With the RE market starting to cool across this big brown land...

With the RE market starting to cool across this big brown land and likely massive rate rises coming we should see a pronounced cooling across the entire property market over coming quarters.

I expect many of these agents will go back to window tinting and then we will see how sustainable the Agency model actually is.

I revisited the annual report over the weekend and was reminded how over paid their executive team actually is.

The head office costs for this business will not sustain a slow down in sales.
This business is borderline profitable in my view.

I still like the concept but management have simply failed to scale fast enough....and still carry excessive debt for a business of this tiny size.

10x