What Reffkin told agents after Compass-Anywhere deal closed 

Compass Chairman and CEO Robert Reffkin used his Jan. 9 letter to agents and the industry at large to frame Compass International Holdings — the brokerage behemoth that now combines Compass and Anywhere Real Estate — as a company "built by real estate professionals, for real estate professionals."

In some ways, Reffkin's post reads like an FAQ, touching on some of the biggest issues and themes that may arise now that the Compass-Anywhere merger has closed. But it also offered a clear message about the next era of residential real estate being defined by agent empowerment, seller choice and a brokerage-led consumer experience.

'Your listing, your lead' — and a direct challenge to portal dominance

Reffkin hasn't hidden his ire for organized real estate and major home search portals, often embracing opportunities to trade barbs with Zillow in particular — a battle that culminated in a high-profile lawsuit. At the heart of Reffkin's criticism of portals and MLSs is control over listing data and the ways that homes are marketed and sold — and in his Jan. 9 letter, Reffkin threw down the gauntlet once again.

Perhaps the most attention-grabbing line was Reffkin's promise to build a network of brokerage-owned consumer sites based on the "your listing, your lead" model, where buyer inquiries route directly to the listing agent. Reffkin argued that this will "reward professionalism," reduce "hidden fees" and give sellers more control — and he positioned the strategy as a "declaration of independence" from portal-led search.

The same concept has been the motto and primary format for home search site Homes.com. 

The 'agent operating system' as a unified platform play

Reffkin's stated vision for Compass International Holdings and its roughly 340,000 industry professionals is to come "together on a single, modern technology platform that will help real estate professionals save time, grow their business, and better serve their clients."

This means that Compass aspires to be the "number one place agents search and use to run their business," with an end-to-end tech stack meant to save time and scale productivity across brands with its self-stylized Agent Operating System (AOS).

Reffkin described the system as the industry's "only true end-to-end, modern technology platform" that will help agents "deliver even more value to their clients."

Reffkin offers a 'No Mandate Pledge'

When Compass announced its plans to acquire Anywhere in September 2025, many questions about operations and alignment on brokerage strategy surfaced. Perhaps one of the biggest unknowns was how office exclusives and Compass' Private Exclusives program would factor into the equation.

While Reffkin and Compass had routinely stated their case for pre-marketing and off-MLS listings prior to the merger announcement, Anywhere's CEO, Ryan Schneider, has called that approach "short-sighted."

If there is any one mandate from the merger, Reffkin now says, it's that there will be no mandates.

The Compass leader is once again leaning into the concept of choice, arguing that there is no one-size-fits-all rule and saying no agent will be forced to use or promote Compass' Private Exclusives initiative.

Instead, Reffkin says he wants a market where sellers decide when, where and how to list their homes. The stance echoes his public fight against policies that he says limit representation and "monetize" agents' work.

Takeaways from industry leaders

Reffkin wasn't the only industry player to provide commentary on the deal. Here are some of the initial takeaways other top leaders shared with Real Estate News. 

James Dwiggins, co-CEO of NextHome: "The largest M&A race the industry has ever seen is about to begin because of this. In the next 36 months, 3 or 4 major companies will emerge controlling 60-70% of all U.S. real estate transactions — similar to the airlines. Private listings will go mainstream taking the industry back 40 years and away from the system we spent so much time perfecting for consumers. The sad part is homebuyers and sellers will be hurt in the process, and I worry about the reputation and legal scrutiny our industry will receive."

OB Jacobi, co-president of Windermere: "Moments like this underscore the importance of choice in our industry. While some models prioritize scale, others are built around a distinct culture and a clear point of view. As a family-owned and operated brokerage, Windermere has intentionally focused on independence, local leadership, and long-term stewardship. That clarity — and the ability not to be lost in a massive organization — continues to resonate with agents and consumers alike."

Michael Valdes, CEO of LPT International: "The Compass-Anywhere merger will make brand differentiation (let alone agent individuality) a Herculean task from a consumer perspective. This conglomeration of brands is not synergistic but rather cannibalistic among agents in a geographic location. Consolidation is certainly the future of our industry, but I strongly feel that a single-entity brand that can serve consumers across different price points and global geographic concentration is going to be the ultimate winner. Anywhere had a multibillion-dollar debt which Compass now inherits. While I am very bullish on the market, I think this obligation will take a considerable amount of time to satisfy and it will allow for other more agile companies to take market share in specific markets."

Dan Duffy, CEO of United Real Estate: "The U.S. residential real estate market, specifically the technology and brokerage services segments, are extremely fragmented and competitive and will remain so post-merger. The pressure to excel and innovate that is being exerted by Compass, real estate technology companies, portals and market conditions continues to raise the bar for all market participants. The merger is a win for the buying and selling public and will accelerate the professionalism of our industry. Those that can will become better. Those that can't will exit the industry. We welcome strong competitors. They make us better. Bring it!"

Leo Pareja, CEO of eXp Realty: "The Compass–Anywhere merger is a historic moment for the industry — but make no mistake, scale alone doesn't guarantee success. In this new era, the brokerages that win will be the ones who stay relentlessly focused on empowering agents with the tools, support, and freedom to build their own brands and businesses. I'm proud that at eXp, we've built a platform that's already delivering that future — today."

Stefan Swanepoel, founder and chairman of T3 Sixty: "Hats off to Robert Reffkin, who is playing a brilliant game of real estate chess — not only securing the No. 1 position as the largest real estate brokerage, franchisor and enterprise, but doing so in style by acquiring the already behemoth Anywhere. This move, at least in the short term, locks in the advantages that come with industry dominance, reduces overall risk, and redefines what it means to be the undisputed leader in the residential real estate industry." (Note: Real Estate News is an editorially independent division of T3 Sixty.)