{ "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": 45, "pageCount": 103, "prevPage": 44, "nextPage": 46, "slideType": "ceo_quote", "function": "expose_contradiction", "density": "dense", "nDataPoints": 2, "notes": "The slide uses yellow highlighting to draw attention to specific parts of the CEO's quote regarding regulatory compliance and consumer choice.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/45", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-45", "components": [ { "bbox": null, "kind": "callout", "text": "Redfin is giving homebuyers a commission refund of 0.25%-0.50% when they sign an agency agreement before their second tour.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f42-76f3-adc9-8e64d3db3ece", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.315, "w": 0.819, "x": 0.17, "y": 0.00347 }, "kind": "quote", "text": "\"Partly, yes. I mean, that's already happened in markets like the DC area market, in Seattle. It's required for buyers to sign a buyer's agency agreement. I think some of this is about legal and regulatory compliance...\"", "attrs": { "context": "Q4'23 Earnings Call", "speaker": "Redfin CEO" }, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e50edf0e-83e1-4386-888d-aa8ab803d90a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Partly, yes. I mean, that's already happened in markets like the DC area market, in Seattle. It's required for buyers to sign a buyer's agency agreement. I think some of this is about legal and regulatory compliance. Some of it is just an ethical mandate that people should not hire a buyer's agent without realizing it. They should know what that buyer's agent charges, and they should know what services are entailed. They should know when they're committed. And so this is good salesmanship, but it's also just an above board way to treat a customer. Now, the reason that I said partly is that we're also seeing some trends where more listing agents are selling homes directly to home buyers. So I think there is just going to be more consumer choice, John. In some cases, a consumer is explicitly going to decide that I want somebody on my side, that I want my own agent. And other times, the agent, the listing agent, excuse me, will be the one handling both sides of the sale. The buyer is going to directly to that listing agent. I don't think that's going to be the majority of cases, but I do think there's going to be clear consumer choices and more consumer power. That's great. — Redfin CEO, Q4'23 Earnings Call", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f42-76f3-adc9-93230f66157b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.017, "w": 0.213, "x": 0.02, "y": 0.963 }, "kind": "source-note", "text": "Source: Redfin Q4'23 Conference Call", "attrs": null, "subkind": "source-note", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dfecfb16-7f58-4529-ba86-e0ce66784155", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.096, "w": 0.98, "x": 0.01, "y": 0.167 }, "kind": "title", "text": "Redfin is giving homebuyers a commission refund of 0.25%-0.50% when they sign an agency agreement before their second tour. On its Q1'24 earnings call, it announced the initiative was expanding company-wide, save for markets where commission refunds are prohibited.", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7320e89e-fcf8-4bae-a30d-d28205f140e0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.085, "w": 0.602, "x": 0.318, "y": 0.038 }, "kind": "title", "text": "Redfin's CEO Comments On The Buyer Agency Agreement", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "52374781-1d19-45b8-af00-dd8747ea08f5", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "action-titles", "slug": null, "matchId": "8a2a800e-c88a-48f2-8c67-945eea349137", "evidence": "Red box at the top containing a summary takeaway sentence", "confidence": 0.95 }, { "name": "ceo-quote-contradiction", "slug": null, "matchId": "faf39fbc-0463-4602-a142-adf7847305eb", "evidence": "CEO Commentary section highlighting specific quotes from the Q4'23 Earnings Call", "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": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }