Ann: Renter Resume Exceeds 75,000 users, page-23

In the 17H1 accounts there is was tinning little amount of 'referral fee' revenue $6k. So that may be it.

I am not convinced that Air BnB is as bigger threat to the RNT as RNT maybe to AirBnB in Australia. The rental industry is highly regulated which why Property Agents dominate the market. RNT, REA & Domain all have deep relationships with the agents, Air BnB does not.

Just because on the face of it you can do something that look likes property leasing doesn't actually mean your service will taken up by the industry, particularly if you model is all about 'disruption' of the existing network. Anecdotally I have heard about people entering into 3 month rental agreements via AirBnB platform but I think there are regulations that kick in around the 6mnth mark that make this type of transaction illegal atm.

On the other hand if RNT wanted to branch into short term rentals then it could easily expand its service into this space and would likely be accepted by the market.

I know that Air BnB is a very big company but I'm not sure that taking on the existing players directly in this space is their best strategy. This view only holds for Australian market, i don't know anything about what is going on overseas.