Does the Compass-Anywhere merger 'close the book' on competition?

"The blockbuster announcement has sparked plenty of speculation across the brokerage world. But for Hoby Hanna, CEO of Hanna Holdings, the news feels familiar. Growing up in this industry, in a family business from putting signs in the ground and cleaning offices to being a manager and now running organizations I've watched this movie before, Hanna, whose firm is No. 5 by transaction sides in the 2025 RealTrends Verified rankings, said."

"I go back to 197980, Merrill Lynch decided to consolidate and get into the real estate business and it didn't work. Hanna points to a long line of national players who have entered real estate with mixed results. Despite consolidation trends, there are a lot of well-run independent firms in a lot of major cities not part of this CompassAnywhere deal. For Hanna Holdings, that independence has been a strength."

"I am already seeing signs of this bringing us more opportunities, and I am already seeing them from both singular recruits at both of those companies and even more so on Anywhere's franchise side, said Anthony Lamacchia, CEO and Founder of Lamacchia Companies Inc. Many aren't so sure they will re-up given the change. Nevertheless, I will say I am impressed at what Robert [Reffkin] pulled off here, and I am excited to continue to compete with all brands for decades to come."

Consolidation in the brokerage sector has generated speculation and raises uncertainty for agents and franchisees. Hoby Hanna traces similar consolidation attempts back to 197980 with Merrill Lynch, noting many national entrants have had mixed results. Independent firms retain strong market share in major cities and view independence as a competitive advantage. Some independents expect recruitment opportunities from Anywhere's franchise side. Executives express concern about the fate of owned offices and whether franchises will be consolidated or released. Leaders acknowledge the scale of the merger but remain committed to competing and see potential for long-term resilience among well-run local brokerages.

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