Ann: March 2021 Quarterly Report and Appendix 4C, page-6

I think they first need to gain market share prior to increasing the fees.

I've seen a different pricing structure in a recent investor presentation, but it's within the ball park of what you have said.

If they are market leader in Australia by the end of 2022, it's a reasonable chance they'll have 175k properties under management and achieve breakeven. It's only early, but Geoff has also shown interest in adjacent markets, such as the privately managed properties, so there's other potential revenue streams.