Adding on for extra information, they originally purchased the RentPay system from MYOB around 2018 but it had some serious issues like the agent had to be on board and it did not really offer much for the tenant.
Rent.com.au being all about the renter, they have remade the framework to be available straight to the tenant with incentive for the tenant to actually want to use it.
Pay what you want (apparently tenants want to overpay to build up a safety net)
BNPL on rent for emergencies
Quick payment with paid confirmation
Choice of how to pay
History of payments (which they are claiming they want the RentPay product to give credit recognition)
Easy communication
Basically now they are launching a great product with an average revenue per user of $8 a month that is addressable to 32% of Australians (statistically how many are renting)
They also have the framework to sell the RentPay product using the core business on the website having
>1 million rent resumes
78,000 enquiries/applications per month
The % of successful applications will hopefully become RentPay users and this is the unknown
However refer to page 13 on the latest update on the
Half yearly results and it gives you an idea of potential revenue at different ARPU and market share.
I am hoping business can show decent growth in user base throughout the first year and save up enough capital to launch the product internationally which Greg Bader has hinted at
.
