Jeremy Wacksman

And we love filling that.

And the brand stretching across both is a huge CAC advantage and a huge lifetime value customer.

So that part we can talk about, but I don't think it's we would pivot to be B2B focused over B2C focused.

I think it's more you would

probably think about the transactors as the customer segment, as the more durable part of the customer segment.

80% of Zillow's traffic comes to us free and direct now.

And so yes, if that percentage went down, that's a different customer acquisition equation.

And we need to be good at where the traffic's going to come from when they get into the category of transactions.

Having a professional database that has some rules around it is good for this.

I mean, one of the benefits of an MLS is we are one member, there are many members, and we all want to solve that problem.

And so you can have compliance and rules and violations and fines.

And you have...

licensed professionals who are endorsing and stamping that the content is accurate.

So when it gets through, that's maybe a licensed professional who didn't do the right job.

And so you have a way to police or manage that.

So that's one way, as you talked about earlier, we're not going to just rely on the mechanisms of 500 plus, we hope, and we're going to lobby for that, but we'll also look at the data ourselves and our rentals marketplace example that where you don't have the MLS structure and

It is long tail user enter directly into Zillow's tools.

And so we have to build good compliance tools.

I think the nice thing is the benefit in doing it in the real estate market is probably lower because ultimately you're trying to sell the home or rent the place.

And if you do it, it might drive top of funnel volume, but the incentive will quickly get higher.