The Ten: Wasn’t the industry promised a fresh start in 2025?
To understand the forces that shaped this year, we’re looking back at 2025’s massive M&As, private listings drama, and yes — seemingly unending lawsuits.
Editor's note: In a year of epic mergers — and industry division — a handful of people and themes have emerged as defining forces. Real Estate News has selected the top newsmakers of 2025, based on their industry impact and influence. They are The Ten.
Find this year's selections below!
This was supposed to be a year of peace, closure and "certainty for everyone" — or so the lawyers said in November 2024 as they urged a judge to approve a $700 million deal meant to close the book on commissions lawsuits.
Spoiler alert, for those just tuning in: 2025 has not played out peacefully.
For one, commissions lawsuits didn't exactly disappear: New copycat cases emerged, and the Moehrl attorneys are now taking a swing at another major player. Meanwhile, other parts of the industry were caught up in litigation over mandatory Realtor membership, Clear Cooperation and private listings.
And "certainty" took a hit as massive M&As promised to create the world's largest brokerage and an end-to-end consumer homebuying experience — against a backdrop of a painfully rebound-resistant housing market.
But at least the industry was united, right? Well …
Despite the best efforts of Kevin Sears — NAR's outgoing, double-term road-warrior president — and the National Association of Realtors' promise of a new level of accountability, the world of residential real estate is closing out 2025 with some significant divisions. NAR's own delegate body narrowly voted to defeat referral transparency rules, while powerful brokerage leaders took a stand against NAR and its practices.
Through all of this, a handful of people and themes have emerged as defining forces. They are The Ten. And this month, we will tell their stories. But first we need to set the stage, with a look back at the year that was and an eye toward the future.
A preview of conflict to come
The divisiveness of 2025 was already taking root more than a year ago, surfacing at the 2024 NAR NXT conference.
Compass CEO Robert Reffkin and Zillow Chief Industry Development Officer Errol Samuelson joined the leaders of the nation's largest MLSs and a brokerage CEO in a politely combative session that appeared to draw a growing and eventually standing-room-only crowd.
The topic was the future of MLSs, and Reffkin did not hold back. "My view is that Zillow is going to be the MLS. It's only a matter of time," he said, prompting murmurs from the crowd. Samuelson responded by reiterating Zillow's support for the "incredibly pro-consumer" MLS system.
While Reffkin had not yet settled on his oft-repeated "seller choice" message, it was taking shape: "I think we're not treating the homeowners as clients," he said. If "killers of value" like days on market and price drops are going to be surfaced, Reffkin argued, then sellers should be able to know more about buyers, like how long they've been searching for a house and how many offers they've made.
Not exactly the kind of transparency others onstage were proposing, especially in a world where, as CRMLS CEO Art Carter pointed out, "litigation is increasing and increasing." (Which is why NAR's new MLS Handbook has strong risk-mitigation energy.)
Public battles over private listings
In addition to the legal pushback over NAR membership, some top players in the industry pushed on each other. Compass leveled up from conference jabs and sued Zillow over its listings transparency standards, which bar listings that have been made public but are not widely available via the MLS and IDX feeds.
Compass also took on Northwest MLS for similar reasons, accusing NWMLS of hurting consumers by limiting seller choice and preventing the brokerage from implementing its 3-phased marketing strategy, which leans heavily on private listings. Seattle-based Windermere got pulled into the fray, prompting its co-president to say that private listings are "only good for one party: the large real estate brokerage."
These scuffles took a turn in November when Zillow revealed that it had delayed the rollout of its listing standards in the Chicagoland area "due to the unique situation" involving MRED's long-standing private listings network. The MLS's CEO offered an emotional defense of the PLN to its 50,000 members. Soon after, Zillow shared an analysis suggesting that MRED's PLN amplified racial segregation — setting off another impassioned response from the MLS.
Where this all ends up is anyone's guess. But the way things have gone this year, more court battles could be on the horizon.
Oh, and that lawyer who spoke at the Sitzer/Burnett hearing last year about "certainty" for the industry and the avoidance of "extinction-level litigation" for NAR? His name is Ethan Glass. He was NAR's lead attorney then. He's the chief legal officer for Compass now.
The Ten in 2025
Real Estate News has selected these people and themes as the top newsmakers of the year, based on their industry impact and influence. We'll be sharing our stories of The Ten throughout the month.
Private listings, seller choice and consumer transparency: The advocates, critics and litigation — and what it all means for the future of real estate.
Rocket Companies and CEO Varun Krishna: Following Rocket's acquisition of Redfin, the mortgage giant is now a key player in the brokerage space as well.
NAR CEO Nykia Wright: Have her efforts to restructure the organization and rebuild trust brought about real change?
The acceleration of AI: The technology blew up in 2025, influencing many facets of real estate — and prompting both excitement and fatigue.
Zillow under fire: Compass sued Zillow over the portal's new listing standards — but that's just one of the many lawsuits the company has been battling this year.
Compass CEO Robert Reffkin: Speaking of Compass … the company and its vocal leader have forged ahead with their listings strategy in defiance of some MLSs and consumer advocates.
Brokerage consolidation: The Compass-Anywhere mega-merger wasn't just the biggest M&A headline of the year — it also reflects a trend of increasing consolidation.
Jerome Powell and the Fed: The Federal Reserve chair resisted political pressure to cut interest rates aggressively, but will the agency remain independent once Powell exits next year?
NAR's ongoing challenges: After two years mired in litigation, the trade group may have expected things to calm down in 2025. Instead, frustration over NAR policies and practices has only seemed to intensify.
The stuck housing market: The rebound promised in 2025 never happened as mortgage rates and affordability remained key barriers for consumers. What will it take to get the market moving again?