Real estate consolidation could reshape agent splits, autonomy

"For Steve Murray, The Real Brokerage's acquisition of REMAX or Compass's acquisition of Anywhere Real Estate or eXp World Holdings' deal with NextHome, shouldn't hold much meaning for the average real estate agent thinking about their day-to-day operations. As an agent it won't impact my business at all, Murray, the co-founder of RealTrends Consulting, said."

"Looking back at the 1970s and 1980s Murray said numerous large companies, including those outside of the real estate industry like Merrill Lynch and Sears, entered the real estate industry and began purchasing brokerages, causing a wave of consolidation. A lot of the smaller independents were worried they wouldn't be able to compete against these large companies without a similar level of financial backing, Murray said."

"However, over the course of the next decade, Murray said many of the savings and loan companies and other firms like Sears, which had entered and consolidated the real estate space, decided to exit. Historically, big institutional money has come into our industry and collectively got their butts kicked and not much has changed in the day to day for the agents, Murray said."

"I think agents really need to understand that it's not the same old brokerage leadership with the same old brokerage vision they had two or three years ago. Everything for those leaders has changed 180 degrees, Kulkarni said. The way that they're operating, thinking and behaving is very different, and I think you're starting to see that play out in real time."

Large brokerage acquisitions by major companies have historically driven consolidation in real estate, but agents often see little direct impact on daily operations. In earlier decades, institutional firms such as Merrill Lynch and Sears entered the industry, bought brokerages, and triggered consolidation. Many of those large players later exited, and the overall effect on agents remained limited. Current brokerage leadership differs from a few years ago, with operating methods, thinking, and behavior changing substantially. Commission lawsuits and related legal risk pressure are a major driver of these changes, pushing leaders to mitigate future exposure and adjust strategies in real time.

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