Real Estate Investar Group, a leading provider of online services to Australian and New Zealand property investors, has released highlights from its December 2016 quarter, which includes reaching its 250,000 membership milestone.
Key Takeaways
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- As of 31 December Real Estate Investar’s membership stood at 250,124 members, a 64.1% year on year growth.
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- Cash receipts grew by 7% over the previous corresponding period to $1.0m;
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- Net cash outflows used in operating activities improved to $0.2m, significantly reduced from net outflows of $1.6m in the previous corresponding period and $0.9m in the September 2016 Quarter; and
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- Real Estate Investar commenced promotion of a new Premium Membership focused on assisting members to purchase investment grade properties and generate property sales commission revenues.
In December 2016 the company launched a new Premium Membership focused on assisting members to purchase investment grade properties based on their engagement and profile data. REV Group expects that this new membership will drive strong growth in property sales commissions in the second half of FY 2017.
The CEO of Real Estate Investar, Clint Greaves, commented on the company’s strong December quarter.
“The highlight of the last quarter was exceeding our IPO forecast of 250,000 members along with the significant increase in member engagement and detailed data about our members and their property investment intentions. This provides us with a strong platform to help more people invest better and to grow our property transaction revenues through the second half of the financial year.”
