Robert Reffkin: Yes. So one I just want to reiterate that there is no evidence today that the conditions will be under pressure and also want to make the point that for the likely thousands of agents out there it doesn’t – there are no personally that only were some buyers where they highlight with the commission that they can end independently. And there’s a buyer broker agreement there. Any of those agents don’t – are not worried about this present about this lawsuit in any way at all, because it’s not going to change anything for them. They’re going to sign the same buyer broker agreements in two years, three years, four years they have the last two, three, four years, and it’s been outlined what they charge independently.
And so, I just use that as an example to just reiterate that there isn’t evidence that commissions, particularly for any good agents. Maybe for the worst agents, yes. For any good agents and who really focus like and that agents here at Compass that it won’t create pressure. On the – your question around what’s happening I think in the real estate industry and why there’s an unprecedented number of brokerage firms, CEOs that are that are open to selling. I think that, I think that they are – I think with the average brokerage firm’s CEO, they can be exhausted financially because of the real estate market has been difficult. I think the average broker firm’s CEO can be exhausted culturally because there are agents and their employees haven’t come back to the office with the same energy and the same presence as they did before the pandemic.
I think that they are exhausted competitively as they increasingly see that this – the Compass technology platform that we have built with $1.5 billion dollars of investment behind it and a creative and 500 person team technology team still making it better every single day that they won’t be able to rebuild what Compass has. And then, I think to your point, the unknown around what the trials will lead to and the headache around them of just lawyers and litigation, it has I think led to more people saying is this really what I want to sign up for the next couple years. And so, I think it has contributed to adding an additional layer of exhaustion that makes people reevaluate is this a good time to double down or is it a good time to partner with Compass.
Matthew Bouley: Got it. Well, thank you for that, Robert. Thanks everyone. And good luck.
Robert Reffkin: Thank you.
Operator: Our next question comes from the line of Jason Helfstein with Oppenheimer and Company. Please go ahead.
Unidentified Analyst: Hey, thanks. This is Chad on for Jason. A quick one for me. Robert, could you maybe just talk about what new product or feature launch you’re most excited about for 2024? Now either to increase agent productivity or consumer conversion?
Robert Reffkin: Can I give two? All right, well, one would be, it would be solving the majority of team functionality requests that have come from our agents as agents are really small business owners, and many of them work in teams with highly complex multi-party workflows. And we have done a level of that. but I think over the of course of 2024, we will do it to a level that satisfies the majority of the key agent team needs, and I’m really excited about that. The second is the client dashboard. It will – there will be a client dashboard over time for buyers and the other one for sellers, another one for multiple homeowners. It will be the one stop shop for everything home will have the time to transaction timeline there.
All of these tools that we built for agents, where you can send a CMA or tour sheets or collections of client will live in one place. And so, if you want to send it by email, it will be in one place for them before during and after the transaction for the client. And we believe it will be a repeat and referral gold mine with the agent’s branding on, front and center in the client dashboard and it will reinforce the relationship as the real estate advisor with the, with their clients straighten relationships, which is really important in this time to show your value. And so that’s probably – those are the two things I’m most excited about.
Unidentified Analyst: Thanks.
Robert Reffkin: And completing title and escrow integration to the platform in every market, as well as number three.
Operator: Our next question comes from the line of Lloyd Walmsley with UBS. Please go ahead.
Lloyd Walmsley : Thanks. In terms of just the operating costs, are there, are there plans for perhaps on the shelf where if we don’t see any relief in mortgage rates like if they just keep marching forward, where you can take more operating cost out of the business to ensure you remain at free cash flow positive. I think none of it, well, I’d speak for myself, I did not think rates would be where they are today a year ago. So, if we keep seeing them march up higher, what do you guys contemplate reacting? And then, I guess going back to the industry structure question, how do you think the full, an injunction from the judge in the citric case preventing, sellers from paying lawyers at all? Like is that, would that surprise you?
