The blockbuster announcement has sparked loads of hypothesis throughout the brokerage world. However for Hoby Hanna, CEO of Hanna Holdings, the information feels acquainted. “Rising up on this trade, in a household enterprise — from placing indicators within the floor and cleansing workplaces to being a supervisor and now operating organizations — I’ve watched this film earlier than,” Hanna, whose agency is No. 5 by transaction sides within the 2025 RealTrends Verified rankings, mentioned. “I’m going again to 1979–80, Merrill Lynch determined to consolidate and get into the true property enterprise … and it didn’t work.”
Classes from the previous
Hanna factors to a protracted line of nationwide gamers who’ve entered actual property with blended outcomes. Regardless of consolidation traits, “there are plenty of well-run unbiased companies in plenty of main cities not a part of this Compass–Wherever deal.”
For Hanna Holdings, that independence has been a energy. “We’re profitable the place we’re, and have vital market share and brokers interested in our idea,” Hanna mentioned.
Different unbiased leaders additionally see alternatives. “I’m already seeing indicators of this bringing us extra alternatives, and I’m already seeing them from each singular recruits at each of these firms and much more so on Wherever’s franchise aspect,” mentioned Anthony Lamacchia, CEO and Founding father of Lamacchia Corporations Inc. “Many aren’t so positive they’ll re-up given the change. However, I’ll say I’m impressed at what Robert [Reffkin] pulled off right here, and I’m excited to proceed to compete with all manufacturers for many years to come back.”
Questions for brokers and franchises
The merger additionally raises huge unknowns for Wherever’s brokers and franchisees. “Individuals who don’t know the enterprise will say that is the top. Compass is a superb firm, and Wherever was already an enormous one. What’s the firm’s sport plan for its owned workplaces? It’s an unknown for these brokers,” Hanna mentioned. “Does it go away in Chicago, D.C., San Francisco? The opposite firms are franchises. Will the brand new firm consolidate these franchises? Will they allow them to out of their contract?”
For Hanna, the primary intuition was to congratulate each side. “My first response to Robert [Reffkin] is, daring transfer, congrats. If I have been to speak to Ryan [Schneider], congrats, you probably did what’s proper to your shareholders. As a publicly traded firm, its major obligation is to its shareholders. What I haven’t seen is the operational plan for shifting ahead. I’ve been round sufficient acquisitions that the mantra is ‘nothing will change,’ however every thing adjustments.”
Tradition conflict and agent retention
Past market share, integrating hundreds of brokers throughout a number of manufacturers poses a special problem. Steve Murray, senior advisor for HousingWire and founding father of RTC Consulting, pointed to the historical past between Compass and Wherever’s brokerages: “Compass spent an entire bunch of years recruiting aggressively in opposition to Coldwell Banker and Sotheby’s brokerage companies. And now we’re all going to be good pals?”
The cultural match could possibly be as essential because the financials. “It’s important to ensure that and inform your personal brokers, how does this profit them? The second half may be very robust. How do they really feel?” Murray mentioned. “There’ll be a good variety of brokers, workers, managers who could conclude this isn’t what they signed up for.” And, he added, this goes for Compass brokers as nicely.
Integration and alternative
Hanna, who has been lively within the M&A marketplace for years, believes essentially the most difficult half continues to be forward: integration. “It’s important to ensure that all leaders are on the identical web page so that you don’t overpromise and underdeliver,” he mentioned. “Good brokers, profitable enterprise folks need to know: are you promoting off among the manufacturers, are you consolidating?” Proper now, it’s an unknown as the businesses transfer towards a remaining merger in 2026.
On the similar time, Hanna sees a possibility for companies like his. “Since Monday at 8 a.m., I’ve had 12 conversations with brokerage companies to speak about how we will do some issues collectively,” he mentioned. “Senior workforce sees a possibility for recruiting … proper now as a privately held enterprise centered on the companies we’ve been doing since 1982.”
He added, “I don’t want a compass to know the place I’m going. There’s a possibility to draw brokers who know there’s stability [with Hanna]. If [Compass and Anywhere] leaders can convey that message, I don’t assume folks will go away in droves — they’ll see how issues go.”
What it means for independents
For privately owned companies, Murray was blunt: measurement alone has by no means been a knockout punch. “The nationwide firms haven’t outcompeted with the privately owned brokerage companies, whether or not they’re unbiased or underneath a franchise banner,” he mentioned. Success nonetheless comes all the way down to the basics: “It’s important to recruit nice expertise, you must develop the expertise, you must spend much less cash than you have got coming in.”
He emphasised that acquisitions don’t magically change these fundamentals. “As soon as a Compass or Wherever buys a brokerage firm, it doesn’t magically change into higher at these three issues,” Murray mentioned. The merger, actually, could even create recent openings for independents. “Anytime you have got one thing like this, the trade takes the place that it is a nice time to recruit brokers and workers,” Murray mentioned.
A broader shakeout
Trying forward, Hanna believes the deal will appeal to extra outdoors capital and result in new consolidation performs. “With plenty of Wall Avenue capital concerned and, if they’ll put the information collectively on this new ecosystem, you’ll see extra money come into our trade and extra consolidation amongst gamers than you can ever think about,” he mentioned. “We noticed the Rocket–Redfin deal; one other vertical within the housing ecosystem could resolve to do one thing.”
Nonetheless, he insists independents shouldn’t underestimate their position. “There are plenty of sturdy independents on the market. Perhaps that will get us speaking. There could possibly be a robust unbiased in different areas, completely different geography,” Hanna mentioned. For him, the merger is much less a risk and extra a rallying level: “Wow, thanks guys, it is a reward to us. It’s a possibility for us to develop because the housing market will get higher. I’m excited for us and for individuals who share our perspective. However I’ve to say to the groups at Wherever and Compass — congrats, however you have got plenty of work forward of you.”
Trying forward
Regardless of the dimensions, Murray doesn’t imagine this merger closes the ebook on competitors. “Competitors will nonetheless be rampant. And new fashions will proceed to emerge. There are at all times new methods of doing brokerage,” he mentioned.
He pointed to previous makes an attempt that fizzled as proof that the trade continually reinvents itself. “Redfin proved there’s no marketplace for a reduction brokerage firm with worker brokers,” Murray mentioned. Even well-funded fashions have struggled, however he expects new challengers will maintain making an attempt.
For now, each nationwide and unbiased gamers are recalibrating their methods. The merger could spark new funding methods, modern enterprise fashions and intense recruiting battles. Whether or not Compass can handle integration with out shedding too many brokers or franchises could decide if this record-setting deal turns into a blueprint for the longer term or a cautionary story concerning the limits of scale.
