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  "documentTitle": "Zillow Group, Inc. (Z)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-03-05 00:00:00",
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      "text": "Under the status quo commission structure, agents representing home-buyers in the U.S. earn by far the highest commission rates of any developed economy, earning more than twice what a non-U.S. agent earns on average. We believe compensation cooperation rules act as an artificial lift to commission rates and without them, commissions could compress over time to levels seen in other developed economies.",
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      "text": "We believe compensation cooperation rules act as an artificial lift to commission rates and without them, commissions could compress over time to levels seen in other developed economies.",
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      "text": "Buyer Broker Commission Rates by Country",
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      "text": "Buyer Broker Commission Rate: 2.7%",
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      "text": "Source: National Association of Realtors, Expert Class Certification Report of Prof. Economides, and KBW Research",
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      "text": "Real Estate Commissions In The U.S. Are The Highest In The Developed World",
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