The limiting factor isn't the number of real estate agencies in...

The limiting factor isn't the number of real estate agencies in Australia, of which there were 35,000 in 2011.

The limiting factor is that AO1 have only been able to sign up roughly 10 agencies in the past year. They can't sell their product. Their sign on's are so rare, they put out a market sensitive announcement for each one..

Even in your calculation above you only calculation $540,000 per year, that's how much cash they burnt LAST QUARTER.

Really need a change in management or an acquisition for this to take off... Partnership with REIV has so far proven to be fruitless. REIV has lost a lot of respect in Victoria as they weren't willing to stand up for Real Estate businesses during the lockdown, and I can guarantee you that a lot of REIV emails, especially ones with marketing in them, are going straight in the trash folder