your peers? (open-ended themes)
n=266

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Q & A