Dod Fraser: Yes, happy to give a little more context there. But it’s still very early. So we just launched in February. We’re seeing sort of steady weekly growth and launch, but just in February, it’s like low end. So I think the sort of key piece there is it really helps broaden our reach into the agent community. eXp has 70,000 agents in their network and more growing. And so we are actually quite excited about like the sort of brand expansion opportunities, the understanding of our product and as well, the specific application with eXp is we’re embedded directly into their workflows. And so we made it really simple and easy for eXp agents to you utilize our product and going back to what Carrie said earlier, like we’re on the side of transparency and choice for customers. This is another option for them, and when they’re talking to their customers.
Operator: Our next question comes from the line of Ryan Tomasello with KBW.
Ryan Tomasello: Hi, everyone. Thanks for taking the questions. Just trying to parse through the different comments on the seasonal cadence of purchase volumes, I think in your prepared remarks, you said you expect purchase volumes to increase sequentially in every quarter, but in the shareholder letter you say on page 12 that you actually are expecting purchase volumes in 3Q to be flat and decline modestly. So am I missing something there? And can you just clarify that commentary? And then beyond, just from a seasonal perspective, how should we be thinking about 4Q volumes with normal seasonality?
Dod Fraser: Yes, let me try and parse it. I think quarter-over-quarter versus year-over-year is the piece that I think was the just a [inaudible] to your specific question on 3Q. So year-over-year, we’re increasing every quarter. What we have also said in the letter is over 4,500 in the second quarter, flat to not slightly down in the third quarter, and then we did say the first quarter would be the lowest of the year, so 4Q will be above the first quarter. Given where we are and sort of given how 4Q tends to unfold, you’ve got some headwinds on market volumes and marketing spend, but you’ve got some great tailwinds around low spreads. And so that was what we were trying to think that the year-over-year versus quarter-over-quarter is the distinction, right?
Ryan Tomasello: Okay, got that. That’s really helpful. And maybe just to entertain for a moment a more extreme scenario with respect to the NAR settlement and industry structure, clearly the consensus, at least from most folks you talk with, expect commission rates to decline. But even then, I think the international comparisons, again, in a more extreme scenario, would suggest something that could be substantially worse in terms of fewer home buyers using agents, perhaps compression on the listing side. I guess, again, just to entertain the scenario, is there a clearing rate in terms of commission rates in all in transaction costs, where the Opendoor model perhaps needs to pivot in terms of the value proposition that it’s providing relative to the benchmark rate that is prevailing commissions?
Carrie Wheeler: Well, I guess a couple of things. One is, we provide something that you can’t get in a traditional transaction. So we provide utmost certainty, no fall through rate, and utmost simplicity, no listings, no doing repairs on spec, no doing open houses like all the incredible amount of friction and uncertainty that goes with traditional listing, we’re just providing something very different. And today, we charge a premium to the traditional listing for that through our spreads, right. We have an analogous service fee, and there’s an incremental spread, and that’s in part to meet margin targets. People are paying a premium for the certainty of simplicity that we provide. I think in the event that there is more spread, I’m sorry, more fee compression, and I think that’s the point you’re trying to bring across, Ryan.
We will adjust with the market, and I don’t worry a lot about our ability to continue to have an incredible value prop, because again, providing something that is just so different, and whether there’s a premium in it, there’s a lot of value in it, just why we have such a high-contouring product when we can deliver at a reasonable price. To the extent that our broker commissions come down, like what we’ve said, ultimately, it’s probably a pass-through. It’s probably neutral. There may be some interim benefits to us. So the real question will be like, how do seller listing fees change over time? And we’ll see how the market responds post-July and we’ll be prepared to respond in kind.
Operator: Thank you. And I’m currently showing no further questions at this time. I’d like to hand the call back over to Carrie Wheeler for closing remarks.
Carrie Wheeler: I’ll just thank everyone for joining us today. Hopefully you’ve heard. We are pleased with the results to kick off this year. The housing market is challenging for sure but we are staying focused. Hopefully you can see that our team is executing really well and we are driving results and we look forward to updating you on further progress next quarter.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
