Greg Hart: Yes. In terms of what’s happened in different geographies, I’d say on balance, the markets that moved up the most in COVID are being impacted the most in the downside now. In terms of the last quarter, we have a very strong presence in the D.C., Maryland, Virginia area. We’re by far number one there. And the debt ceiling standoff has a real impact in that market for the obvious reasons, because so many of the people that would be potentially impacted live in that community. And so I think it’s good to see that behind us and normalizing, but that was unfortunate at period of time. I’d say the Florida and the low-tax warm weather states are still doing well. And I’d say some of the markets where people have been more aggressive on return to office are doing better than markets that have not been aggressive enough on return to office.
And so, you see in Seattle Downtown, for example, when Amazon brought everyone back, the prices come back with it in downtown, because it’s — prices are driven by people and demand. But again, it’s the most inconsistent market that I can recall and maybe the agents that I speak to, can recall. And the biggest issue constrain in our market, it’s not buyer demand, it’s lack of inventory because of the 30% of homeowners are locked in at mortgage rates of 3% or below; 70% of homeowners are locked in, in at mortgage rates at 4% or below; 85% of homeowners are locked in at mortgages at 5% or below. And the delta between 4% and 7% is a lot. My belief is that when mortgage rates get below 6% at a sustainable level that there will be a lot of not just more demand, but more inventory.
And there is pent-up inventory that is brewing because of the rate lock issue. In terms of asset-light tech licensing expansion, there’s always that opportunity in front of us, but we’re focused on focus. And the main thing is keeping the main thing the main thing and that is our agents, making sure that in this period of time that we give them the best support and service that we build the best platform for them that we bring back our in-person culture at our historic levels when our competitors have not and that we make this the best place to be an agent. And so, things around tech licensing are not a focus at this time.
Lloyd Walmsley: All right. Thank you.
Operator: Thank you. And that does conclude the question-and-answer session. I’d like to turn the call back over to Robert Reffkin, CEO, for our closing remarks.
Robert Reffkin: Yes. Well, thank you, everyone, for joining today’s call. I want to take these final moments of this call to thank all of the Compass employees and agents for their hard work and commitment to making Compass the number one real estate brokerage in the U.S. for the second year in a row. Together, we are proving that in the worst of times, Compass can generate free cash flow. The real estate market will come back. And when it does, I’m excited to show how much free cash flow we generate as we keep our cost base at these new levels. I’m confident that Compass is well positioned for the cyclical upturn that will come when the market normalizes. Thank you.
Operator: Thank you. That does conclude today’s presentation. Thank you for your participation, and you may now disconnect.
