Potentially hidden gem, page-248

Free listing options now mean agents will pay later, because they will need to get the renters eyeballs (if all properties, private and agent, are listed on RNT, that's where people will search, so that's where you will have to list them as well).

The rental sections of agencies will pay both REA (big fees) and RNT (at a lower cost for the value provided) - these are quite separate markets and use cases that RNT is differentiating even more on purpose.

But as I keep saying this is a "nice to have" annuity when it can be leveraged without hurting listings.

RNT will have multiple revenue streams including subscriptions, advertising, referrals and transaction income, all based on the level of service(s) it offers.

If you look at the numbers at the top of this thread, these don't have to be huge for a great business given the sunk costs and the current market cap - expenditure from here will be driving growth.

None of this is a given - it is a just a spec stock after all - and as the numbers come through I may double down or get out.

For now I see a solid base-case and lots of potential upside given what has happen with other specialists targeting undifferentiated vertical markets.

Nothing new in what I've said, so don't want to keep repeating my answers - try a new question.