A new study released this week by Recruiting Insight, in collaboration with BoldTrail shows 13% of active business operators representing just over 129,000 transactions changed brokerages in 2024, a clear signal, say report authors, that recruiting and retention strategies are more crucial than ever as the industry evolves.
The Agent Migration and Brokerage Model Performance Report provides an analysis of agent movement across four major multiple listing services (MLS)–representing 31% of all U.S.–based agents. The study dives deep into what’s driving agent mobility, which brokerage models are thriving, and what firms need to do to stay competitive in an evolving landscape.
“This report is a game-changer for any broker/owner or team leader serious about growth. Lead or bleed—that’s the choice,” said Mark Johnson, managing partner at Recruiting Insight and author of the report. “This report puts the facts on the table–agents are on the move, and you must have a clear plan to attract and retain top talent. In today’s market, a strong attraction and talent acquisition program is no longer an option, its survival,” added Johnson.
Key takeaways from the report:
- Leadership matters: A key finding revealed that among both the top 10 firms achieving the largest gains and the top 10 firms experiencing the most significant losses, every model type was represented.
- Agent churn is real—and costly: The study found that 129,056 transactions in 2024 were completed by 26,363 agents who switched brokerages. The average moving agent produced 4.83 transactions, while top producers completed well over 100 deals, meaning the financial impact of churn is massive.
- Tech-enabled brokerages win: Tech-driven firms attracted the highest producing agents, nearly doubling the median volume compared to other models.
- Traditional brokerages hold their ground: Despite disruption, traditional brokerage models remain competitive with strong brands and high agent loyalty.
- Capped revenue-share models are a magnet—but face churn: These firms saw the highest inflow of agents but also experienced notable outflow, suggesting onboarding, culture, and support gaps need to be addressed.
- Seasonality and regional patterns matter: The first quarter of the year is prime time for recruiting—but regional differences are significant, with MLS4 (West) based agents switching in Q4 at nearly double the rate of other regions.
What’s driving agent movement? Meet the 8 D’s
Just as real estate sales are fueled by the 8 D’s (Death, Divorce, Diamonds, Downsizing, Diapers, Deployment, Default, and Displacement), agent movement follows its own set of motivators:
- Direction: Strong leadership and vision matter more than ever.
- De-risking: Agents seek stability, support, and compliance safeguards when switching firms.
- Development: Training and mentorship are a priority for career growth.
- Differentiation: Unique brokerage value propositions are key to attracting agents.
- Dynamics: Culture matters. Nobody wants to work in a toxic environment.
- Digital & data dominance: Cutting-edge tech and lead generation tools attract serious producers.
- Dollars: Competitive commission structures and compensation transparency remain top concerns.
- Dissatisfaction: The No. 1 reason agents leave? Lack of support, slow commission payouts, and outdated tech.
“Forget the preconceived notions about agent movement,” advises Jay Teresi, vice president of Back Office Sales and Strategy at Inside Real Estate. “This report shows success boils down to leadership and a strong conviction in your value proposition. From there, it’s about solid planning and execution,” added Teresi.
What this means for brokers and team leaders
Agent movement is more fluid than ever, and firms must rethink their recruiting, retention and agent support strategies to stay ahead. The report urges brokerages to:
- Refine their recruitment messaging: Agents don’t just want more money; they want leadership, tools, and career development.
- Analyze their market niche: Different models attract different types of agents. Are you targeting the right audience?
- Fix onboarding and retention issues: Winning talent isn’t just about attracting agents—it’s about keeping them happy and productive.
The Real Estate Agent Migration and Brokerage Model Performance Report is available now for brokers, team leaders, and real estate executives looking to turn recruitment into a competitive advantage at ri.link/2025report.
