The new sales head David Scott only started with IBN in October so was still finding his feet in the last quarter.Early days in the job.He has been recruiting new salesman.He will be working on following up leads and closing the active reservations with his team.I did notice that they have a lot more properties to choose from on their database so more developers are reaching out to IBN to sell their properties.Tightening of bank policies has had an effect on lending.As property prices fall banks will be more willing to offer loans and buyers will enter the market.
Someone will always need to sell the property so sales process is important.We know that Australia still builds around 200,000 properties a year so if IBN sell just say 200 properties a year will turn a profit.
Cash outflow was halved this quarter so CEO has a good handle on expenses.The company was able to secure a loan which was good that there was no more dilution.As Tony has said at this low market cap risk for reward when the company starts to pick up.
