I think what we are losing sight of is that they have expanded into many new markets...with this business development cost they still turned a profit!!
As they perfect their software and gain acceptance... I can see the day that they will not have to invest so much money in inventory. It will be just a transactional fee with matching buyers with sellers, charging a nominal fee of 1.5% and add the value added services., mortgage, moving, remoldeing, etcc....
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