Amid functional changes in the real estate market which have been accelerated by the pandemic, property tech company AssetOwl (ASX: AO1) has signed their first Victorian real estate agency for their virtual inspection platform Pirsee.

Signing of the agency, which AssetOwl has chosen not to name, comes after a nine month partnership with the Real Estate Institute of Victoria (REIV) where the tech company showcased Pirsee to agencies to showcase what they could offer home buyers through the platform.

With rolling lockdowns in Victoria restricting in-person inspections, virtual inspections and online auctions have emerged as one of the most popular and user-friendly services as a solution for public gathering restrictions.

“Our entry into Victoria is hugely significant for the Company. Victoria has the second largest rental market in the country, and will be the first step of our east coast expansion,” said AssetOwl CEO, Geoff Goldsmith.

“Pirsee is perfectly placed as the only software that can help property managers and their clients to carry out fully remote routine inspections in a safe, compliant and efficient fashion.

“Whilst these challenging times mean that our remote inspection capability has received considerable attention, in the longer term we expect to see Pirsee winning market share due to its full suite of market leading features and functionality’’.

No financials or formal agreements behind the Victorian agency signing were disclosed however it is still subject to a successful trial period which AssetOwl expects to take longer than normal due to current COVID restrictions in the State.

Using the Pirsee platform, real estate agents are able to direct inspections remotely through a video call, whilst also being able to capture high resolution photos and review them in real time with hot-spot mapping of floor plans.

Entry into Victoria is of particular interest for Perth-based AssetOwl, with the Company estimating the annual market to see 645,000 households rented privately, 3 times the size of their home state of Western Australia.

For the year ended 30 June 2021, AssetOwl reported a 295% increase in revenue to $64,916 but incurred a net loss after tax of $1.5 million with $1 million cash in the bank.

Renamed Pirsee having previously been known as ‘inspector360’, the new name combines an acronym, PIR, derived from ‘Property Inspection Report’, and the verb SEE. AssetOwl is hoping Pirsee will will become part of the real estate industry vernacular.