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  "documentTitle": "Zillow Group, Inc. (Z)",
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      "text": "It is interesting to note that Flex has been operating alongside MBP for several years now. Spruce Point’s research indicates there is a lot of friction with MBP and Flex models co-existing.",
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      "text": "Introduced in 2022, Enhanced Markets are Flex only, which we believe alienates ~90% of Premier Agents paying MBP in those zip codes/markets. Spruce Point believes the Enhanced Market adds significant revenue and earnings volatility to Zillow’s business.",
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      "text": "Under the Flex model, Zillow works with a select group of Premier Agents and brokerages, sending them real estate leads for free with the condition that the agent or firm will share 35% to 40% of the commission with Zillow.",
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