Real estate power rankings saw a notable shake-up this year as consolidation, capital strength and control over listings reshaped influence across the industry. The annual Swanepoel Power 200 (SP 200) revealed significant movement at the top, even as one familiar name retained control.
Despite sweeping changes, Robert Reffkin’s hold on the No. 1 position remained unbroken, underscoring how central his role has become in shaping the industry’s direction.
It was hardly surprising to see such dramatic shifts revolve around Reffkin — or, more precisely, place him firmly at the top of the rankings.
For the second consecutive year, the outspoken founder and CEO of Compass claimed the No. 1 spot in the SP 200, an independent ranking of the most powerful leaders in residential real estate.
Early in the new year, Reffkin added another title to his résumé, becoming executive chairman and CEO of Compass International Holdings after the company rapidly completed its acquisition of Anywhere Real Estate.
Reffkin now shares the upper tier with five leaders making their first appearance in the top 10, as published annually by T3 Sixty.
Zillow Group CEO Jeremy Wacksman landed at No. 2, closing out his first full year in the role after succeeding co-founder Rich Barton.
Varun Krishna ranked No. 3 following Rocket Companies’ aggressive push into residential real estate and its acquisition of Redfin, aimed at creating a seamless, end-to-end homebuying platform.
Chris Kelly entered the top 10 at No. 7 after stepping into the CEO role at HomeServices of America following Gino Blefari’s retirement in 2025.
Nykia Wright claimed the No. 9 position as CEO of the National Association of Realtors, bringing an outside perspective to an organization navigating significant internal and external challenges.
Rounding out the top 10 was Leo Pareja at No. 10, CEO of eXp Realty and widely viewed as the industry’s most influential second-in-command.
Meanwhile, eXp founder Glenn Sanford placed at No. 4, transitioning from disruptor to veteran as newer brokerages adopt revenue models inspired by eXp. One such leader, LPT Founder and CEO Robert Palmer, surged 43 spots to No. 25.
Another longtime tech-forward leader, Glenn Kelman, remained at No. 18 despite announcing his departure from Redfin after two decades as CEO just one day before the rankings were released.
Forces of change
Acquisitions played a major role in reshaping the rankings, but they were far from the only catalyst driving change.
“For decades, power in this industry was closely tied to tenure and legacy,” said Jack Miller, president and CEO of T3 Sixty. “The 2026 Swanepoel Power 200 shows influence is now earned through strategic clarity, execution and control of platforms, capital and listings.”
According to T3 Sixty, leaders such as Wacksman and Pareja gained influence by taking clear public positions on exclusive listings and transparency, now considered some of the industry’s most powerful levers.
The disruption extended beyond the top tier, with 38 leaders debuting in the SP 200 for 2026, including six in the top 100. An additional 39 leaders climbed 10 or more spots year over year, reflecting rapid leadership turnover and accelerating change across brokerages, MLSs, associations and proptech.
