AssetOwl woos more real estate agents over to its virtual inspection tech

Virtual property inspections are gaining traction with real estate agents which has brought in more business for property management tech stock AssetOwl (ASX:AO1).

The company told investors today two more real estate agencies, based in Western Australia, had signed on to use its inspector360 tech.

The inspector360 platform assists with property management and enables potential buyers or tenants to inspect properties virtually.

AssetOwl has now signed on Cortes Management Group & Thorp Reality, which between them manage a portfolio over 1,000 properties.

A further nine unnamed agencies were announced as having been bought into the company’s sales pipeline.

At the peak of COVID-19 restrictions virtual inspections were the only option for those in the market for a new home. This increased demand pushed AssetOwl shares up from 0.3c to as high as 1.4c.

AssetOwl (ASX:AO1) share price chart

Taking advantage of prolonged lockdowns

“We look forward to bringing new levels of efficiency to their property management processes, providing them with the freedom to focus on higher-value tasks and broadening our suite of services as our partnerships develop,” AssetOwl Chairman Simon Trevisan said.

Trevisan also commented on Victoria’s second round of lockdowns. He said the value of AssetOwl was “strikingly apparent” right now as it prepared to launch in that state.

The company it also adding two new features to its inspector360 tech.

The first new addition is a tenant collaboration feature, which allows property managers and tenants to collaborate on property condition inspections.

The second is a remote routine inspection feature that enables property managers to gather images through a tenant’s phone camera without them having to physically inspect the home.

AssetOwl said other remote inspection tools already on the market relied totally on tenant commentary and were of “questionable reliability and legality”.