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
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