[lzhou]

A technology-enabled brokerage is very different from a technology company with brokers. First, there is a cultural difference in who the heroes of the company are. Also, the latter is much more capital intensive.

I suspect they probably would have needed another 20-30MM to really get moving on the latter. A lot of that money going to consolidation of existing brokerages and monopolizing listing content.

Being a neutral aggregator is mutually exclusive from being a dominant brokerage.