AssetOwl reports unprecedented demand for its virtual home inspection app due to COVID-19; shares surge 125pc
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After being ordered to stop physical inspections, real estate agents are starting to conduct these online and AssetOwl (ASX:AO1) is reporting heavy demand for its services.
AssetOwl’s software, inspector360, was originally developed to eliminate a lot of the paperwork around property management and inspections with the feature facilitating virtual inspections intended as an add-on feature.
However, the increased demand for virtual inspections has resulted in this feature been fast tracked.
Any inspections on this platform are designed to be performed by an agent with knowledge of what’s best to highlight.
While a 360-degree lens camera is considered to be optimal for capturing the virtual tours, it can also be performed using smartphone cameras capable of taking panoramic photos.
The app is also able to manage a lot of the paperwork required in property management.
AssetOwl boss Simon Trevisan says that with quarantines and social distancing measures in place, virtual home tours will be required to meet the new challenges facing home inspections and may ” increasingly become the norm” post the virus outbreak.
“The impact of the COVID-19 pandemic on the property industry cannot be understated. The impact and resultant changes to how we, as an industry and a community, operate are likely to last long after the pandemic is over,” he said.
“With quarantines and social distancing measures in place, inspections are going to be a challenge, especially in properties with tenants who are immunocompromised. We expect virtual house tours to increasingly become the norm.
“AssetOwl is uniquely placed in Australia to provide managers a tool to allow virtual inspections and provide a qualitatively better product more efficiently than via the old processes.”
Shares have lagged for several months but have more than doubled with this morning’s news.