rent.com.au IPO, page-5

Rent.com.au currently has over 50,000 active listings. I think they charge $99 for a 4 months listing from private landlords, not sure how much they charge for agents but it must be a discount from this. The thesis being that about half of all rental properties are managed by private landlords and the bulk of the private landlords are not serviced by existing websites like realestate.com.au and still advertise their properties offline. Rent.com.au seems to be the only website that offers the full suite of services exclusively servicing the rental markets. I believe the potential is very good with the attached blue sky of them already secured the domain to expand into Asia rent.com.asia. They already spent $10 mil in developing and derisking their product so at current pricing investors get a free ride.