AssetOwl achieves 90% coverage of Australian property management market via Pirsee

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By Danica Cullinane - 
AssetOwl ASX AO1 coverage Australia national property management market Pirsee

AssetOwl is now focused on releasing a South Australian version of its Pirsee platform.


Property management technology provider AssetOwl (ASX: AO1) has announced its inspection management platform Pirsee is now available to 90% of the national market.

The platform’s Queensland and New South Wales versions were completed and released during the December quarter following successful roll outs in Victoria and Western Australia.

In addition, a further real estate agent was successfully converted from a trial to a full fee-paying licence.

At the end of the quarter, AssetOwl reported 38 WA agencies had signed onto the platform, collectively representing about 15,500 properties under management. Of these, 23 have progressed from trial to fee-paying status.

The company is now targeting customers in regional and metropolitan areas of WA including Port Hedland and Esperance.

Product development highlights

In addition to the release of the Queensland and NSW versions of Pirsee, designs were finalised for South Australia over the quarter. This version’s release is anticipated in the first half of the 2023 calendar year.

Other development highlights of the quarter included an improvement to the platform’s inventory functionality to save time for both property managers and tenants. Pirsee now automates the process for compiling a list of inventory items and condition for entry reports.

AssetOwl improved customer support via knowledge base updates and by streamlining customer access to support. It also finalised the design and scope for the updated exit inspection function.

In addition, the company has deployed a new inspection offering for new apartments and was engaged by Iris Residential on commercial terms to provide photo-centric condition reports for more than 60 newly completed apartments. The success of this trial is expected to provide an additional market for the Pirsee platform.

Sales and marketing prioritised in 2023

AssetOwl said sales and marketing will become a high priority for the business this year as it aims to establish a sizeable market presence in Queensland, NSW and Victoria.

Another key focus will be on building new features and developing the ability to scale and support a growing customer base.

In addition to developing an SA-compliant version of Pirsee, AssetOwl will focus on building an upgraded version of Pirsee’s exit reports.

In the second half of 2023, the company said it will shift its focus to building a New Zealand version of the platform.

7-eleven product licence terminated

Over the course of the December quarter, AssetOwl elected to terminate its audit product licence with national retailer 7-eleven.

This audit product was a legacy product from before the development of Pirsee and AssetOwl considered it uneconomic to maintain and a drain on the company’s resources.

“AssetOwl’s key priority is the growth of its Pirsee platform and other products that offer synergies (technical, commercial, or operational),” the company stated.