The blockbuster announcement has fueled a lot of speculation in the broker world. But for Hoby Hanna, CEO of Hanna HoldingsThe news feels familiar. “Growing up in this industry, in a family business – from placing signs in the ground and cleaning offices to manager and now run organizations – I have watched this film before,” Hanna, whose company is No. 5 by transaction canties in the 2025 Realtrends verified Rankings, said. “I’m going back to 1979–80, Merrill Lynch Decided to consolidate and step into the real estate company … and it didn’t work. “
Lessons from the past
Hanna points to a long line of national players who have entered real estate with mixed results. Despite consolidation trends, “there are many well-guided independent companies in many large cities that are not part of this compass overal everywhere.”
For Hanna Holdings, that independence has been a force. “We are successful where we are and have attracted a significant market share and agents to our concept,” said Hanna.
Other independent leaders also see opportunities. “I already see that this brings us more opportunities, and I see them from both unique recruits at both companies and even more on the franchise side of Anywhere,” said Anthony Lamacchia, CEO and founder of Lamacchia Companies Inc. “Many are not so sure that they will reset the change. Nevertheless, I will say that I am impressed by what Robert [Reffkin] Rounded here, and I am excited to continue to compete with all brands for decades. “
Questions for agents and franchises
The merger also increases great strangers for agents and franchisees everywhere. “People who don’t know the company will say that this is the end. Compass is a great company, and everywhere there was a large company. What is the game plan of the company for his own offices? It is a stranger to those agents,” said Hanna. “Will it go away in Chicago, DC, San Francisco? The other companies are franchises. Will the new company consolidate franchises? Will they leave them out of their contract?”
For Hanna, the first instinct was to congratulate both parties. “My first reaction to Robert [Reffkin] Is daring move, congratulations. If I talked to Ryan [Schneider]Congratulations, you have done what is good for your shareholders. As a listed company, the primary obligation is its shareholders. What I have not seen is the operational plan to move forward. I have been close to enough acquisitions that the mantra will ‘not change anything’, but everything is changing. “
Culture conflict and agent retention
In addition to market share, integrating thousands of agents in several brands is a different challenge. Steve Murray, senior advisor for Housing and founder of RTC ConsultingBe on the history between Kompas and everywhere’s brokers: “Compass spent a whole series of years against recruiting aggressive Coldwell Banker And Sotheby’s Brokerage companies. And now we all become nice friends? “
The cultural fit can be just as important as the financial data. “You have to be sure and tell your own agents, how is this for them? The second part is very difficult. How do they feel?” Said Murray. “There will be quite a number of agents, employees, managers who can conclude that this is not what they have registered for.” And, he added, this also applies to compass agents.
Integration and opportunities
Hanna, who has been active on the M&A market for years, believes that the most challenging part is still ahead: integration. “You have to make sure that all leaders are on the same page, so that you don’t freeze too much and under divider,” he said. “Good agents, successful business people want to know: are you selling some brands, are you consolidating?” At the moment it is a stranger if the companies go to a final merger in 2026.
At the same time, Hanna sees a chance for companies such as his. “Since Monday at 8 o’clock I have had 12 conversations with real estate companies to talk about how we can do some things together,” he said. “Senior team sees the opportunity to recruit … At the moment as a private company focused on the services we have done since 1982.”
He added: “I don’t need a compass to know where I’m going. There is a chance to attract agents who know there is stability [with Hanna]. When [Compass and Anywhere] Leaders can convey that message, I don’t think people will leave in large numbers – they will see how things are going. ‘
What it means for independent
For private companies, Murray Bot was: size alone has never been a knockout outpunch. “The national companies are not outdated with the private brokerage companies, whether they are independent or under a franchise banner,” he said. Success still comes down to the basic principles: “You have to recruit great talent, you have to develop the talent, you have to spend less money than you enter.”
He emphasized that acquisitions do not magically change that basis. “As soon as a compass or a brokerage company buys somewhere, it will not get better in those three things,” Murray said. The merger can in fact even create new openings for independent people. “Every time you have something like that, the industry takes the position that this is a good time to recruit agents and staff,” Murray said.
A wider Shake -Out
Looking ahead, Hanna believes that the deal will attract more external capital and leads to new consolidation games. “With a lot of Wall Street Capital and, if they can put together the data in this new ecosystem, you will see more money in our industry and more consolidation between players than you could ever imagine,” he said. ‘We saw the Rocket–Redfin agreement; Another vertical in the housing ecosystem can decide to do something. ‘
Yet he insists that independent should not underestimate their role. “There are many strong independent people who are there. Maybe that brings us to talk. There may be a strong independent in other areas, different geography,” said Hanna. For him, the merger is less a threat and more a gathering point: “Wow, thank you, this is a gift for us. It is an opportunity for us to grow as the housing market gets better. I am enthusiastic for us and for those who share our perspective. But I have to say to the teams and compass – but you have a lot of work for you.”
Look forward
Despite the scale, Murray does not believe that this merger closes the book about the competition. “The competition will still be unbridled. And new models will continue to arise. There are always new ways to do brokerage,” he said.
He pointed out to attempts from the past who fizzled as proof that the industry is constantly reinventing itself. “Redfin proved that there is no market for a brokerage company with employee agents,” said Murray. Even well -financed models have made an effort, but he expects new challengers to keep trying.
For the time being, both national and independent players re -calibrate their strategies. The merger can generate new investment strategies, innovative business models and intense recruitment fights. Whether compass can manage integration without losing too many agents or franchises, can determine whether this record deal will be a blueprint for the future or a warning story about the scale limits.
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