Enterprise property management platform provider AssetOwl Limited (ASX: AO1) has signed its first NSW agency onto its Pirsee property inspection platform. Achieving this milestone heralds the entry of AssetOwl into NSW.
The NSW entry is a significant milestone for the company. Around Australia, residential property inspections are highly regulated at state level, which means that each state represents a discrete market for rental inspections. It is estimated that 810,000 of NSW households rent privately, well over three times the size of AssetOwl’s first market for Pirsee, the Western Australian private rental market. Pirsee’s launch into NSW follows its launches into the Victoria and Queensland markets.
In addition to achieving NSW entry, AssetOwl also advises that work has commenced on the South Australian version of Pirsee, with this version expected to be released in the first quarter of calendar year 2023.
Our entry into NSW is a significant milestone for the Company. NSW is the largest rental market in the country, and one which we expect to become a critically important market for Pirsee,” CEO, Geoff Goldsmith, said.
“Our NSW entry completes the first phase of our East Coast expansion, which began in September 2021 with the signing of our first Victorian customer. 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.
“Our development team has placed the business on a solid footing and we are now looking forward to a new phase for our business, where our lead priority is scaling and winning market share.”