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.
