Why brokerage owners need representation when it’s time to sell 

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The views expressed in this column are solely those of the author. This story was originally posted on the Real Estate Mergers & Acquisitions Co. blog.

Brokerage consolidation is the hottest topic in the room, and the Compass-Anywhere Real Estate deal only added fuel to the fire. The impact is industrywide: Prospective buyers start thinking more seriously about scale, leverage and speed. Would-be sellers start asking harder questions about timing and value while conditions support a strong exit.

This is not a slow trend, it's velocity. Decisions are forced sooner, and the cost of being unprepared goes up as the pace increases. The Compass-Anywhere transaction is a clear example: They announced the deal on September 22, 2025, and completed it four months later. 

Consolidation is happening, and it can move more quickly than people expect. That's when brokerage leaders can make their most expensive mistake: starting the process without representation. 

Representation cuts through the noise

Without representation, sellers tend to react to noise. They get calls. They get messages. They get "quick interest" from buyers who are watching the same headlines. 

They may also assume they can handle it themselves, because they know their business; that the deal will be straightforward, because everyone is being friendly; or that price is the only thing that matters. They figure out the details later — and leave money on the table. 

Meanwhile, M&A representatives handle the full process, from valuation to the closing table. They know the numbers, understand how buyers think, and protect the difference between a good price and a good deal. Most importantly, they run the process with precision so sellers stay in control and business remains steady.

Understanding what drives seller outcomes

Representation matters in M&A for the same reason it matters in every high-stakes negotiation: The buyer across the table is concerned about their outcome, not the seller's. 

Most sellers underestimate what drives deal outcomes. It's not just valuation, it's structure, timing, risk — and leverage. It's how the buyer writes the agreement, what gets added in the fine print and what gets pushed into "standard terms." It's how working capital is defined, how adjustments are calculated, what the earnout really requires, what happens if targets are missed and what restrictions follow after closing.

A buyer can pay a strong number and still win the deal if the terms shift the risk onto the seller. That is where unrepresented sellers get hurt. They tend to focus on the headline price and miss what it costs to actually collect it.

Negotiations based on goals, not emotions

Brokerage owners are emotionally attached to what they built. They carry loyalty and responsibility to agents and staff, and they want a buyer who will take care of their people. They want their brand — and legacy — to be respected and preserved.

Those are real priorities, and they should be part of the conversation — but they can also be a negotiating weakness. A buyer can sense urgency, fatigue, distraction and attachment. They can use time pressure, uncertainty or flattery to move a seller toward concessions they would never make while thinking clearly and calmly.

Sellers need to know what their business is worth, what structures protect them, what buyers will push for and what their exit should look like based on their goals.

A good representative controls the process, not just the paperwork. They set the pace. They create competitive tension where appropriate. They keep conversations confidential, force clear communication and push for terms that match real goals.

The importance of looking at the bigger picture

Most sellers only see the buyer in front of them, while representation brings the market into the room. It brings context, comparable outcomes and alternative paths. It brings options that create leverage, and leverage protects value.

This is where sellers who "FSBO" their brokerage or company often realize, too late, that they left money on the table. Not because they were careless, but because they were alone. They had no one to pressure-test the offer, challenge the assumptions or negotiate from a position of strength.

Representation protects business stability

In real estate, confidentiality is protection, not a preference. If news of a potential sale leaks, that can lead to unfounded rumors, agent attrition, partner unease and competitor interference. It can weaken performance when buyers want stability. It can reduce value before a seller ever gets to the finish line.

A seller cannot simultaneously run a business and a confidential sale process without tradeoffs. Representation keeps the business stable while the deal work gets handled properly in the background.

What lawyers and accountants don't know

While attorneys handle legal language, they may not understand financial positioning. Accountants can validate financials, but may not be attuned to the timing of  negotiating leverage. Internal leadership may understand operations, but they are not objective when tensions rise. 

Representation is the layer that ties it all together, and it matters more now than it did in slower markets. In a market defined by velocity, the winners are the sellers who are prepared before they are pressured. 

So when should sellers seek representation? Before the first buyer conversation becomes a real negotiation. Sellers with the best outcomes don't react to inbound interest, they establish their position before the noise turns into pressure. Once terms form, leverage begins to shift. If a buyer believes they have you, it's harder to course-correct.

In a market moving at the speed we are seeing right now, waiting for certainty is usually what costs sellers the most — because in M&A, the deal you get is rarely the deal you were first shown. It becomes the deal you negotiated. And negotiation is exactly why representation matters.

Julia Jordan is a senior partner and chief marketing officer at Real Estate Mergers & Acquisitions Co. (REMA). With more than two decades of experience in executive leadership, marketing strategy and operational growth, Julia specializes in positioning brokerage, mortgage, title and proptech companies for acquisition. At REMA, she plays a central role in elevating seller-side representation and bringing greater transparency to consolidation across the industry.