Courted: 16% of agents changed brokerages in 2025, but 'trading up' doesn't equal more sales volume

"This is the defining dynamic of modern brokerage competition: enormous gross churn producing minimal net expansion. Of these top 100 brands, the study found that on average they lose agents 46% more productive than those they recruited. On average, outgoing agents produced $2.11 million per year, while incoming agents averaged $1.44 million—a 46% productivity gap."

"While this might seem like a win from an agent count perspective, things look a bit different when you consider how this movement impacts sales volume. The top 100 brands recruited $276 billion in 2025, but they lost $233 billion in sales volume. This means that while they may have recruited nearly two agents for every agent lost, they only recorded a $42 billion net positive sales volume increase, or just 1.8% net volume growth."

"Many brands are winning the headcount battle but quietly losing the economics. Growth in agent count does not equal growth in enterprise value. Of these top-100 brands, the study found that on average they lose agents 46% more productive than those they recruited, with only 16 brands trading up in agent quality."

In 2025, the top 100 residential real estate brands controlling $2.33 trillion in sales volume achieved a 1.9:1 recruit-to-loss ratio with 229,316 agents joining and 122,016 leaving. However, this headcount gain masked underlying economic weakness. While brands recruited $276 billion in sales volume, they lost $233 billion, resulting in only $42 billion net positive growth. The core issue: 81 of 100 brands recruited agents with lower productivity than departing agents. Outgoing agents averaged $2.11 million annually versus $1.44 million for incoming agents, a 46% productivity gap. SERHANT. achieved 279% net volume growth, while The Real Brokerage gained $12.5 billion. Keller Williams, despite recruiting 46,000 agents, lost $7.4 billion in net sales volume.

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