5 new faces in top 10 ranking of real estate’s most powerful
Consolidation, capital and control over listings fueled big changes in the annual SP 200. But one thing didn’t change: Robert Reffkin’s grip on the top spot.
It's no surprise that a dramatic shift in industry power rankings has Robert Reffkin at the center of it — or rather at the top.
For the second year in a row, the outspoken founder and CEO of Compass holds the No. 1 spot in the Swanepoel Power 200, an independent ranking of the most powerful leaders in residential real estate.
Just days into the new year, Reffkin added a new title to his resume — executive chairman and CEO of Compass International Holdings — as Compass completed its mega-acquisition of Anywhere Real Estate with astonishing speed.
Reffkin is joined in the upper echelon by five leaders who are newcomers to the top 10, published annually by T3 Sixty:
Zillow Group CEO Jeremy Wacksman (No. 2), who just wrapped up his first full year in the role after taking the reins from Rich Barton.
Varun Krishna (No. 3), CEO of Rocket Companies, which moved boldly into the residential real estate space and the race to create a seamless, end-to-end homebuying experience with its acquisition of Redfin.
Chris Kelly (No. 7), who took over as CEO of HomeServices of America after the 2025 retirement of SP 200 mainstay Gino Blefari.
Nykia Wright (No. 9), CEO of the National Association of Realtors, who came from outside the industry to lead the beleaguered organization toward a vision of excellence.
Leo Pareja (No. 10), CEO of eXp Realty and the industry's most influential second-in-command, according to the SP 200 rankings.
Speaking of eXp: Its founder, Glenn Sanford, came in at No. 4. Once the upstart, Sanford is now the veteran competing with fast-rising brokerages leveraging eXp-inspired revenue models. Those include LPT and its Founder and CEO Robert Palmer, who landed at No. 25 this year — an increase of 43 spots.
Glenn Kelman, another tech-forward former upstart, announced his departure from Redfin after 20 years as CEO — the day before the SP 200 was made public. While the rankings are forward-looking, they reflect 2025 and were locked before he stepped down, keeping him in the No. 18 spot.
Forces of change
Acquisitions were a significant driver of change in the rankings — but not the only driver.
"For decades, power in this industry was closely tied to tenure and legacy," Jack Miller, president and CEO of T3 Sixty, said in a statement. "What the 2026 Swanepoel Power 200 clearly uncovers is that power and influence is now also secured through strategic clarity, operational execution and the ability to build platforms, the flow of capital and listings access."
Wacksman, Pareja and other leaders who took clear and public positions on exclusive listings strategies and transparency saw notable gains in influence, according to T3 Sixty, which characterized data access and consumer transparency as one of the industry's "most consequential levers of power."
The shake-up in the rankings was not limited to the highest tier. Thirty-eight leaders made their SP 200 debut in 2026, including six in the top 100. Meanwhile, 39 leaders joined LPT's Palmer in rising 10 or more spots year over year — a level of movement that reflects both leadership turnover and the accelerating pace of change across brokerage, MLSs, associations and the technology space.
Note: Real Estate News is an editorially independent division of T3 Sixty.