I fail to see how a real estate business that pays around 80% or...

I fail to see how a real estate business that pays around 80% or more of it’s sales income to it’s sales reps can ever be profitable. The figures for the March quarter do not reflect the effect of COVID-19 as most sales take at least 6 to 8 weeks to settle, so any sales income figures were from sales that took place from December to February. That was long before the emergence of the virus in Australia . I hate to think what the June quarter will be like. When The Agency bought SLP real estate for $950k they boasted that it, SLP,had more than 210 salespeople. It now has fewer than 40. So that was a dud buy. The whole history of this company has been a series of dud decisions including paying way over the odds for rent rolls.I speak as an agent who owned his own company for 22 years. It is on a one way journey to oblivion