Jeremy Wacksman

It is not surprising that companies want to find a way to find more margin, um,

maybe at the expense of their end buyer and seller if they're finding their margin challenged.

I mean, no, only in as much as

Agent's margin is not really high.

The end agent's margin... We think about it as there's a lot of people in the middle of this real estate, and you go back to the real estate database, there's a lot of folks in organized real estate.

Zillow is very, very focused on the buyer and seller, but we're also very, very focused on the individual agent at the end of the chain because those are the folks actually producing.

And that is what's led us into...

Building a bunch of software for them and building a bunch of data and workflows for them, even though they work at tens and thousands of these brokerages and across tens of thousands of these markets.

We don't really think about the companies they affiliate with as much as we think about their end agents.

And those folks are all basically small business entrepreneurs.

They are running their own business.

They aren't getting a lot of business support.

from the inherited entities.

And so we're trying to help them run their business better.

That's how we help them help buyers and sellers sell more homes.

And then more transactions is better for us.

Absolutely.

Yeah.

We got into seller because we talked about listings and databases, but

Most all marketplaces start from demand and Zillow is mostly focused on the demand side and helping buyers.