Tamir Poleg : Sure. So Real Title is now operating in 11 states. We added a few states during the past couple of months. What we are now focusing on is the JV offering to our highest performing teams and agents. So about 95% of the revenue last quarter came from the JVs and revenue grew by 87% year-over-year. So we are very happy with the growth. We think that there’s tremendous upside still that we can realize over there. Revenue was close to $1 million on Real Title side. And we’re just working very closely with our highest performing teams just to have them sign up for the JVs and start following the transactions over. We see the attach ratio on the JV at about 70%, which is super high. And it’s just about scaling that business right now.
We have to remember that, that business is in its infancy. So it takes a little bit of time to ramp it up. Looking a little bit ahead into the future, we do see a world in which Title is just a component — a seamless component in the home-buying journey. So it will just be integrated in our automated systems, and it will just be a check-the-box being for consumers. So the longer-term strategy is just to embedded into the consumer-facing app.
David Marsh : Got it. And then same question with regards to the Mortgage business.
Tamir Poleg : So we acquired the Mortgage business about 7 months ago. It took us a little bit of time to get it immersed into Real. Revenue in the second quarter was a little bit over $350,000. That was more than 100% increase compared to the first quarter of 2023. So we’re really happy with the results. We are now exploring also a JV opportunity just allowing our agents to become partners in the Mortgage company as well. But as I said, the more exciting side of the Mortgage business is everything that we’re building on the technology side and just trying the Fast 14 offering and embedding that into the consumer-facing app. So we do see that business scaling at the second half of the year. So revenue will continue to go up. But alongside that, we are building that into the consumer-facing app as well.
David Marsh : And how many states are you in for the Mortgage platform in at the moment?
Tamir Poleg : I believe it’s right now at 12 states.
David Marsh : Okay. Great. All right. Well, that’s primarily what I had top of mind. I guess just lastly, I mean, could you just talk about overall state of the real estate business and in terms of direction, not just transactions, but I mean, are you starting to see any more listings on a relative basis? Or is supply is still pretty tight and just talk about what your expectations would be for recovery there and how that would play out in terms of hand-in-hand with what the Fed is doing and so on?
Tamir Poleg : Yes. Good question. So the market is extremely tight on both ends, both on supply side and demand side. In the beginning of June, the middle of June, what we have seen is just a drop in demand due to the rising rates. So mortgage rates were around 7% and a little bit over that. So for about 2 to 3 weeks, we have seen a decline in new home sales in the market, which was kind of interesting. We are now seeing that rebounding. What we have seen on our platform in the past 3 weeks, I would say, is a spike in new listings coming into the market. So that was an interesting trend that we still don’t have market data, like overall national market data about. We can only speak about what’s happening on our platform with our agents.
