Jeremy Wacksman

And then we'll get back to the business model that we think we're building that's pretty durable for any potential aggregation change, I would say over time.

real estate is probably the most as you started the conversation complex regulated localized licensed category out there so it's very hard to think about okay well is there a better way to shop for shoes or is there a better way to find the restaurant i'm going to order delivery from in the next 20 minutes i mean every category has its challenges and how aggregation might change but i think real estate is different for the

structural reasons, also for the consumer reasons.

So you're not doing something every day.

You are buying a house.

The average homebuyer right now is once every 14 years.

That cycle is already quite good for you.

Or they become a new source of demand.

And sure, maybe they want to ask the horizontal LLMM, a question that they're asking us right now.

And then when they get into the category of actually transacting, which again is the business that we're trying to build, they're going to want to use our software workflows, data, and people to transact.

And so it's just a different source of top of funnel.

This is the age old question.

I mean, when Google came around and when mobile and apps came around, it's like, oh, you know, the top of funnel versus the transaction flow.

That is why I think we get really excited about the software, the workflows, the data.

and the licensed professionals that are in the category is we think building that vertical integration, as you put it, is really the most durable components of any evolution, even if the way people get to our front door might change over time.

Then on the flip side, we also are going to look to innovate on those capabilities because there is the horizontal ask, a horizontal do it.

There's also the ask a vertical to do it, which we think in this category also gets really interesting.

Uh, well, I would've said it a little differently, which is the, maybe we care more about the transactors than the dreamers over time, but that's already where our business is.

I mean, we make money with the transactors, the dreamers and the shoppers and the browsers are.

efficient tomorrow's transactors.