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      "text": "Like Zillow's Flex model, the CEO of Redfin is basing the success of the Redfin Next model on its ability to attract high-caliber agents who have the experience and wherewithal to close leads.",
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      "text": "Like Zillow's Flex model, the CEO of Redfin is basing the success of the Redfin Next model on its ability to attract high-caliber agents who have the experience and wherewithal to close leads. This is another competitive threat to Zillow for attracting and retaining talent.",
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      "text": "\"We're not aiming to make much money on agents' self-sourced sales, as few traditional brokers have ever earned a decent margin; our goal is to recruit agents who can close Redfin-sourced sales at a high rate. The margins on Redfin-sourced sales should remain well above those of other brokers. Even if Max agents' sales turn out to be largely self-sourced, lowering margins on a larger volume of sales in our pilot markets, the impact on Redfin's overall gross margin will be negligible. We won't extend Redfin Max to a large number of markets unless we become convinced that it will net more gross profits. For Max to succeed, a new cohort of motivated, high-caliber agents has to close only a few more sales each year than we normally would with the same set of site-sourced opportunities.\" — Redfin Q3'23 Earnings Call",
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      "text": "CEO Commentary on Redfin Next (Previously called Redfin Max)",
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