Property management software developer AssetOwl (ASX: AO1) is the latest company to embrace remote working methods in order to sustain operations overshadowed by the COVID-19 pandemic.
In a bid to showcase its proprietary Inspector360 software globally and help spark property transactions, AssetOwl took part in the MRI Software online user conference earlier this week – an event the company also sponsored as part of a concerted marketing push.
The company presented Inspector360 through a virtual booth, allowing delegates to familiarise themselves with the platform on-demand throughout the conference.
Inspector360 is a software solution that incorporates 360-degree imagery, video, voice-to-text and hot-spot mapping of floor plans to accurately document property condition reports.
According to AssetOwl, the service significantly boosts inspection efficiency with the accompanying app providing tenants, property managers and landlords with precise conditions reports.
AssetOwl’s proprietary virtual tour technology is then used to create an internal view of any property which can be shared and harnessed for interior design applications.
Currently, more than 6,500 real estate agencies and property management customers in Australia entrust their business process management to cloud property management software providers such as Property Tree and PropertyMe – services that simplify how properties are managed and maintained by estate agents on behalf of owners.
The Inspector360 app provides tenants, property managers and landlords with an exact record of the condition of residential properties during a tenancy and when tenants move in and out.
MRI Ascend APAC users conference
At the conference, AssetOwl said it presented various materials including a company outline, a product video presentation and a complimentary 45-minute property management training presentation with a short promotion of the Inspector360 suite.
In total, the virtual conference was broadcast to an audience of more than 650 property industry professionals, including property managers, property technology team managers, agency principals and other real estate leaders from across the globe.
During the virtual conference, AssetOwl revealed that its software was now facilitating fully remote property inspections, thereby empowering property managers to carry out what is typically a labour-intensive obligation “in a way that saves time, money and is in full compliance with the new lockdown requirements in the state of Victoria”.
Since the outbreak of COVID-19 and the rise of daily reported cases in Melbourne, Australian authorities have put in place unprecedented measures to halt its spread including state-wide lockdowns, social distancing, mandatory face masks and contact tracing.
The effect on all areas of the economy including property sales and auctions has been severe with house sales falling by over 70% in Victoria in Q2 2020, according to property market analytics company CoreLogic.
It is expected that remote working solutions will be sufficient to conduct property transactions and allow the Victorian property market to function despite wider economic malaise.
“Whilst the performance of property inspections in this way is expected to become standard practice, the present restrictions imposed in the state of Victoria have brought forward the importance of property inspections being able to be completed in a manner which does not require property manager/tenant interaction,” AssetOwl said.
AssetOwl confirmed that it completed technical development of PropertyMe functionality, created specifically for WA-based real estate agencies.
The feature is designed to “ensure the best possible user experience and removes all technical obstacles to selling into this customer group”.
The company said its achievement builds upon the integration of the two platforms completed in March 2020 which allows existing PropertyMe users in WA to incorporate Inspector360 into their workflow.
The integration means all Australian PropertyMe users will be able to utilise Inspector360, with the platform being made available to WA agents and gradually being rolled out nationwide upon completion of “further state-specific development”, which is currently being finalised and will be released state by state, the company said.