Enterprise property management platform provider AssetOwl (ASX: AO1) came out of a self-imposed trading halt this morning with news that it has signed a commercial licence agreement with property inspection service provider PCR and Inspection Services (PCRS).
PCRS was founded in 2005 and has become a successful property inspection provider, now servicing over 100 real estate agencies with an estimated 10,000 properties under management and delivering an average of 65 property condition reports and 35 routine inspections per week.
The deal was hailed as a “very important commercial milestone” by AssetOwl’s chairman Simon Trevisan following the completion of an “exhaustive development and trial period”, adding that the contract is expected to be financially material over time.
However, given the lack of firm figures, AssetOwl confirmed that the economic impact of the agreement “cannot be quantified” for the time being.
“PCRS is an inspection industry leader and an early adopter of technologies that bring more efficiency to a stressed industry,” Mr Trevisan said.
“We tested our vision with them from the earliest stages, long before Inspector360 had actually been built. It has now undergone an extensive trial with PCRS management to test it in real-world situations with real clients and very fine margins for delivering an outcome of the promised quality,” he added.
AssetOwl said its software suite functions as an enterprise software application, providing real estate owners with one trusted platform for managing properties remotely.
Inspector360 represents the next generation of its “photo-centric” property management platform, designed to benefit property owners, tenants, agents and managers.
The Inspector360 app provides tenants, property managers and landlords with precise records regarding property condition during a tenancy, tenancy scheduling tools and utilises AssetOwl’s existing virtual tour technology to create an internal view of a property.
AssetOwl has granted PCRS an initial 18-month licence to utilise Inspector360 in conducting initial entry, routine and exit inspections for PCRS’ clients that do not utilise the property inspector software.
AssetOwl will receive a fee per report generated using Inspector360 with fees charged depending on the nature of the report and the level of accessed functionality.
PCRS will also be licenced as a re-seller to allow it to sublicence Inspector360 to other clients to facilitate upgrades from other residential property management software products.
Inspector360 incorporates 360-degree imagery, video capability and voice-to-text and hot-spot mapping of floor plans to accurately document property condition reports.
Such features contribute to boosting the efficiency of the inspection process and provide AssetOwl’s platform with a unique selling point.
The platform was launched in September last year and is available on the Apple App and Google Play stores.
Following the launch, AssetOwl successfully completed a commercial trial with US-listed residential and commercial real estate agency RE/MAX WA, who has since confirmed its intention to implement Inspector360 on an ongoing basis and possibly roll it out to other Australian RE/MAX franchisees.
Furthermore, AssetOwl has confirmed it is planning to carry out additional product trials with Colliers International WA, The Agency and Attree Real Estate by the end of the month.
The company claims Inspector360 is a tool that attempts to change the benchmarks for quality, utility and efficiency in performing property inspections – a cultural practice that has maintained its popularity and remains a fundamental process in safeguarding billions of dollars for property investors in Australia each year.