Chad Syverson

But your experience and the experience that I know other folks have had is when you try, you're often met with what you describe, which is, I'm sorry, that's just not how I do business.

But your experience and the experience that I know other folks have had is when you try, you're often met with what you describe, which is, I'm sorry, that's just not how I do business.

Yeah, interesting.

Yeah, interesting.

Yeah, interesting.

Can you quantify that? That's the $64 billion question. There's some estimates out there. I'm not sure if anyone's agreed on how big it actually is. I can say that there are a lot of countries who have agent-mediated real estate transactions that end up with much lower effective transaction prices than the U.S. So the U.S.

Can you quantify that? That's the $64 billion question. There's some estimates out there. I'm not sure if anyone's agreed on how big it actually is. I can say that there are a lot of countries who have agent-mediated real estate transactions that end up with much lower effective transaction prices than the U.S. So the U.S.

Can you quantify that? That's the $64 billion question. There's some estimates out there. I'm not sure if anyone's agreed on how big it actually is. I can say that there are a lot of countries who have agent-mediated real estate transactions that end up with much lower effective transaction prices than the U.S. So the U.S.

historically has been up in this 5.5% to 6% commission rate, and there are other places down in the 1, the 1.5% effective rate. If you look at those other countries and say, are there reasons why selling houses should be fundamentally cheaper in those places? You would say no, and certainly not by a multiple factor that we've seen.

historically has been up in this 5.5% to 6% commission rate, and there are other places down in the 1, the 1.5% effective rate. If you look at those other countries and say, are there reasons why selling houses should be fundamentally cheaper in those places? You would say no, and certainly not by a multiple factor that we've seen.

historically has been up in this 5.5% to 6% commission rate, and there are other places down in the 1, the 1.5% effective rate. If you look at those other countries and say, are there reasons why selling houses should be fundamentally cheaper in those places? You would say no, and certainly not by a multiple factor that we've seen.

So it's just hard not to say that, man, these prices seem way higher than they need to be to get the job done.

So it's just hard not to say that, man, these prices seem way higher than they need to be to get the job done.

So it's just hard not to say that, man, these prices seem way higher than they need to be to get the job done.

There's nothing really you can look at in the costs of selling a house that would scale up one for one with the price of the house. It shouldn't be twice as expensive to sell a house that costs twice as much.

There's nothing really you can look at in the costs of selling a house that would scale up one for one with the price of the house. It shouldn't be twice as expensive to sell a house that costs twice as much.

There's nothing really you can look at in the costs of selling a house that would scale up one for one with the price of the house. It shouldn't be twice as expensive to sell a house that costs twice as much.

One way to think about it is just the gross pot of money involved is enormous. Total number of houses sold per year times average price times five and a half or six percent. That is billions and billions of dollars. If that's the pie and it is extremely low cost to get in and try to start slicing off a piece of that pie, you're going to have a lot of bakers trying to cut the pie. Now,

One way to think about it is just the gross pot of money involved is enormous. Total number of houses sold per year times average price times five and a half or six percent. That is billions and billions of dollars. If that's the pie and it is extremely low cost to get in and try to start slicing off a piece of that pie, you're going to have a lot of bakers trying to cut the pie. Now,

One way to think about it is just the gross pot of money involved is enormous. Total number of houses sold per year times average price times five and a half or six percent. That is billions and billions of dollars. If that's the pie and it is extremely low cost to get in and try to start slicing off a piece of that pie, you're going to have a lot of bakers trying to cut the pie. Now,