Comments about RNT interface functionality and lack of app are pretty spot on, they also don't have the breadth or depth of product that REA has (rental product). They will need to invest more $ into the software.
However, they appear to be generating positive network effects. The proof will come in Q3 CFS in terms how the Agent's transnational fee model performs. Ultimately 50k renter resume isn't anywhere near enough to maintain the momentum so they are going to have ramp up the marketing $ soon as well.
I like them @ $15m - $20m value based on what they have achieved to date. With some positive brand effect and continued growth of 20% Q0Q in cash income a $50m valuation is possible. At that point RNT is most likely a target for some like REA.
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