Jeremy Wacksman

What they don't want is not just to be marketed aggressively to.

They also don't want to have to hire a bunch of different companies to do pieces of the transaction and have no idea where they all are and have 37 Gmail threads and text messages about all the pieces.

They want...

to be able to open an app and go, okay, here's my conversations with my agent, here's my offer, here's my financing, here's my closing.

I just kind of want to see it all there.

That's what we're trying to build.

You have to originate the mortgage yourself really to do that.

But yeah, in that case, we are more competing directly.

We are an incredibly small mortgage originator.

I mean, mortgage is a massive category.

We are basis points of share, but the growth for Zillow is going to come from offering that more often.

Because when a buyer comes to Zillow, they're asking two questions.

They're saying, well, can I afford it?

And is there anything I want to buy?

In asking those two questions, they kind of realize, oh, I need a professional.

And so one of those two things leads them to hire an agent.

And we're trying to offer answers to those questions kind of all in one place.

That gives us this tremendous customer acquisition cost advantage to offer mortgages as one of the things they could choose.

Well, there's kind of two questions there.

Yes.