With the dust now settling on 2025—marked by Compass’s acquisition of Anywhere and Stone
Point’s strategic investment in Keller Williams Realty—the natural question is: what does the
mergers and acquisitions landscape look like for 2026?
We expect to see one to two additional large-scale acquisitions this year involving national
real estate organizations. Incumbents, of all models, remain under pressure to grow while
simultaneously rebuilding operating margins. While organic growth continues to be a core
component of brokerage strategy, acquisitions often provide a faster—and in many cases more
cost-effective—path to scale.
Compass is likely to adopt a more measured approach to acquisitions in the near term, given the
significant integration work already underway. While the company is expected to remain active
in the market, it will likely be more selective both in the opportunities it pursues and the
valuations it is willing to support.
Berkshire Hathaway may also re-enter the acquisition market if housing transaction volumes
continue to improve meaningfully. Any such activity is expected to be disciplined and
conservative, a posture shared by other national organizations such as United Real Estate and
Peerage Realty Partners.
At the local level, however, transaction activity among brokerage firms and teams has
picked up noticeably compared to prior years. In-market combinations are particularly
attractive, as they often involve principals who already know one another and have a clear
understanding of cultural compatibility, leadership styles, and operational fit—factors that
materially reduce integration risk.
Keller Williams, supported by Stone Point’s capital investment, is expected to become more
aggressive in facilitating growth through mergers and acquisitions, particularly at the Market
Center level. This added financial backing positions the organization to be a more active
participant in consolidation efforts.
In addition, several private capital groups are actively pursuing roll-up strategies focused on
teams and smaller brokerage firms, similar to the approach employed by REAL Brokerage.
When combined with LPT’s announced plans to pursue a public offering, these dynamics should
create incremental liquidity opportunities for smaller firms and high-performing teams.
Finally, the Hanna organization continues to quietly acquire strong independent brokerages,
primarily in the eastern United States, supported by substantial capital resources and a long-term
growth orientation.
Looking ahead, valuation multiples and deal terms are likely to remain more conservative
than those seen in recent peak years. Absent large, headline transactions involving the likes of
Compass, Anywhere, or Berkshire Hathaway HomeServices, competitive pressure at the local
level may ease somewhat, resulting in modestly softer deal structures overall.
Taken together, the 2026 M&A environment appears constructive but disciplined—characterized
by selective consolidation, thoughtful capital deployment, and an increased emphasis on strategic
fit and post-transaction execution. For brokerage owners and teams considering growth, partnership, or liquidity alternatives, preparation and perspective will matter as much as timing. As this next phase of consolidation unfolds, firms that take a data-driven, market-informed approach to evaluating opportunities will be best positioned to navigate an evolving landscape and capitalize on the options available to them.
Steve Murray and Scott Wright
RTC Consulting, Inc.
