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ompass’s proposed $1.6 billion purchase of Anywhere, the real‑estate powerhouse that owns Coldwell Banker, Sotheby’s International, and Corcoran, would create a $10 billion behemoth. The merger could give Compass a de facto monopoly in the Bay Area, making its agents the sole gatekeepers to thousands of high‑end listings. Buyers and sellers would face a choice: let Compass’s network grant them access or be left out of the market.
Mary Macpherson, owner of Vantage Realty, warned that the deal could “close the system” and jeopardize the MLS, the shared database that feeds sites like Redfin and Zillow. While pocket listings exist outside the MLS, many small brokers fear Compass’s expansion of its Private Exclusives program would push them further from the market. A screenshot from Compass’s site shows that only its agents can access these listings.
DJ Grubb of The Grubb Company said the lack of an open market would mean sellers miss out on “a thousand eyeballs.” He argued that a closed system would hurt both buyers, who want full visibility, and sellers, who want maximum exposure. Compass’s local leaders declined to comment on the deal’s impact, focusing instead on the combined reach and technology.
Founder and CEO Robert Reffkin has pledged that Anywhere’s brands will keep their “unique independence.” He claims that Sotheby’s and Coldwell agents will not be absorbed overnight, though the reality remains to be seen. Reffkin also defends private listings, arguing that firms have a right to keep listings within their network for longer periods. He has fought Zillow over its ban on private listings older than one day and has challenged the National Association of Realtors (NAR) over its 24‑hour Clear Cooperation Policy, which requires brokers to submit a listing to the MLS within one business day of public marketing. In a July letter, Reffkin told NAR that Compass would not automatically follow the rule, though it might comply locally.
Compass’s promise of independence contrasts with its past acquisitions. When it bought Bay Area shops Paragon and Pacific Union in 2018, they were quickly rebranded under Compass, consolidating the company’s dominance. Compass agents logged over $27 billion in local sales in the year ending May, versus $15 billion for Coldwell Banker, the second‑largest broker.
Terry Meyers, cofounder of Intero, sees the deal as logical from a business standpoint. Anywhere was burdened with debt and looking for an exit, while Compass sought profitability and could leverage Anywhere’s mortgage and insurance partnerships. Meyers notes that the merger gives Compass a “big‑box” advantage, but also highlights a need for alternatives that offer choice and independence. He compares the experience to moving from a local bank teller to a 1‑800 number, suggesting that Compass’s scale may alienate clients who value personal relationships.
Macpherson, a former Paragon agent who joined Compass in 2018 and later moved to Side, a white‑label brokerage, recalls how Compass promised to keep the MLS open. She now sees that the company’s private‑listing strategy is simply a formalized version of what brokerages like Top Agent Network have long done: alerting internal members to upcoming listings to secure buyers quickly. While this appeals to privacy‑concerned sellers, it often sacrifices the best price or terms and has never been deployed at the scale of Private Exclusives.
The pending acquisition will create an even larger entity in the Bay Area. Independent brokers worry that consumers may feel compelled to work with Compass because it appears to be the only option. Meyers argues that most consumers still want all MLS listings syndicated to Zillow and similar sites, but he remains open to proving otherwise. Intero is ready to launch its own Private Exclusives model once the conflict between Compass and Zillow resolves, hoping to meet consumer demand for transparency and choice.
