RR Update, page-7

RR conversion is not the risk. They convert. Risk is Agent coverage on the platform. If for example only 5% of listed properties are SP agents then the conversion will also be low. There has definitely been increasing coverage since March but it doesn't appear they have locked in National Agency account, like Ray White. This would be game changer if they did. Having said that the local RE agency is cottage industry and they have been grinding there way to increasing market share thus far. So with time and larger RR numbers it is likely that one of the large franchise operators will come knocking on their door at some point.