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Relitix’s latest release of the Agent Movement Index™ (AMI) for August 2024 indicates a significant decline in agent mobility, with the seasonally adjusted AMI metric hitting a new record low. This trend suggests that agents are increasingly less likely to consider switching brokerages as we head into the fall season.
KEY OBSERVATIONS FROM AUGUST 2024
- Agent Mobility Hits Record Low: The seasonally adjusted AMI metric has reached its lowest point since the index was established excluding the COVID month of April 2020, indicating that agents are more inclined to stay with their current brokerages.
- Reversal of Previous Trend: This decline marks a reversal of the upward trend in agent movement observed earlier in 2024, where there were signs of increased mobility among agents.
- Active Agent Count Holds Steady: Despite the decrease in agent movement, the number of active agents—those with a closing in the past year—has remained steady, showing no significant increase or decrease.
- Impact of NAR’s New Buyer Agency Rules: The implementation of new National Association of REALTORS® (NAR) rules around buyer agency appears to have frozen many agents in place. Brokerages have put recruiting efforts on hold while management focuses on training and support to adapt to these changes.
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.
