Each month, Intel asks some of the most pressing questions of the day in its Intel Index survey of hundreds of real estate professionals.
For example, our survey this month is looking closely at how local boards and brokerages are responding after the National Association of Realtors lifted its policy requiring association membership for MLS access.
TAKE THE INMAN INTEL SURVEY FOR NOVEMBER
On top of these one-time inquiries, Intel surveys agents and brokerages across a broad range of recurring questions that are meant to track changes in industry sentiment over time.
Three survey findings in particular — related to economic sentiment, seller tactics and recruiting — stand out for the significant change in sentiment they reveal in recent weeks.
Read Intel’s breakdown of these fast-moving trends in this week’s report.
1. Uncertainty on the rise
Economic anxiety among agents — and their clients — is nothing new.
But Intel survey data suggests the level of concern among agents may have escalated in recent weeks.
- 72 percent of agent respondents in October told Intel they were concerned about the economy, compared to only 10 percent who said they were pleased with the economy.
- 26 percent of agent respondents went so far as to say they were “very concerned” about the economy in October, compared to only 3 percent who said they were “very pleased.”
The last time economic anxiety was significantly higher than this among agents was in April, mere weeks after markets took a downturn while beginning to digest the implications of sweeping new tariffs on U.S. imports.
Since then, agents remained wary of the economic outlook. But concern had softened by the summer.
- In August, the share of agents who told Intel they were concerned about the economy had dipped to 62 percent, compared to 13 percent who said they were pleased with it.
- At that time, 21 percent of agent respondents said they were “very concerned” about the economy.
This dip in agent sentiment about the economy coincides with some signs that consumer sentiment is also taking a turn for the worse. How that plays out in an already depressed transaction environment will be a story to watch in the months to come.
2. As inventory recovery slows, some sellers test waters
For over a year and a half, the nation saw a significant influx of new inventory and a rebalancing of market dynamics in favor of buyers.
That shift may have kept some sellers from trying to take full advantage of the rules implemented last year — rules that give listing clients more leeway to avoid covering the buyer-side broker’s fee.
But as growth in new inventory has slowed in recent months, there may be some early signs that appetite among sellers to pocket the buyer-side fee is building.
- 36 percent of agent respondents in October said at least some of their listing clients took a hard-line approach against covering the buyer’s agent commission in the previous three months.
- That’s up from 31 percent of agent respondents the month before.
Still, these cases remain a relative rarity well over a year after new rules were implemented as a result of the NAR settlement.
Even in October, the vast majority of agents reported fewer than 1 in 10 of their recent listing clients ultimately ended up refusing to cover the fee.
- The share of agents who reported that “some, but fewer than 10%” of their listing clients took a hard-line approach grew from 19 percent in September to 24 percent in October.
So the impact of this on the market remains limited. But how commissions hold up once the market returns to more seller-friendly dynamics also remains untested. And it’s something Intel will continue to keep an eye on in the years ahead.
3. Recruiting at the front and center
It may not have been the biggest consideration during real estate’s busy season, but recent news may have driven it back to the forefront.
Recruiting reached “top business concern” status for more brokerage leaders than at any point this year.
- The share of brokerage leader respondents whose top concern was recruiting or retention jumped from 23 percent in September to 34 percent in October.
- That share had been hovering between 17 percent and 24 percent in previous months, indicating that this issue is newly central again for many decision-makers.
For most of the year, the economy and market conditions were the bigger specter looming over brokerage leaders. But these issues have started to take a back seat again to the race for talent, at least for now.
- A mere 27 percent of brokerage leader respondents named mortgage rates or housing inventory as their top business concern in October, breaking a five-month streak in which these concerns had accounted for between 42 percent and 54 percent of leadership responses.
It’s a notable difference in focus between agents, who are increasingly worried about the economy, and broker-owners and executives, who want to hold onto enough talent to weather the storm.
Methodology notes: This month’s Inman Intel Index survey was set to run from Oct. 23-31, 2025, and received 681 responses. The entire Inman reader community was invited to participate, and a rotating, randomized selection of community members was prompted to participate by email. Users responded to a series of questions related to their self-identified corner of the real estate industry — including real estate agents, brokerage leaders, lenders and proptech entrepreneurs. Results reflect the opinions of the engaged Inman community, which may not always match those of the broader real estate industry. This survey is conducted monthly.
