Nilay Patel

And I paid her no money because the seller paid the fee for her to do everything.

And she was very local to where we live.

And she knew all the local mortgage brokers.

She knew all the local attorneys.

And I was like, this is great.

I'm just going to call Pam.

She's going to do it.

And she just did it.

Can Zillow offer that kind of experience when there's no guarantee that it will get a fee the way that the buyer's agents used to get a fee?

Or are you just going to collect fees at every step?

One thing I'm really curious about in this dynamic is sort of the value of data.

And I promise this will get to AI in a roundabout way.

I'm previewing that we're going to arrive there in this roundabout way.

I do my best to bring up AI sort of like late middle.

Because people's actual businesses are interesting to me.

And the idea that we're all just going to yell about AI in some mythical way, it comes up.

I promise it comes up.

But I like to understand the actual business first.

And the reason I'm saying I'm going to get to AI with this next question is

is because real estate is such a local, data-poor business.