Nilay Patel

So you're just taking more dollars out of a sort of fixed pie.

You mentioned all the other software you're building, right?

The software for the agents, the software to get the loans.

Those are places where there is other companies with existing big margins, particularly loans, right?

I always think about...

how can I tell when there's like excess margin in a market?

And it's when I experienced Glenn, Gary, Glenn Ross on the other side of the phone.

Like I whisper to the internet that I might want a mortgage and like 500 companies show up at my doorstep.

That means there's enough money to do all that marketing to support all that sort of lead generation, lead conversion.

That does seem like the opportunity for you, right?

You have the interface, you have the demand.

That's right.

We're just going to show you the rates.

You're going to pick a mortgage.

Have all of those companies been willing to participate in that system?

Because that would reduce their margin.

I'm just thinking about when we bought our house, right?

Our agent, our buyer's agent, this is before the settlement.

So the seller was going to pay my buyer's agent's fee.

So I just, this very nice woman showed up and she just helped us buy a house.