Do you think the reason for REA's success is they have better systems? It is network effect, period. They have the most listings, so everyone uses that site, both users and agents. Agents hate dealing with REA but they have no choice - Domain only has 1/3 the traffic of REA. Having the strongest user base is an extremely powerful "moat" against the competition. I like RNT's strategy to go for self-managed landlords but it is not yet successful.
Your bank logic is incorrect. A better example would be why do people use Facebook instead of Bebo. Answer - all their friends already use it.
Chartists, page-16
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