Industry Relations Jack Miller on Lists, Trends, Marketplaces and CoStar.
Jan 28, 2026
Jack Miller, President & CEO of T3 Sixty and author of industry reports like the SP200, explains changes to rankings and how they now weigh future impact. He digs into brokerage business models and agent economics. Jack explores MLS pressures as private and delayed listings grow, consolidation drivers, and how portals like Zillow and CoStar are reshaping industry dynamics.
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Forward-Looking SP200 Methodology
- T3 Sixty added a forward-looking "perceived future impact" factor to the SP200 methodology.
- This caused notable rank shifts to reflect potential industry influence, not just past actions.
Two Distinct Brokerage Economies
- Broker business models cluster into two camps: unit-economics focused and traditional support-focused.
- Traditional split models show higher average agent income while unit-focused models emphasize lower broker take.
Take-Home Differences By Model
- Among the top 100 firms, traditional model agents average about $99,931 take-home versus ~$65,000 in fee-based firms.
- Fee-based agents pay far less to brokers but generally earn less in gross take-home.