Property management technology provider AssetOwl (ASX: AO1) has wrapped up a busy financial year with the continuation of its Pirsee platform rollout, while securing its first Victoria-based agency as a paying customer and navigating its capital raising to assist with expansion efforts.
The Perth-based company was pleased to release its fourth quarter results, converting six more real estate agencies to fee-paying status, contributing to a total of 17 agencies.
It was also able to secure its very first Victoria-based agency as a paying customer.
There are now 38 Western Australian agencies signed onto the platform, in the metropolitan and regional areas of the state, representing more than 15,000 properties under management.
With 150,000 rental properties professionally managed in WA, AssetOwl has a 10% control on the managed rental market through its Pirsee platform.
New roles in June quarter
In the June quarter, AssetOwl appointed James Heys as head of product to improve customer experience and expand the company’s opportunities.
The company also hired a Melbourne-based customer success manager to assist with the first Victoria-based agency paying customer and ultimately AssetOwl’s east coast expansion plans.
AssetOwl aims to tackle its east coast sales strategy by hiring a Melbourne-based sales manager in the September quarter.
Product development
AssetOwl released its “mobile synchronization” protocol in May, giving the ability to multiple users to work on an inspection at the same time.
Introducing the “mobile sync” protocol has enhanced the user experience and the speed of the app in the field, according to the company.
There were also improvements to the PropertyMe and PropertyTree integration during the quarter, which the company believes will assist in the success of its east coast expansion.
Capital raising
In the June quarter, AssetOwl placed the remaining shortfall from the seven for 10 non-renounceable rights issue launched by the company in January.
The company raised $1,942,043 from the entitlement offer, of which $440,298 was contributed in the June quarter.
The raised capital is set to be used for the continued development and product enhancement of Pirsee, marketing activities, aiding in the east coast expansion, assisting ongoing research and development into new revenue opportunities for the Pirsee platform and also, working capital.
September quarter preview
AssetOwl aims to build on its east coast expansion through the September quarter, hoping to release a New South Wales and Queensland compliant version of Pirsee.
The company also has ambitions to improve its smart condition report, which entails the digital sharing of property condition reports.