Regarding salespeople, let's call them agents, what's the typical revenue share or contractual arrangement between a broker and an agent when selling homes? What portion does the broker get, and what does the agent receive?

The independent model is very much like the 70/30 or 80/20 split. Then, there are cloud-based brokerages where it's typically 80/20 until you've paid a certain amount of commission dollars to the company. Some are like $16,000 or $18,000 in company dollar, and then you cap and go to 100%, retaining 100% of the commission minus a few hundred dollars transaction compliance fee.

What you're saying is very interesting because it touches on the core thesis of Homes.com. You're discussing the listing lead model versus Zillow's listing lead model. Basically, how do listing agents feel about this? They might get upset because their leads are being diverted to a budget agent, which might not convert into a sale of the home they have listed.

Yes, but they establish a relationship and introduction with that buyer. That's why they say one listing should result in 2.9 closed transactions. The sign in the yard should get you another listing and two buyers if done correctly, due to open house opportunities and online inquiries. The "my listing, my lead" concept is challenging for Homes.com to really get off the ground.