AssetOwl (ASX: AO1) has boosted its remote real estate management services by providing a virtual tour add-on to its inspector360 property management platform.
With COVID-19 distancing restrictions, current real estate sales agents are “severely challenged” with a need to be able to manage or display properties with minimal visitation.
As a result, AssetOwl has received an “unprecedented level” of inbound inquiries regarding its services.
To assist, AssetOwl has fast-tracked development of an add-on that enables the photographic record within inspector360 to be used as a virtual tour of properties that are for sale.
According to the company, its largest challenge since incorporation has been a resistance to change.
However, the COVID-19 pandemic and associated distancing restrictions have created an “urgent need” to change traditional processes including allowing remote inspections and use of comprehensive photographic records provided within its platform.
Using the add-on, a real estate agent can perform virtual tours with a 360-degree lens camera. This recording can then be uploaded to online sales platforms.
COVID-19 brings lasting changes to real estate sector
Commenting on the impact of COVID-19 on the real estate sector, AssetOwl chairman Simon Trevisan said the resultant changes to the industry are likely to last long after the pandemic is over.
“It is of vital importance that all stakeholders in the property industry are given the best chance to get themselves back on their feet as this situation unfolds.”
Mr Trevisan pointed out rental property inspections will also be a challenge – particularly with immunocompromised tenants.
“We expect virtual house tours to increasingly become the norm.”
“AssetOwl is uniquely placed in Australia to provide managers with a tool to allow virtual inspections and provide a qualitatively better product more efficiently than via the old processes.”
“We will now be able to help our sales agent customers and their clients by providing the tools they need to conduct successful virtual house tours.”
To assist companies with uptake of its technology, Mr Trevisan said the company is working to provide a finance package to enable customers to postpone the cost and allow businesses to begin to recover financially.
“We are proceeding to implement our commercialisation plans unablated by the virus, so we are able to help more real estate managers, agents, owners and tenants to adapt to the new operating environment,” Mr Trevisan added.