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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 1979–80, Merrill Lynch decided to consolidate and get into the real estate business … 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 a lot of well-run independent firms in a lot of major cities not part of this Compass–Anywhere deal.”
For Hanna Holdings, that independence has been a strength. “We’re successful where we are, and have significant market share and agents attracted to our concept,” Hanna said.
Other independent leaders also see opportunities. “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.”
Questions for agents and franchises
The merger also raises big unknowns for Anywhere’s agents and franchisees. “People who don’t know the business will say this is the end. Compass is a great company, and Anywhere was already a big one. What is the company’s game plan for its owned offices? It’s an unknown for those agents,” Hanna said. “Does it go away in Chicago, D.C., San Francisco? The other companies are franchises. Will the new company consolidate those franchises? Will they let them out of their contract?”
For Hanna, the first instinct was to congratulate both sides. “My first response to Robert [Reffkin] is, bold move, congrats. If I were to talk to Ryan [Schneider], congrats, you did what’s right for your shareholders. As a publicly traded company, its primary obligation is to its shareholders. What I haven’t seen is the operational plan for moving forward. I’ve been around enough acquisitions that the mantra is ‘nothing will change,’ but everything changes.”
Culture clash and agent retention
Beyond market share, integrating thousands of agents across multiple brands poses a different challenge. Steve Murray, senior advisor for HousingWire and founder of RTC Consulting, pointed to the history between Compass and Anywhere’s brokerages: “Compass spent a whole bunch of years recruiting aggressively against Coldwell Banker and Sotheby’s brokerage firms. And now we’re all going to be nice friends?”
The cultural fit could be as important as the financials. “You have to make sure and tell your own agents, how does this benefit them? The second part is very tough. How do they feel?” Murray said. “There’ll be a fair number of agents, employees, managers who may conclude this is not what they signed up for.” And, he added, this goes for Compass agents as well.
Integration and opportunity
Hanna, who has been active in the M&A market for years, believes the most challenging part is still ahead: integration. “You have to make sure all leaders are on the same page so you don’t overpromise and underdeliver,” he said. “Good agents, successful business people want to know: are you selling off some of the brands, are you consolidating?” Right now, it’s an unknown as the companies move toward a final merger in 2026.
At the same time, Hanna sees an opportunity for firms like his. “Since Monday at 8 a.m., I’ve had 12 conversations with brokerage firms to talk about how we can do some things together,” he said. “Senior team sees an opportunity for recruiting … right now as a privately held business focused on the services we’ve been doing since 1982.”
He added, “I don’t need a compass to know where I’m going. There’s an opportunity to attract agents who know there is stability [with Hanna]. If [Compass and Anywhere] leaders can convey that message, I don’t think people will leave in droves — they will see how things go.”
What it means for independents
For privately owned firms, Murray was blunt: size alone has never been a knockout punch. “The national companies have not outcompeted with the privately owned brokerage firms, whether they’re independent or under a franchise banner,” he said. Success still comes down to the fundamentals: “You have to recruit great talent, you have to develop the talent, you have to spend less money than you have coming in.”
He emphasized that acquisitions don’t magically change those basics. “Once a Compass or Anywhere buys a brokerage company, it doesn’t magically become better at those three things,” Murray said. The merger, in fact, may even create fresh openings for independents. “Anytime you have something like this, the industry takes the position that this is a great time to recruit agents and staff,” Murray said.
A broader shakeout
Looking ahead, Hanna believes the deal will attract more outside capital and lead to new consolidation plays. “With a lot of Wall Street capital involved and, if they can put the data together in this new ecosystem, you’ll see more money come into our industry and more consolidation among players than you could ever imagine,” he said. “We saw the Rocket–Redfin deal; another vertical in the housing ecosystem may decide to do something.”
Still, he insists independents shouldn’t underestimate their role. “There are a lot of strong independents out there. Maybe that gets us talking. There could be a strong independent in other areas, different geography,” Hanna said. For him, the merger is less a threat and more a rallying point: “Wow, thank you guys, this is a gift to us. It’s an opportunity for us to grow as the housing market gets better. I’m excited for us and for those who share our perspective. But I have to say to the teams at Anywhere and Compass — congrats, but you have a lot of work ahead of you.”
Looking ahead
Despite the scale, Murray doesn’t believe this merger closes the book on competition. “Competition will still be rampant. And new models will continue to emerge. There are always new ways of doing brokerage,” he said.
He pointed to past attempts that fizzled as evidence that the industry constantly reinvents itself. “Redfin proved there’s no market for a discount brokerage company with employee agents,” Murray said. Even well-funded models have struggled, but he expects new challengers will keep trying.
For now, both national and independent players are recalibrating their strategies. The merger may spark new investment strategies, innovative business models and intense recruiting battles. Whether Compass can manage integration without losing too many agents or franchises may determine if this record-setting deal becomes a blueprint for the future or a cautionary tale about the limits of scale.
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