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f Compass’s purchase of Anywhere Real Estate closes, the brokerage world will see its biggest player yet, with a dominant footprint in many major metros. The merger could accelerate Compass’s push for private‑exclusive listings and give the company leverage to lobby for rules that favor exclusive inventory. How this will affect buyers, sellers, and small brokers remains uncertain.
**Key Takeaways**
- The combined firm would become the largest brokerage globally, controlling a sizable share of national sales volume—about 13%—and an even larger slice in key markets.
- Compass has been championing a three‑phase marketing plan that starts with “Private Exclusive” listings, offering a client dashboard and training for agents. CEO Robert Reffkin touts benefits such as testing prices without days on market, while stressing that sellers can still choose the open market.
- Private exclusives currently account for roughly 6,600–8,000 of Compass’s 73,000 Q2 transactions, a small fraction that could explode once Anywhere’s 340,000 agents join the program.
**The Private‑Listing Debate Intensifies**
Even before the National Association of Realtors (NAR) weighed in on pre‑marketing, industry leaders debated the merits of private listings. eXp Realty’s Leo Pareja and Anywhere’s Ryan Schneider publicly opposed a wholesale shift toward private inventory. Schneider warned agents would not be disadvantaged if the industry moved in that direction. Howard Hanna Real Estate, a regional powerhouse, argued that market leaders should use their advantage to inform buyers about new listings, especially in tight markets.
Compass’s influence could shape national policy. In Seattle, Reffkin encouraged agents to bypass local MLS rules against pre‑marketing, sparking legal battles and public disputes. In Chicago, where the local MLS (MRED) has operated a private‑listing network for a decade, Compass has expanded its exclusive inventory with little resistance. After acquiring @properties, the firm promoted a “private‑to‑prominent” strategy and publicly challenged Zillow’s attempts to limit pre‑marketing through state legislation.
A Compass‑Anywhere titan could replicate Chicago’s model on a national scale, potentially redefining how listings are shared across the country.
**What Does This Mean for Consumers?**
Reffkin highlighted four benefits for consumers: a simplified, transparent, and seamless transaction process that delivers what buyers and sellers need. Yet, if the merger triggers a wholesale shift to private listings, consumers might face reduced market visibility. With a handful of large brokerages controlling most inventory, buyers could be forced to visit multiple sites or firms to find available homes. Some agents question whether private marketing truly serves sellers’ best interests.
Consumer advocates warn that gatekeeping inventory could erode market transparency, compromise real‑estate data integrity, marginalize small brokerages, and raise fair‑housing concerns. Stephen Brobeck of the Consumer Policy Center cautioned that a company the size of Anywhere going all‑in on private listings would threaten a free and transparent market, likening the potential shift to a “World War I” scenario where six big brokers dominate.
**Bottom Line**
The Compass‑Anywhere deal, if finalized, would create the world’s largest brokerage, amplify private‑exclusive listings, and give the firm unprecedented sway over industry rules. While the promise of streamlined transactions appeals to consumers, the concentration of inventory could diminish transparency and limit competition, raising serious questions about the future of the open‑market real‑estate landscape.
