Ann: NWR Small Caps Conference - Investor Presentation, page-5

From my general observation in the media and anecdotally, what we are increasingly seeing is a shift from home ownership to rental occupation. Even without the former level of tax offset it seems that there are more individual rental owners coming forward as well as the beginnings of corporate involvement.
The agency business, as well as becoming busier, is imo going to be more preoccupied with more frequent tenant turnover and probably even more red tape, all of which bodes well for our little asset owl.
It's a good space for the right product imo and hopefully we've got it.