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  "docId": "019dd923-622c-750b-8b99-74af5c9e9edb",
  "docSlug": "de028a1085e6",
  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 41,
  "pageCount": 103,
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  "slideType": "problem_statement",
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  "density": "dense",
  "nDataPoints": 5,
  "notes": "The chart highlights the U.S. as an outlier in buyer agent usage compared to other developed economies.",
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      "kind": "callout",
      "text": "We believe if home-buyers had to contract with agents directly, a significant number would either seek to negotiate fees or go without an agent altogether.",
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      "bbox": {
        "h": 0.55,
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        "x": 0.07,
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      "kind": "chart",
      "text": "Buyer Agent Usage by Country",
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      "kind": "metric",
      "text": "Buyer Agent Usage: 80%+",
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      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "kind": "paragraph",
      "text": "American home-buyers use agents at a far greater frequency than home-buyers in other developed economies. We believe this is due to cooperative compensation arrangements whereby home-buyers do not compensate their agent directly, shielding them from the true cost of using an agent. We believe if home-buyers had to contract with agents directly, a significant number would either seek to negotiate fees or go without an agent altogether. We believe this would have a significant impact on the buyer agent population which is a key market for Zillow.",
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      "kind": "source-note",
      "text": "Source: National Association of Realtors, Expert Class Certification Report of Prof. Economides, and KBW Research",
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      "kind": "title",
      "text": "American Home-Buyers Shielded From The True Cost of Using An Agent",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.",
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      "confidence": 0.8,
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  "loops": [
    {
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      "from": 41,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "06b1916c-9f4b-4526-bffa-cba884ed810e",
      "evidence": "The document presents a clear cost of inaction by highlighting the potential consequences of not addressing the true cost of using an agent.",
      "position": 1,
      "objective": "To emphasize the potential consequences of not addressing the true cost of using an agent.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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