Rental Listings Market Share

Here is some real data that may give you some more good vibes about this stock.

The graph below is summary of the rental listings in Australia currently on DOM, REA and RNT sites.

RNTs presence in firmly established and they are clearly apart of choice for agents when listing. When they turn these agents into transaction paying customers then the company should be able to achieve an equivalent value (in terms of free cash flow) to what DOM and REA would get now for their existing rental listing business (which they don't disclose unfortunately).

Clearly with 80k+ of RRs locked in (growing by 500 units per day) and this this level of listing market share, it should only be a matter of good management and time  before this starts to pay off.


Note: Shared market share is where a listing appears on either of the other sites. Obviously a lot of cross over because Agents want to maximize their exposure. This works well for RNT due to their no win no fee revenue model.