Mike Ferry’s Podcast the Original: The Widening Gap — Tony Smith Interviews Mike Ferry

In Episode 20 of Mike Ferry’s Podcast: The Original, the script flips. This time, Tony Smith sits in the interviewer’s chair and turns the questions on Mike Ferry himself. Together, they unpack what’s really happening in the real estate industry today — and why the gap between agents who thrive and agents who fail keeps getting wider.

Drawing on the latest NAR data, Mike explains a sobering reality: 75% of new licensees don’t survive their first year, and 87% are gone within five. As a result, a small fraction of agents now handle the overwhelming majority of transactions. According to Mike, the failure rate isn’t necessarily worse than before — it’s just happening faster.

In this candid conversation, Mike and Tony dig into the forces reshaping the business. Specifically, they cover the post-COVID market shift, the rise of technology, and the dangerous temptation to substitute shiny objects for real communication. For example, Mike points out that no app can comfort a buyer whose deal just fell through. Moreover, he makes the case that listing agents — not buyer’s agents — are the ones who build lasting businesses.

Ultimately, Mike’s message is one of timeless fundamentals. In other words, the transactions are stable even when the technology isn’t. Instead of chasing every new tool, the agents who win are the ones who stay grounded in the system, embrace accountability, and keep talking to people every single day.