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  "docSlug": "de028a1085e6",
  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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  "notes": "The table highlights that in most markets, the average home value triggers the higher 40% fee band, suggesting a systematic price hike.",
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      "text": "Spruce Point questions whether this represents Zillow's ability to influence pricing due to its market dominance or because the Company needs to squeeze out more dollars because its Flex partners are not converting at the rate Zillow needs to make this strategy work?",
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      "text": "Flex commission split: 40%",
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      "text": "Zillow recently increased its Flex commission split in several markets. While there is a graduated referral fee band, in all but two of the selected markets the average home value (as computed by Zillow) falls within the highest 40% fee band.",
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      "kind": "source-note",
      "text": "Source: Zillow, October 2023",
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      "text": "Zillow's Flex Pricing Bands table showing cities, 40% fee band thresholds, and average home values.",
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      "kind": "title",
      "text": "Zillow Already Raising Pricing On Flex Program From 35% To 40%",
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