Compass’s Anywhere Deal Could Push Exclusives Higher, But Not Sky-high

On the surface, Compass’s recent acquisition of Anywhere Real Estate looks like an easy way for the Robert Reffkin-helmed firm to drastically grow its portfolio of private exclusive listings. Looking at the numbers, this is an easy narrative to buy into.

When it comes to agent count, this deal could potentially result in Compass having roughly 340,000 agents under its umbrella, thanks to the combination of its 40,000 existing agents and the 300,000 agents in Anywhere’s network. However, just 51,000 of Anywhere’s agents are part of the owned brokerage operation, while 250,000 are part of its franchise network.

Additionally, Anywhere’s investor relations site notes that of its 300,000 agents, 132,700 of them operate outside of the U.S. So, in total, assuming there is little to no breakage through this merger, Compass’s owned domestic agent count would be just north of 90,000. And as these agents are not employees, but independent contractors, Compass does not have complete control over how they run their businesses.

Compass has only so much power to compel agents to comply with company initiatives

As a franchisor and a brokerage, Compass only has so much power when it comes to trying to compel agents to comply with certain company initiatives, like its three-phased marketing strategy. 

“The truth is, even in their owned operation, they can encourage or strongly encourage [agents] to offer private exclusives on listings they are taking, but they cannot force a listing agent to do that, or at least not without a lot of pain,” Steve Murray, the co-founder of RTC Consulting, said. “They could tell agents that they have to market listings this one way, but if an agent doesn’t like that, then they’d pack up their stuff and go to another brokerage, and I don’t think Compass wants that.” 

Since debuting its three-phased marketing plan, Compass and its agents have made it clear that they are not required to use this marketing strategy or list properties as Compass exclusives, but Murray noted that things are still in early stages and we must wait and see how far Compass is willing to push things. 

Will the Anywhere acquisition mirror Compass’s approach to Christie’s?

While Reffkin expressed potential interest in getting into the franchise game back in February 2023, his firm did not become a franchisor until its December 2024 acquisition of @properties, which owns the Christie’s International Real Estate affiliate network. Since closing the acquisition back in mid-January 2025, Christie’s affiliate network has continued to grow and thus far, it appears that Compass has taken a hands-off approach to its new franchise business. 

Based on statements from Compass representatives in the wake of the Anywhere acquisition announcement, in which they have affirmed that all of Anywhere’s distinct franchise brands will continue to operate independently, it appears that this will be the approach Compass takes as a franchisor. However, the companies’ joint statement about the acquisition suggests that Anywhere agents and franchisees will eventually be transitioned onto Compass’s technology platform. 

“The combination of these companies will create a premier real estate platform, enabling agents and franchisees to best serve home sellers and homebuyers,” the statement reads.

There still may be an impact on exclusive inventory

Despite this requirement, due to the franchisee and independent contractor relationships, Compass will not be able to compel agents and their clients to follow the three-phased marketing strategy. But that doesn’t mean this acquisition will have no impact on its exclusive inventory. 

In total, Murray estimates that the combined Compass and Anywhere empire, including franchises, would account for one million or even 1.1 million transaction sides in 2025, dwarfing their next closest competitor, eXp Realty, who closed 350,119 transactions sides in 2024, according to RealTrend Verified data. 

Overall, Murray estimates the combined transaction side count would make up 13% to 15% of U.S. existing home sale transaction sides in 2025. This increase in market share comes as Compass is already seeing growth in its private exclusive inventory. 

As of mid-September, Compass had over 9,000 private exclusive listings, according to data from Mike DelPrete, a real estate industry technology strategist. Just based on the size of this acquisition alone, DelPrete anticipates that this inventory of private exclusives will increase. 

“Content is King: this deal gives Compass control over a massive amount of inventory, and fuels its push against Zillow, the National Association of Realtors (NAR), and the MLSs,” DelPrete wrote in a blog post. “Controlling more content gives Compass more power in its fight with the existing industry hegemony. This deal will shake up power dynamics in a way not seen in over a decade, and will shape the industry and corporate strategy for many years to come.”

So, while real estate professionals should expect to see more listings in Compass’s private exclusives if the deal goes through, experts are confident that it will not be as many listings as many are currently fearing.