Jeremy Wacksman

Buyers and sellers, big brokerages, startups, innovators can all get access to the same information because the real estate industry has agreed to cooperate and share it.

And we're the only country in the world that works this way.

Every other country, they are private databases.

They are somewhat controlled.

That creates less competition.

That creates less transparency, and it actually creates a worse consumer experience.

So we have grown up, and the internet coming to real estate actually allowed the MLSs to build this so that it's commoditized, right?

And Zillow then has to differentiate on top of that.

We have to fiercely compete for audience and win that audience with better products on top of commodity data.

Many marketplaces, yeah, you build content other people don't have and you have this lock-in benefit.

We don't have that.

We have to build better touring experiences.

We have to build better AI-powered virtual touring.

We have to build better financing.

We have to attract buyers and sellers to want to use our services because one click away is the same listings on another website.

I think many MLSs would say that.

Yeah, the transaction data is actual county public records that you can get.

I think many see it as complementary.

I think the challenge with 500-plus is there's 500-plus groups, so we can't have one conversation.

There are many MLSs that are very consumer-focused, and most of their rules, as you put it,