Property management-focused technology company AssetOwl (ASX:AO1) reported a fiscal year 2022 dominated by product development and steady growth in an industry still reeling from the impacts of COVID-19.
During the period, the company spent time and money developing its flagship Pirsee inspection management platform as it moved from start-up to scaling mode. early.
During the first half of the year, AssetOwl actively sought out and onboarded new real estate agents in its home market of Western Australia, with the number growing from 10 clients (plus paying trial) in July 2021 to 40 by the end of the year. end of June 2022 and an estimated 18,600 properties under management.
AssetOwl has achieved a Pirsee trial pass rate of around 55% for FY2022 and is aiming for 75% in the next corresponding period as it continues to add new product features and incorporate customer feedback. clients.
During the period, the pace of development of the Pirsee platform accelerated, with a number of new features released in response to customer feedback as well as new market offerings.
The company has introduced a new routine inspection feature (giving property managers the ability to streamline their inspection reports) as well as better integration with industry-standard tools PropertyMe and Property Tree.
The release of a mobile synchronization protocol in May was designed to allow property managers to modify (synchronize) changes to data records in real time and allow multiple users to work on inspections at the same time.
According to AssetOwl, the new protocol represents an “extremely significant platform upgrade” that has significantly improved the user experience and the speed of the application in the field.
Other major product upgrades that brought a radical change to Pirsee’s offering during the year, including a new workflow for final bond (or exit) inspections; launching data migration capability to support entry inspection documents; and the release of a Victorian version of the platform to support AssetOwl’s entry into that state’s residential market.
During the year, AssetOwl realized $81,000 in revenue generated by Pirsee, which represents an increase of 26% compared to the previous corresponding period.
The company’s net after-tax loss increased 45.26% to $2.28 million, partly due to a year-over-year increase in personnel costs, as well as Costs incurred by appointing a CEO and a Customer Success Manager.
In April, AssetOwl completed a fundraising of $2.26 million comprising an equity placement of $325,231 and a rights issue of $1.94 million.
The proceeds will be used to grow the business, fund marketing campaigns and provide working capital as AssetOwl prepares to enter remaining markets along Australia’s east coast.