AssetOwl signs first NSW customer to Pirsee property inspection platform
AssetOwl has entered the NSW property market after signing its first trial customer to Pirsee in the state.
West Australian property management technology provider AssetOwl (ASX: AO1) has signed the first New South Wales-based trial customer to its Pirsee property inspection platform.
The signing of Lloyd Property Agents in regional Deniliquin is considered to be a significant milestone as it heralds the company’s entry into that state’s property rental market.
It is estimated that 810,000 of NSW households rent privately, representing a market more than three times the size of AssetOwl’s WA market.
Pirsee’s launch into NSW follows its introduction into the Victoria and Queensland markets.
In the September quarter, the company finalised a build on the Queensland version of Pirsee, which opened up Australia’s third-largest rental market to the company, comprising around 562,000 addressable private rental households.
AssetOwl has also commenced work on a South Australian version of the platform, which is scheduled for release in early 2023.
Around Australia, residential property inspections are highly regulated at state level, meaning each state represents a discrete market.
Critically important market
AssetOwl chief executive officer Geoff Goldsmith said the NSW market was expected to become “critically important” for the company.
“Our entry into NSW completes the first phase of our east coast expansion, which began in September last year with the signing of our first Victorian customer,” he said.
“We are going after a large addressable market, as there are approximately 2.5 million private rentals in Australia, and the states where Pirsee is now compliant – WA, Victoria, NSW and Queensland – represent around 90% of Australian rentals, or ~ 2.2 million properties.”
Winning market share
Moving forward, Mr Goldsmith said AssetOwl’s priority would be on scaling and winning market share.
The company’s development team would also focus on product improvements, such as upgrades to exit features, routine inspections and tenant sign-offs.
Major product upgrades which have already delivered a step-change in Pirsee’s offerings include a new workflow for final bond (or exit) inspections; and the launch of a data migration capability to support entry inspection documents.
The new improvements will occur in parallel with the anticipated launch of a product which meets compliance standards for the South Australian market.