Real estate’s power map got redrawn this week.
When the 2026 Swanepoel Power 200 landed, it showed a level of turnover at the top that the industry hasn’t seen since the rankings launched in 2014.
And the names moving up offer a hint as to where the industry is headed.
Released as the lead section of T3 Sixty’s 300-page Real Estate Almanac, the Power 200 tracks the 200 most influential leaders shaping residential real estate, and this year’s list points to one clear trend: control over platforms, capital, and listings now matters more than ever.
Five of the 10 most powerful people in the industry are new to the top tier. That kind of churn only happens when the way influence is built changes.
The 2026 Swanepoel Power 200 Top 10 Executives
The top 10 reflects who has the most leverage over how homes get marketed, how deals get financed, and how consumers move through the market.
- Robert Reffkin (Compass CEO)
- Jeremy Wacksman (Zillow Group CEO)
- Varun Krishna (Rocket Companies CEO)
- Glenn Sanford (eXp World Holdings Founder & CEO
- Ryan Schneider (Anywhere Real Estate President & CEO)
- Andrew “Andy” Florance (CoStar Founder & CEO)
- Chris Kelly (HomeServices of America President & CEO)
- Howard “Hoby” Hanna (Hanna Holdings CEO)
- Nykia Wright (National Association of REALTORS® CEO)
- Leo Pareja (eXp Realty CEO)
Robert Reffkin holds the No. 1 spot for the second straight year, driven by Compass’ scale, access to capital, and its (recently closed) $1.6B merger with Anywhere Real Estate, which makes Compass the largest residential brokerage in the world.
Zillow and Rocket sit right behind him, a sign that consumer platforms and mortgage capital now sit at the center of the industry’s power structure.
What changed the most from last year
This year’s ranking shows how quickly leadership is being reshaped by consolidation and platform control.
Five leaders entered the top 10 for the first time, the largest turnover in the Power 200’s history. Several of the biggest moves tell the same story from different angles.
- Jeremy Wacksman climbed to No. 2 in his first full year as CEO of Zillow Group, taking over from co-founder Rich Barton, who now sits at No. 13 after holding No. 1 in both 2020 and 2021.
- Varun Krishna debuted at No. 3 after Rocket Companies acquired Redfin, putting one of the most recognized brokerage brands under a mortgage and fintech giant.
- Chris Kelly moved into the top tier after taking over HomeServices of America from Gino Blefari, who ranked No. 1 in 2023.
- Nykia Wright jumped from No. 34 into the top 10 in her first full year as CEO of the National Association of Realtors.
- Leo Pareja entered the list after stepping into the CEO role at eXp Realty, which now operates as the nation’s third-largest brokerage alongside Glenn Sanford’s eXp World Holdings at No. 4.
What ties these moves together is speed. Leadership is no longer built over decades alone. It’s built by controlling where consumers search, how transactions get funded, and how listings move through the system.
Glenn Kelman, Redfin, and what this moment says about the industry
One of the clearest examples of this shift sits just outside the top 10.
Glenn Kelman ranks No. 18 on the 2026 Power 200, but this week he also announced he’s stepping down as Redfin’s CEO after 20 years.
His timing could not be more symbolic. Redfin is now part of Rocket, and the person ultimately calling the shots is Varun Krishna, who sits at No. 3 on this year’s list.
Kelman helped turn Redfin into one of the most recognizable brands in residential real estate, built around technology, transparency, and a different approach to brokerage. His exit marks the end of that era.
The future of Redfin, and many other consumer-facing brands, now sits with companies that control capital and platforms at a massive scale.
Why this list should be on your radar
The Swanepoel Power 200 is a map of who has leverage over how this business actually works.
When Compass pushes to become the largest brokerage in the world, Zillow tightens its grip on consumer search, Rocket absorbs Redfin, and eXp continues to scale a cloud-based model, those moves shape the tools, rules, and economics that you work within every day.
Control over listings, data, and consumer access is now the most valuable currency in the industry.
As the 2026 Power 200 makes clear, influence in real estate is moving faster and concentrating in fewer places. Keeping an eye on who sits at the top helps you understand where the market is going next, not where it used to be.
