Emil Brill

And then you get a BNC class assets where to your point, you have one property manager managing, let's say two or three buildings per person.

Right.

So an active vendor would be, are they responding to RFQs and RFPs that they're receiving from the property management side?

Yeah, I mean, listen, the way we measure marketplace success is what are the percentage of RFPs that are getting three bids back?

See, because that means that you have, right?

That means you have liquidity of supply, which is fundamental in a marketplace.

It's not used to anybody, but that's also what the successful value exchange is for a property manager.

You see the way that I look at it, I love comparing this to Uber, right?

You download Uber, you press a button and that's your aha moment.

This is so cool, a car is coming to me.

That car doesn't get you to the right destination.

You're not using Uber again.

You don't have a successful value exchange.

So that metric that I just defined, the percentage of RFPs that get three bids back, that defines both a successful value change for the PM and the liquidity of supply.

So that is our service level guarantee.

What is that number today?

So today in major metropolitan cities, it's over 90%.

In some more, we'll call it secondary tertiary markets, it's about 75%.

And I'll give you just some context here.

Only six months ago, that number was at 1.5, 15%.