Later this week, we’ll be publishing the 2025 Q2 Agent Migration Report compiled each quarter by Mark Johnson and Jay Teresi.

I’ve seen a preliminary copy, and it’s packed with some great insights!

Here are a few of the major trends emerging:

Consolidations Are Accelerating

Internal moves within the same brand (“consolidations”) are on the rise, reflecting a trend toward larger, more unified teams and operations within brokerages.

While external moves (between competing brands) still account for most transitions, consolidations now represent a significant portion of total agent movement—and often involve high-production volumes.

Agent Mobility and Productivity Continue to Climb

Nearly 3% of productive agents switched firms or teams in Q2 2025, a 6% increase over the prior quarter.

Overall agent productivity rose by 5.6%, with 38.1% of agents recording at least one transaction.

New brokerage models focused on technology and revenue sharing are attracting more productive agents, signaling strong competitive pressures.

Overall Number of Agents in the Industry Remains Stable

Agent membership in the MLSs studied is holding steady. Three out of four MLSs in the study group reported slight increases in agent counts.

High agent movement has not resulted in an overall drop in membership, underscoring both the resilience and continued appeal of the real estate profession in these markets.

Production Skews Even More Heavily Toward Top-Performers

Agent production continues to follow a steep power-law curve:  a small segment of agents is responsible for a disproportionately large share of deals and volume.

This “top-heavy” dynamic is becoming even more pronounced, as top-quartile agents further separate themselves from the rest—making high-producers the primary drivers of market activity and brokerage success.

How should these trends affect your recruiting and retention strategy in the second half of the year?

This will be the focus of our discussion in the next few Insights. Stay tuned.