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PROPTECH-X ‘Proptech & Property News’: Inventory Hive Solves a Costly Problem for Letting Agents and Tenants

According to the Office for National Statistics, 4.4 million households in the UK are privately rented and 18.7% of UK housing stock is for private rentals. This means that hundreds of thousands of rental properties need to be showcased and let every year, with the same number needing inventories.

In-house 360° virtual tours

Increasingly, tenants expect agents to provide a 360° virtual tour as the first line of their decision making. Until now, however, this has been an expensive and very time-consuming service for agents to provide.

Innovator Richard Abbotts, the CEO and founder of Inventory Hive, took a look at this big problem, realising his clients do not have time to research solutions and are not always tech-savvy. For them, he determined, knitting together property tours is not easy or cheap to do.

Richard Abbotts said: “I saw there was a big market and a big problem. Agents can do fewer viewings if tenants can narrow down their choices remotely, but agents do not have the time to put tours together and the equipment is expensive. Also, training and adoption is always a barrier.”

Inventory Hive Richard Abbotts
Inventory Hive’s CEO & Founder Richard Abbotts

A cost-effective solution

To make the Inventory Hive 360° tour, it was important that the cameras are of the highest quality. Inventory Hive sourced only the best, securing a 10% exclusive discount from Ricoh for its clients along with exclusive Insta360 ONE X cameras not available on the consumer market. The camera has to be capable of making a 360° panoramic image, which is then converted into an equirectangular virtual environment so one can create custom hotspots to engage end-users.

The other tool clients need to deliver engaging and powerful virtual tours is Inventory Hive’s software, which knits the images together to create an immersive environment.

It costs as little as £8.00 + VAT per month for thirty tours stored on the software and five tours published to the internet, which can be accessed by end-users simply by scanning a QR code.

The software is flexible, allowing Inventory Hive’s clients to publish and unpublish virtual tours at any time, should they need to free up slots.

Quick and effortless in just a few clicks

Agents are always in a hurry, so as a market-leading property reporting platform with inbuilt paperless workflows, Inventory Hive has built speed into its 360° tour solution.

Richard Abbotts said: “We have made the 360° process effortless. Clients can create virtual tours in a few simple steps through the iOS or Android application. Also, the great thing is that there is no post-editing. It really is plug and play.”

To create a 360° virtual tour, simply turn on the camera and place it on a tripod. Then connect to the Insta360 camera by clicking ‘Connect 360° Camera’, connecting to the appropriate Wi-Fi network, and selecting your device.

From there, all users have to do is take and tag 360° images in rooms or spaces. The images will then be available to browse from the camera’s gallery, with the ‘Take 360° Image’ enabling users to tag the image to the relevant room/space.

Lastly, add hotspots and connect rooms and spaces along with text, photos or weblinks to videos. Users can publish their tour later with a link or QR code from the app or browser.

30-day free trial

To ensure everyone is happy, everyone gets a free 30-day trial. For agents who are hesitant about making the move to the next level, contact Inventory Hive and see how it saves you time and money, decreases viewings, wins instructions and keeps your business digitally on the front foot.

About Inventory Hive:

Inventory Hive is a premier property reporting platform with inbuilt paperless workflows. It’s designed to create the fairest and most efficient way of agreeing safety compliance, condition, and cleanliness. From check-in inventories to check-outs and COVID-19 safe virtual visits in-between, these workflows are covered without the need for third-party electronic signature software.

In recent years, the platform has shown its thirst for innovation with the release of 360° camera integration with Ricoh Theta and Insta360 devices. This means photos can be captured and tagged into relevant rooms/spaces within a property directly from their app. Other achievements in recent years include the introduction of image recognition AI for meter reading populating and integrated pre-arrival document serving.

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