Jeff Whiteside: I mean, it is a good question. I’d say most of the $13.7 million is investment in opening up the new countries. And actually, I think one of the learnings we’ve had is that it has taken a little more time than we originally anticipated. And because we go into a country, we play around with models to some extent when they make sure that they’re the proper models for agent value proposition in those countries. So it’s taken a little bit longer, and we try different things and we’re — so we’re doing a lot of work in each country. So most of that money is investment and growing and getting the name landed in the country, getting the right people in place, getting the right operations in place and building the teams and the agent groups.
Denise Garcia: Got it. I’ll take a couple more. It seems that the agent count growth is slowing in North America, is the 500,000 agents goal primarily focused on international expansion? And what’s the target for agents in North America?
Glenn Sanford: Yes. So our $500,000 agent number, as I’ve stated in the past, is an aspirational number that we believe that we will get to eventually at some point. We’ve talked about the idea of maybe 500,000 agents in five years. We think there’s some reasons for that. But it was also based on when we made those statements a couple of years ago for the first time, it was based on a much different housing market than we have today. So that really has — if I was looking at it, I’d look at it from the perspective of the slowing housing market. We believe there’s 200,000 to 300,000, maybe 400,000 agents in North America that will cease being real estate professionals in the next 12 to 24 months. And so that’s a big chunk of the industry.
It could be 25% of the industry that won’t be here. And if we use that as a factor, then you can almost take 100,000 agents off of that 500,000 agents sort of for that sort of we call it the aspirational five-year outlook. But I think the idea is that we are — as long as we’re focused on building a really great agent value proposition, we don’t take our eye off that ball, and we continue to work on what do we need to do to do better by our agents then eventually we’ll get there. It’s really a matter of what the timing of that number is, which is very similar to the earlier question, it’s aspirational and the crystal ball broke years ago.
Denise Garcia: Got it. All right. I think we have time for one more one for an agent here. Is the plan to eventually move away from the eXp campus over to Frame? And if so, what’s the expected time line?
Glenn Sanford: So if you’re asking me, yes, we’re asking the overall team then it’s a little bit more mixed in terms of moving away and win. And that’s just because a lot of people really develop great habits and the way to use VirBELA and how it works relative to Frame. The things that I really like about Frame is that it is a — it doesn’t need the same type of infrastructure from a client perspective because it’s fully web-based and browser-based. And it doesn’t need a lot of client-based updates. So when you came into eXp campus, if you’ve been here before for previous calls, you will have noticed that it had to patch and do some other things at New York on your client side, on whether you’re on a Windows machine or a Mac, et cetera.
