Allen Parker: Yes. Rich, why don’t I start? And anything you want to add. I mean, I’m going to sound like a broken record on early, but it’s early. We just launched listing these services, and we haven’t even launched listing showcase yet. So in terms of how we might price and package the product, I would say stay tuned on the specific mechanics, but more broadly on your question, we absolutely think about ShowingTime+ as a much broader TAM of agents. And we’ve talked about that, I think, before, where if we can help the industry acquire, operate and convert listings more effectively any agent, whether that agent is choosing to work with our shared Zillow customer, that benefit Zillow, that benefits everyone who uses that in that set of industry software tools.
So that’s really the strategy behind ShowingTime+, and why so many — so much of what we offer in showing ShowingTime+ today is really about all segments of agents, whether they have one listing, whether they have a team that has many listings or a few buyers or many. So that is the strategy has helped all agents be more effective and productive. And of course, that benefits the Zillow brands customers and the Premier Agents that work with those Zillow brand customers.
Rich Barton: Yeah. I don’t know how much I have to add, but just to be — to give some examples there, Ryan, just so that everybody that we have ShowingTime, which is scheduling tours. We have DotLoop, which is trafficking documents for closing and signatures. We have RMX, Rich Media Experiences, which is a lot of the €“ of the backbone of the cool stuff that’s going in to the listing showcase product. We have all of these that we are slowly but surely assembling into a package of, you could think of it as a software platform that increasingly more and more with a more and more feature-rich set of features, the industry is adopting and we hope we’ll adopt. And we €“ we believe there is a really big, long-term business opportunity for us there.
It’s early — very early days, but that is an interesting kind of way down the road next potential growth business for us in an industry that has not had a lot of the massive R&D investment in the residential real estate industry has not been huge for lots of reasons. And we see a real business opportunity there on a stand-alone basis as well.
Ryan McKeveny: Very helpful. Thank you, Rich.
Operator: Thank you. Our next question comes from John Colantuoni with Jefferies. You may proceed.
John Colantuoni: Thanks for taking my question. So Rich, the teams rolled out sort of a blend of new products across test markets. If you look out, if you sort of step back and look out five years, can you just sort of talk about the role you envision Zillow playing across the housing market ecosystem? And related to that, do you see Zillow offering sort of the full suite of products across every market, or do you envision taking sort of a more tailored approach that keeps the product offerings to what’s most appropriate to each market? And second on guidance. The first quarter guidance for Premier Agent implies sort of the third quarter in a row of outperformance compared to the underlying housing market. Can you just walk through some of the drivers of this outperformance and how you’re thinking about levers to drive continued outperformance for the remainder of the year? Thanks.
Rich Barton: Thanks for the question, John. Maybe we’ll start with the second part, Allen. And then we can €“ if we have time, we’ll do another, but maybe land the plane on the first question.
