Brian Bair: Yes, I think you summed it up well. The thing I was just going to just add, but you hit on is real estate is definitely local and brand awareness and you have a transaction once every seven to ten years. And so we want to be top of mind when people make a lot of those micro decisions and they’re ready to make that decision. I mean, the great thing that we have discovered because of our strong product with the cash offer, that’s the foundation of what we do is that in a lot of markets, 70% of the time, people start the process with us. But they come to us first. But then they make a lot of micro decisions and when they are ready and we want to be there for them, and so that’s where you see some of the shift on the brand side as well, which we’re excited about.
Ryan Tomasello: And then as a follow up, the focus on shifting away from more of the capital intensive cash offer business is something you’ve discussed in the past. It sounds like that’s going to be even more at the forefront next year as you’re prudently planning around perhaps a tough environment to navigate in terms of that backdrop. I guess, Brian, it’d just be helpful to unpack the different non-capital intensive businesses, the asset like businesses. If you can remind us the value proposition of those how much runway there is for growth and importantly, the economics that show up in those products and how that might impact the P&L next year as we just think about modeling out performance.
Brian Bair: Yes. Great. So. Yes, great question, Ryan. So I’ll go through the four product lines. So we call Express, which is our cash offer, that’s the foundation. And then we have the Direct Plus, which is where we allow other investors, both short term and long term investors to offer on homes top of funnel with us. And then also they get the efficiency of our straight to consumer call center and closing teams and transaction teams through that. The renovation side, obviously, like I mentioned in the remarks, is that we have a lot of efficiency. And we definitely FLEX with our renovation skill set. So allowing people to plug into our Renovations, they get our cost, our timing, the efficiency, our quality by plugging in. We already have teams there on the ground that they can plug into.
So using that as a service is something we’ve been focused on and right now there’s a great opportunity to do that. Just as a side note, those two, as we allow select investors to bid top of funnel with us and give the seller wins because they’re going to get the top offer, they can for the home. But no matter who gets the home, let’s say that a Direct Plus partner gets the house, there’s a high likelihood they’re going to have us renovate that home as well. So we provide the top of funnel, we provide the efficiency to close the home, but then we also provide the Renovations for them. So the two issues that they normally struggle with are sourcing and renovation. And those are two things that we can solve for. And then the other product line is our FLEX.
So it’s really important to us that we give people an option or a choice. We give them a cash offer. If the cash offer, for whatever reason, doesn’t work for them, they have the ability to list their home with us as well. And if they want to list their home with us, they can also use our renovation teams to help get their house in list ready condition. We can advance renovation costs on that as well. And so we’re varying on those four product lines. And as we mentioned, we’re continuing to see really good growth, especially on the renovation side in this environment. The one thing that I’ll point out is on the cash offer, the cash offer, the one thing that we know and can’t be disputed is customers love the cash offer. And the cash offer when I say is the foundation, that doesn’t necessarily mean and what I mean by that is the cash offer is always going to be there, but that doesn’t necessarily mean that we have to take the balance sheet on that.
