Compass-Anywhere Tie up: Shake-Up or Shell Game
The housing world woke up yesterday to major news: Compass announced an all-stock acquisition of Anywhere Real Estate on September 22, 2025【1】. The transaction values Anywhere at roughly $1.5–$1.6 billion in equity【1】, while the combined company carries an enterprise value of about $10 billion【2】.
On paper, the deal unites Compass’s fast-growing brokerage platform with Anywhere’s iconic brands, including Coldwell Banker, Century 21, and Sotheby’s International Realty【2】. Together, they will encompass about 340,000 real estate professionals worldwide【2】, a figure that immediately drew industry attention.
Yet the central question is not just about scale. Instead, it is whether this is a true Compass–Anywhere shake-up or simply a reshuffling of power among real estate’s largest players.
What the Compass–Anywhere Deal Really Means
Compass gains brand diversity and new revenue streams by acquiring Anywhere’s franchise, title, escrow, and relocation businesses, which generate more than $1 billion annually【2】. In theory, these operations create efficiency and strengthen Compass’s financial base. In addition, the combined company may gain leverage against listing portals like Zillow, which already wields outsized influence by controlling consumer search traffic【6】.
Integration, however, will not be simple. Large mergers often bring culture clashes, technology challenges, and heightened regulatory scrutiny. Compass has said that Anywhere’s brands will remain independent【2】, meaning consumers and agents may not see immediate changes.
Shake-Up or Shell Game?
The merger looks like a shake-up when considering its scale, vertical integration, and potential influence on MLS rules and industry transparency【2】【9】. At the same time, it resembles a shell game when you realize the core model agents guiding buyers and sellers through commission-based transactions, remains intact.
The truth likely lies in between: the 2025 Compass–Anywhere deal consolidates existing power but could also shift the rules if Compass aggressively pushes exclusivity and technology leverage.
Where Does HomeServices of America Fit?
This discussion is incomplete without mentioning HomeServices of America (HSoA), backed by Berkshire Hathaway. Already one of the nation’s largest brokerages, HSoA was the subject of rumors earlier in 2025 about possible acquisition talks with Compass【3】, though leadership denied those reports【4】.
HSoA instead appears more likely to act as a selective acquirer. With Berkshire’s financial strength and a vertically integrated model spanning brokerage, mortgage, title, and insurance【5】, HSoA can pursue regional players or service firms. Its current strategy emphasizes integrating back-end systems while preserving local brand independence.
As example, in 2024, HomeServices of America and its Berkshire Hathaway HomeServices network deepened their partnership with Zillow through the launch of Zillow Showcase, a premium listing product. This collaboration gives HSoA agents enhanced exposure for their listings on the nation’s most visited real estate platform, complete with richer photography, floor plans, and stronger branding tools. The move illustrates HSoA’s willingness to work with major tech players rather than compete head-on, while ensuring its agents stay visible in front of millions of active homebuyers each month.
This contrasts with Compass’s aggressive consolidation. As a result, U.S. real estate may increasingly resemble a three-way contest between Compass, Zillow, and HSoA【1】【6】【7】.
The Top 5 Real Estate Power Players in the U.S.
Compass (post-Anywhere) – With scale, tech investments, and national brand diversity, Compass becomes a central industry figure【1】【2】.
Zillow Group – Not a traditional brokerage, but its control of consumer search traffic makes it a gatekeeper with policy influence【6】.
HomeServices of America (Berkshire Hathaway) – Backed by Berkshire and vertically integrated, HSoA has long-term staying power【5】【7】.
Keller Williams and RE/MAX – Franchise giants with deep agent networks and durable business models【10】【11】.
NAR, MLSs, and Regulators – Not brokerages, but their rules on commissions, transparency, and exclusivity shape the entire landscape【8】【9】.
Impact on Agents and Consumers
The Compass–Anywhere merger may accelerate industry consolidation. Smaller brokerages could feel squeezed and seek partners, while regulators weigh whether such scale limits consumer choice. Meanwhile, some observers expect HSoA to keep expanding in fast-growing regions like the Sun Belt and Mountain West because those areas lead U.S. housing demand. While partnerships with builders would be logical given HSoA’s vertical services, there’s no public indication that HSoA has taken an equity stake in a national homebuilder. Recent disclosures instead highlight service-stack investments (e.g., title) and listing/marketing tech partnerships.
For agents, the effects will be mixed. Some gain access to stronger technology and marketing tools, while others may worry about splits, fees, or autonomy. For consumers, day-to-day transactions may not change immediately, but listing exposure and marketing strategies, especially if Compass leans into exclusivity, could evolve.
Final Thoughts
So, is the Compass–Anywhere deal a shake-up or a shell game? For the public, little changes overnight. For agents, competition and recruiting pressure will rise. For regulators, a new giant now demands close attention.
Ultimately, this 2025 merger both consolidates existing power and sets the stage for future battles. Whether it transforms real estate, or merely reshuffles influence among a few dominant players, remains to be seen.
Disclaimer: This commentary uses “shell game” as a metaphor. Much like McDonald’s is a real estate company at heart, many brokerages operate as holding companies managing multiple brands and services.
Compass, Inc. trades under ticker COMP on the NYSE (IPO was April 1, 2021).
Anywhere Real Estate, Inc. trades under ticker HOUS on the NYSE (formerly/recently known as Realogy Holdings Corp, ticker RLGY, until rebranding in 2022).
Sources
- AP News – “Compass to acquire Anywhere Real Estate in $10B all-stock deal” (Sept. 22, 2025): https://apnews.com/article/compass-anywhere-real-estate-merger-housing-b260cc3024f492b9ff374207bb3b24f7
- Anywhere Real Estate – “Compass Announces Combination with Anywhere Real Estate in All-Stock Transaction” (Sept. 22, 2025): https://anywhere.re/compass-announces-combination-with-anywhere-real-estate-in-all-stock-transaction/
- Reuters – “Compass in talks to buy Buffett’s real estate brokerage unit – WSJ” (Mar. 13, 2025): https://www.reuters.com/markets/deals/compass-is-talks-buy-buffetts-real-estate-brokerage-unit-wsj-reports-2025-03-13
- Reuters follow-up – Compass/HSOA speculation denied (Mar. 2025): https://www.reuters.com/markets/deals/compass-is-talks-buy-buffetts-real-estate-brokerage-unit-wsj-reports-2025-03-13
- HomeServices of America – Company Overview: https://www.homeservices.com/about
- Zillow Group – Investor Relations: https://investors.zillowgroup.com/
- RealTrends 500 Rankings: https://www.realtrends.com/rankings/rt500/
- NAR Official Site: https://www.nar.realtor/
- DOJ v. NAR Antitrust Case: https://www.justice.gov/atr/case/us-v-national-association-realtors-nar
- Keller Williams – Corporate Site: https://www.kw.com/
- RE/MAX – Investor Relations: https://investors.remax.com/