Potentially hidden gem, page-238

It's a well trodden path:

Differentiate, win eyeballs, lock people into the ecosystem, attract advertisers, convert to revenue, cross-sell, up-sell.

Initial target market is probably capped at 40% of rental market, the private property investors who aren't well served online, by making sure most properties are listed and most renters find it the easiest way to look for a rental (eyeballs).

That is a big market with a scary amount of turnover (poor bloody renters) for something the size of RNT. Look at the figures posted previously and the opportunity to connect and clip the ticket on many types of rental services and transactions.

Once you have those eyeballs, you are either taken over as you monetise, or you follow the standard path I mentioned.

RNT is also in a growing market (increasingly mobile population, less affordable housing, generational change) and can replicate the model overseas longer term.

Don't forget, they also know why the previous model failed; entrepreneurs learn, get up and do it better next time - a past failure can be one of the most powerful tools and not a fundamental negative - nearly all successfull people are forged through a difficult experience.