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Why the Rent.com.au Ltd share price rocketed 23% higher

The Rent.com.au Ltd (ASX: RNT) share price has been a big mover on the market today.

In afternoon trade the real estate company’s shares are up 23% to 6.5 cents.

What happened?

This morning the company announced record fourth-quarter revenue of $476,000. Pleasingly, this was driven by a record month in June, which saw revenue hit $188,000.

Key to the company’s growth has been the growing adoption of its SmartPlan product by real estate agents.

According to today’s release, SmartPlan is now used by 6% of all Australian rental properties and it isn’t too hard to see why.

The company’s data reveals that on average a rental property takes 36 days to rent, whereas using SmartPlan it takes on average 28 days.

Based on the median national weekly rent of $390, the eight days shorter time on market is worth almost $500 to the landlord according to management.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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