Domain and REA offer the same thing. Really they are just...

Domain and REA offer the same thing.

Really they are just offering the same as REA and Domain with a few gimmicks that are slightly more tenant and private landlord focussed. There's nothing being offered currently that I can see which is a game changer and will ensure that they succeed.

A few years back an online tenancy application form was developed called Oneform. That has proved an incredible success and is used daily by tenants and agents. It was eventually bought - I think by REA for $14-15m.

Last year a company called IAgree developed electronic leases. I sat through the initial presentation and it was a "wow" moment for me. We now use them and they are terrific. The time and cost saving to agents is substantial. The girls that developed it are going to make a killing.

That's what you are looking for. If you are going to take on the established players in REA and Domain you need to come up with something completely unique that makes you think "Wow this is going to be a game changer". I just don't see it with RNT as yet. Certainly nothing I see justifies a market cap of $30m.