Jack Miller on Lists, Trends, Marketplaces and CoStar.

Overview

Rob and Greg are joined by Jack Miller (President & CEO of T3 Sixty) for a wide-ranging discussion on the SP 200, changes to T3’s ranking methodology, brokerage business models, agent economics, consolidation, and the future of the MLS as a comprehensive marketplace.

Key Takeaways

SP 200 methodology update: Rankings now factor in future impact, not just past performance, leading to notable shifts in the Top 10.
Agent economics by model: Traditional brokerages show higher average agent income, while fee-based and capped models emphasize unit economics.
Brokerage costs: The critical metric is cost per transaction and cost per agent—not just GAAP net income.
Teams vs. platforms: High-producing agents increasingly partner with platforms (Compass, Place, Side) instead of building large internal teams.
MLS under pressure: Preserving a comprehensive marketplace is the key challenge as private and delayed listings increase.
Consolidation continues: Industry consolidation is ongoing, but not near an end-state oligopoly.
Portals vs. brokerages: Compass and Zillow are shaping industry direction in different ways, with contrasting strengths and strategies.