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Relitix’s latest release of the Agent Movement Index™ (AMI) through November 2024 underscores a persistent decline in agent mobility as the year draws to a close. The seasonally adjusted metric for October was revised slightly upward, yet overall agent movement continues to trend downward. The impact of the Presidential election and the implementation of the National Association of REALTORS® (NAR) settlement appear to have tempered the willingness of agents to consider changing brokerages.
KEY OBSERVATIONS FROM NOVEMBER 2024
- Continued Downward Trajectory: Even with a modest upward revision to October’s seasonally adjusted metric, November’s data show that fewer agents are moving between brokerages. This follows the persistent trend identified in last month’s release.
- Election and Settlement Impact: As highlighted in prior reports, the November Presidential election and ongoing adaptation to the NAR settlement have likely dampened agent mobility. These factors seem to be increasing agents’ inclination to remain with their current firms until regulatory and market conditions become clearer.
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Entering the Slowest Part of the Annual Cycle: Recruiting efforts traditionally slow at year-end. This year, that slowdown is occurring at a notably weaker level of agent movement compared to December 2023. In fact, agent movement propensity is currently running about 15% lower than this time last year, indicating the most tepid year-end environment we’ve recorded in some time.
“November’s numbers confirm that agents remain more cautious than usual about making a move,” said Relitix Founder, Rob Keefe. “While October’s slight upward revision provides a glimmer of balance, the broader context hasn’t changed: the combined weight of a Presidential election cycle and the NAR settlement has produced a holding pattern. As the year wraps up, brokerage leaders should prepare for a possibly subdued recruitment landscape in early 2025. At the same time, they should remain alert for a potential rebound once the market digests the full effects of recent industry shifts.”
These findings expand on themes identified in previous releases. Last month’s report highlighted the deceleration in agent movement and the role of external events in creating uncertainty. Prior AMI readings signaled that, although mobility had previously stabilized or even increased during certain periods earlier in 2024, the current environment is pulling back from those brief recoveries.
The November AMI reading—encompassing the monthly score, seasonally adjusted index, and the trailing 12-month figures—provides critical insights to brokerage and franchise leaders, as well as industry recruiters. Understanding the macro-level shifts in agent movement can help inform recruiting strategies, retention efforts, and overall business planning as we look ahead to 2025. The November AMI came in at 76.7, 86.1 seasonally-adjusted, and 95.3 on a 12 month moving average basis.
About the agent movement index: The agent movement reflects the relative mobility of experienced agents between brokerages. The score is computed by estimating the number of agents who changed brokerages in a given month. To be counted the agent must be a member of one of the analyzed MLS’s and change to a substantially different office name at a different address. M&A-driven activity and reflags are excluded as are new agents and agents who leave real estate. Efforts are made to exclude out of market agents and those which are MLS system artifacts. The number of agents changing offices is divided by the number of agents active in the past 12 months in the analyzed market areas. This percentage is normalized to reflect a value of 100 at the level of movement in January 2016 (0.7313%). The seasonally adjusted value divides the monthly result by the average of the same month in prior years.
Analyzed MLS’s represent over 800,000 members and include: ACTRIS, ARMLS, BAREIS, BeachesMLS, BrightMLS, Canopy, Charleston Trident, CRMLS, GAMLS, GlobalMLS, HAR, LVAR, Metrolist, MLSListings, MLSNow, MLSPIN, MRED, Northstar, NTREIS, NWMLS, OneKey, RealComp, REColorado, SEF, Stellar, Triad, Triangle, and UtahRealEstate.
About Relitix: Relitix provides data-driven decision support for brokerage leaders across the United States. A pioneer in applying AI and data science technology in brokerage management, Relitix profiles over 1.2 million agents in more than 130 markets nationwide to help brokers recruit, coach, and retain agents. Advanced data tools allow unprecedented visibility in agents, offices, and markets for strategic planning and M&A support. Learn more at www.relitix.com.
