In an “incredibly important” milestone, AssetOwl (ASX: AO1) has signed its 10th real estate agency to trial its software as a service inspector360 property inspection platform – setting the stage for growth in the second half.
The company’s contracted customers now have a collective 4,000 properties under management.
AssetOwl chief executive officer Geoff Goldsmith said signing the 10th real estate agency to its inspector360 platform was an “exciting achievement” for the company that demonstrates a “clear market need” for its technology.
“The signings are also an important operational milestone as the business refines its product offering and improves its onboarding and data migration processes in preparation for entry into the Victorian and other Australian east coast markets,” Mr Goldsmith added.
In AssetOwl’s current onboarding model, real estate agencies sign a licence that includes a free trial period.
During this period, AssetOwl migrates the agency’s existing inspection records onto its inspector360 platform.
The company then trains property managers on how to use inspector360.
According to AssetOwl, this process usually takes about one-to-two months but can be longer depending on agency size and the state of its property data.
AssetOwl noted its onboarding process has been refined since the initial customer implementation, which will accelerate the transition of trials to paying licensees under the paying software as a service model, which generates recurring revenue.
The company added securing the 10th real estate agency was an “incredibly important” milestone that heralds a key moment as market traction builds for inspector360 ahead of a product rebranding and official launch.
With a more honed onboarding process, AssetOwl says the company is in a good position to proceed to the next growth phase which is rolling-out its technology across Australia’s east coast.
“When scaling any new business to business technology, it is important to recognise that there are a number of distinct growth phases, each with its own set of challenges,” Mr Goldsmith said.
“Technology businesses typically move through early phases including idea generation and opportunity identification followed by business case validation, product launch, traction, scaling and finally establishment.”
“We thank our investors for their support as we move through these early phases and look forward to providing further updates as we deepen our market traction,” Mr Goldsmith added.