What does that level of churn and change mean for brokerages and how they should be thinking about retention?

So.

In short, agents are really important to brokerages.

Now, the stats, right? 15% of agents by count joined the industry in 2025.

16% of agents switched from one brokerage to the next in 2025.

And 15% of agents left the industry in 2025.

So 46% of agents just joined, just moved, or just left the industry.

Like, how do you think about that? Like, how should the agents listening today, how should they think about their own careers in this new data-driven, kind of AI-powered world?

And

that's often kind of not the right way to start.

To your point, the right way to start say, okay, I'm going to get really, really, really sharp on a problem.

Let me go make sure that I understand this problem super deeply.

Then once I understand that problem and understand, you know, is it persistent across a wide range of people? How severe is the problem? How financially disconcerting is this problem not being solved to the user, to the customer? OK, now I can then start talking about solutions.

And usually what you shouldn't do is ask the customer about solutions.

the solution, you should ask them about the problem and just go really, really deep on that side.

They've had those written or unwritten practices amongst each other.

Like, what is-- what the hell's going on in the industry where we are just on this treadmill and can't get off and aren't trying to think strategically about it? Like, why all this surface conversation around the importance of recruiting, air quotes, versus the actual effect of it? Like, what, where's the disconnect there between what we're saying in the industry and what's happening at this office and branch level?

Mm-hmm.Yeah. That's, that's the question.

That is the loaded question.

Yeah.

[laughs] Let's unpa- let's unpack that question and- Yeah ... you guys should...

You guys are operators.

I, you know, so- Mm-hmm ... we please add.

Yeah.