{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 42,
  "pageCount": 103,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a comparison of agent-to-transaction ratios to argue for a potential decline in the US agent population, negatively impacting Zillow's business model.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/42",
  "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-42",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "This implies the real estate agent population could see a dramatic decline in the U.S. with minimal impacts to the consumer experience. We believe this would compound the issue of lower commissions for Zillow; not only would agents make less money, but there would be fewer of them to purchase Zillow’s services and/or to partner with on Flex.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adc9-3ae99c058c4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Homes Sold Per Agent: 20.0",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adc9-3e71a5be1a74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Data from the Brookings Institution shows that with just a population of 50,000 real estate agents, the UK facilitates nearly 1 million annual real estate transactions. Agents in the UK facilitate twenty transactions per year on average, compared with under five per year for U.S. agents. This implies the real estate agent population could see a dramatic decline in the U.S. with minimal impacts to the consumer experience. We believe this would compound the issue of lower commissions for Zillow; not only would agents make less money, but there would be fewer of them to purchase Zillow’s services and/or to partner with on Flex.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a91b11f-5fb6-43fe-92ac-c636854cdc10",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Brookings analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09b0c619-5ec8-4501-abfd-511143232cc4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.74,
        "x": 0.13,
        "y": 0.35
      },
      "kind": "table",
      "text": "Estimated Homes Sold Per Real Estate Agent",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30d5a450-6ef8-432c-9534-80f6575ad632",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.33,
        "y": 0.03
      },
      "kind": "title",
      "text": "Data Suggests Agent Population Could Shrink Dramatically",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43bc9144-e85c-49c0-8eca-45c21e3065e5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "917b0afe-60ee-4e4b-b40e-33782da9f176",
      "evidence": "Comparing US and UK real estate agent productivity metrics to draw a conclusion about market saturation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 50,
      "from": 21,
      "beatId": "2825f36d-3055-4526-b439-677abc0e48a8",
      "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.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 42,
      "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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}