Ann: Quarterly Report and Appendix 4C, page-3

Every few months I come back to this and try to convince myself that RNT makes sense - I have always liked the concept.

Having done about 15 minutes more research today, I still think RentPay is a hugely expensive mistake and will fall flat on it's face.

It appears they have invested over $1.0m in it already and it's not clear what stake the development partners are entitled to if and when revenue from RentPay does flow.

The talk of achieving between 1% and 10% of the rental payment market - now touted as being $60B per annum - is absolutely ridiculous. Does anyone honestly believe that RNT is going to manage between $600m and $6.0B of rental payments per annum?

RNT currently turns over around $50k per week - that's corner store / fish n chip shop money. Somehow we're expected to believe this company is going to handle somewhere between $11.5m and $115m in Australian rent transactions PER WEEK??? That would require over 25,000 tenants Australia wide.

In August 2020, the company suggested that a 1% market share of rent payments (so handling that whopping $600m per annum in transactions) could value RentPay at $15m, using a "5 times revenue" valuation (don't get me started on that one).

This means that RentPay would achieve a fee of just 0.5% of the $600m in transactions = $3.0m revenue. Does all of this belong to RNT, or is some of it allocated to the app development partners? What costs come out of this revenue? (it's not profit).

Payments is already a very crowded market place. A quick search today uncovered that RentalRewards kicked off 17 years ago - tenants can easily pay their rent by credit card and earn Qantas points. SimpleRent have already been providing a payment gateway with app for close to 3 years. Participants also get retail and other vouchers as some type of loyalty program.

It would take an almighty effort to hit the road and bring agencies onboard with this when there are existing options and the traditional B-Pay, direct debit, credit card etc etc

On normal RNT revenue - RealEstate.com.au (you know, that website with 60m visits per month, nearly 100 times more than RNT gets) are now offering private listings for landlords. That's a game changer.

Sorry to tell you, but RNT has really missed the boat. It's been more than 5 years and they've been way too slow to get to market on everything they are doing. Apps and websites are not that difficult to produce and there is way too much competition in payment space.

Remember this was a $0.20 IPO in June 2015 with an initial mCap of $17.6m, with 88m shares. Today there are 342m shares issued for an mCap of just $15m. Anyone in the IPO would have turned their $10,000 into $2,500 so far.

Not to mention the close to $30.0m worth of accrued nett losses racked up so far - but hey, "if you ignore the $300k we threw at RentPay in the past 6 months, we would have made a $25,000 profit".

No, I'm not holding and yes I went backwards on an early investment on RNT (believed the BS for far too long). Spare me the name calling - if you don't like hearing alternative opinions, then keep scrolling. Best of luck to the rusted on believers.