Nilay Patel

Every platform that has user content on it, and I would count Zillow as a platform with user content.

It's a little different, but it's still user content.

It's not yours.

Is overrun with slop.

Like pure AI slop.

And I see this in listings now.

Actually, you initially saw it with over HDR photos.

So then the photos you were looking at had no relationship to reality.

And now you're seeing virtual staging.

It's getting maybe one tick too aggressive.

Like it's not actually so easy to just rip out the floor.

but here we are, we're going to rip out the floor.

And now you're fully virtual tours, like generated 3D tours that maybe show you reality and maybe don't.

How are you guarding against that?

Because this is, I think, the other big threat to your demand.

Oh, I think reality shows that that dynamic has not played out, right?

I mean, you see it everywhere.

Every listing I see now has at least over HDR-ed photos.

It feels to me like the counter incentive to don't lie about the photography has not actually resulted in the photography being more accurate.

Would you ever do the opposite and penalize the fake imagery?