Prep for the next chapter of our quarterly Agent Migration Report and year-end summary is underway.

We’re deep in the data and not quite finished yet, but here are some of the preliminary trends we’re seeing:

Impact of High-Performer Moves. Out of the 12,473 productive agents in the study who moved, the top 10% were responsible for nearly 45% ($7.01B) of the total economic impact.

The heavy hitters aren’t just moving; they are consolidating market share as a result.

The Talent Efficiency Ratio. The most successful firms aren’t just recruiting more; they are recruiting better.

Leading aggressor brands maintain an Efficiency Ratio of < 0.85.

This means they are replacing departing volume with significantly higher-producing incoming talent.

• Formula:  Efficiency Ratio = Average Volume of Departing Agents/Average Volume of Incoming Agents

• Benchmark:  A ratio below 1.0 indicates a Talent Gain (Winning), while above 1.0 signals a Quality Drain (Losing)

The Legacy Winners vs. Talent Donors. While many traditional brands are serving as talent donors, a select group of legacy powerhouses are winning the tug-of-war.

These firms have maintained superior efficiency ratios (some as low as 0.65) by aggressively pivoting to high-end talent, shedding low productivity overhead, and offering a succession path for aging veterans.

The Stability Premium. Interestingly, producing agents who stayed outperformed those who moved by 18.7% in total volume.

Why? They have more listings.

High inventory acts as a natural retention barrier.

Once an agent loses listing momentum, their stability premium vanishes, making them 15% more likely to migrate.

More agent migration insights are coming, so stay tuned.

Reach out if you’d like to discuss what we’re seeing so far.

We expect the full report to be published near the end of the month.