Enterprise property management platform provider AssetOwl (ASX: AO1) is working on several new features and upgrades for its Pirsee real estate inspection platform ahead of its planned rollout in Victoria and entry to other markets on the east coast.
In an operational update, the Perth-based company reported 40 real estate agency clients are now licensed to use its inspection management software – 38 Western Australian agencies and two in Victoria. Seven of these agencies are paying customers.
Based on its licensed customers, AssetOwl estimates that 17,440 WA properties under management are utilising the Pirsee platform which is about 11% of the state’s addressable market.
Earlier this month, the company announced it had entered the South Australian real estate market through a trial licence with leading agency Harris Real Estate, which manages about 3,000 properties in the state.
AssetOwl’s next target is the rollout of its platform in Victoria this year, as well as its continued rollout in WA.
It is also progressing planning for its entry in the Queensland and New South Wales markets.
Meanwhile, AssetOwl has been working on multiple new features and product upgrades designed to enhance Pirsee’s platform functionality.
These include a major upgrade to the routine inspection functionality, which is currently undergoing testing.
AssetOwl also recently completed a major review and upgrade of Pirsee’s integration with leading trust accounting platform Property Tree.
In addition, the team is working hard on a major upgrade to its platform infrastructure, which is expected to improve the efficiency of its data migration capability and the overall speed of the platform, AssetOwl reported.
Other product milestones that it said are “drawing closer” include the development of the next exit inspection version and the commencement of a major upgrade to smart condition reports.
East coast expansion plans impacted by Omicron outbreak
AssetOwl said business conditions on the east coast of Australian remain “challenging over the short term” as the Omicron-variant case numbers of COVID-19 continue to rise and activity levels in the real estate industry are “still subdued”.
According to AssetOwl chief executive officer Geoff Goldsmith, the company plans to continue with its Victorian rollout “once the current Omicron situation stabilises” and will progress planning for its Queensland and NSW entry.