{ "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": 54, "pageCount": 103, "prevPage": 53, "nextPage": 55, "slideType": "testimonial", "function": "illustrate_case", "density": "dense", "nDataPoints": 1, "notes": "The slide uses a Q&A format to present qualitative evidence of agent dissatisfaction and business disruption.", "elementsJson": [ "headline_text", "data_table", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/54", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-54", "components": [ { "bbox": null, "kind": "callout", "text": "And the only option they have if they still want Zillow business is to join one of the 30 teams that kind of survive the exodus from the Zillow agents. And it'll be interesting to kind of see where it goes, but I think at the moment, those other 90% that were exited the Zillow program, they're obviously not happy.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f42-76f3-adca-1de8f74e285c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.83, "x": 0.15, "y": 0.26 }, "kind": "paragraph", "text": "Zillow sends termination letters to ~90% of the Premier Agents not selected for Flex. What do they do now?", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2b0a36ba-f7e5-452c-81a3-663cf50018f2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.83, "x": 0.15, "y": 0.36 }, "kind": "paragraph", "text": "That's a good question. I think a lot of them are trying to build their spear to face up. I've talked to a couple of teams that were once the Zillow premier and now they're not, I think short-term, a lot of them are still in shock trying to figure it out. And now they're exploring different lead sources. Some of them are investing into Realtor.com, some of them are doing their own lead gen through Google SEO and pay-for-click, those types of different ways to drive business in. But you're finding that I think a lot of team members, especially now that we're heading towards the year, are speaking about making a switch. And the only option they have if they still want Zillow business is to join one of the 30 teams that kind of survive the exodus from the Zillow agents. And it'll be interesting to kind of see where it goes, but I think at the moment, those other 90% that were exited the Zillow program, they're obviously not happy. I've gotten horrific emails from people that these are professionals, better homes and gardens. Zillow sucks is the subject line going out to thousands of agents. So there's been a lot of chatter about all of that, and I think a lot of brokers and team leaders are probably concerned about if the agents are going to stick around now that the lead sources are diminished.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5107a85f-d85c-4fe6-b4b9-fb7958de2ae4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Zillow sends termination letters to ~90% of the Premier Agents not selected for Flex. What do they do now? — Spruce Point Capital Management. I've gotten horrific emails from people that these are professionals, better homes and gardens. Zillow sucks is the subject line going out to thousands of agents. — Zillow Flex Agent", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f42-76f3-adca-21300fefdefc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point Interview", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4391c936-8168-4752-97e1-ac142eeb3d89", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.98, "x": 0.01, "y": 0.185 }, "kind": "table", "text": "Research Interview", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1be36ddf-08b5-444c-80e2-21645b56cb11", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.315, "y": 0.02 }, "kind": "title", "text": "Premier Agents Not Selected For Flex; What Are They Doing Now?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0f2c5c15-c6a6-4200-9e6d-f3013b056aa7", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }