Mass Hysteria: Why eXp Bought NextHome (who’s next)
Cloud brokerages, franchise brands, and tech platforms once competed to replace each other. Now they’re combining into larger real estate ecosystems.
This week, eXp acquired NextHome. How crazy is it? Peter Venkman said it well: “Human sacrifice. Dogs and cats are living together. Mass hysteria.”
On the surface, it looks like another brokerage acquisition in a market that has already seen more than its share of consolidation lately. But this one feels different because of what these two companies represented.
A few years ago, companies like eXp and NextHome represented very different answers to the future of brokerage.
Glenn Sanford built eXp around a cloud-based, revenue-share-driven model that challenged the traditional office structure. Low overhead, virtual collaboration and mass-agent attraction. It was super innovative when he first told me about his plan (at a REBAR Camp – iykyk). It was directly competitive with traditional franchise systems, and also, brick and morter. I always found it funny that a real estate company was built on the premise of not owning real estate… obv I was wrong.
James Dwiggins built NextHome almost as the opposite response. It was very large. 5k agents and 500 offices and a cute, approachable dog logo. A clean, modern franchise brand focused on independent broker ownership, operational consistency, and local identity. Instead of trying to eliminate brokerage ownership, NextHome refined it.
Both founders are extremely smart, savy and good dudes. However, those philosophies once competed directly. So the fact that they’re under the same umbrella, is … not necessarily shocking – but just, odd.
And they’re not alone.
| Deal | Date Announced | Reported Value | What Each Side Originally Represented | Outcome / Strategic Goal |
|---|---|---|---|---|
| eXp + NextHome | May 2026 | Not publicly disclosed | eXp: cloud brokerage / rev share / anti-franchise energy. NextHome: modern independent franchise model with local ownership. | eXp gains franchise optionality and broker-owner lane without changing core eXp model. NextHome gains scale, capital, and tech backing. |
| Compass + Anywhere | March 2026 | Multi-billion dollar transaction | Compass: tech-forward brokerage and luxury expansion. Anywhere: legacy franchise empire. See also: Realogy, Cendant | Combines modern tech stack with massive franchise infrastructure and agent footprint. |
| Real + RE/MAX | April 2026 | Approx. $880M reported | Real: cloud brokerage, lean operations, AI/rev-share narrative. RE/MAX: global franchise icon built on recruiting and brand recognition. | Real gains international scale and franchise reach. RE/MAX gains access to modern tech and virtual brokerage economics. |
What makes these deals interesting is not just their size (but wow, these are big a$$ deals). It’s that many of these companies were built as competing visions for the future of real estate. Cloud brokerages once positioned themselves against franchises. Franchises defended local ownership and brick and mortar presence. Tech brokerages promise to modernize the old guard.
Rather, they intend to. Goals are not always achieved in the teach old dog new trick merger segment.
The industry is reorganizing around something bigger than individual brokerage models.
These “new” company want it all:
- consumer attention
- agent relationships
- agent’s client relationships
- recurring revenue
- proprietary data
- transaction ownership
- AI leverage
- cost saving efficiencies
The remaining question is not whether further consolidation continues. But rather, the question is who is still available.
I’m Still Standing (Large opportunities For Sale)
| Company | Why They Matter | Most Likely Pressure |
|---|---|---|
| Keller Williams | Largest remaining agent-centric private brokerage ecosystem | Pressure to scale technology, AI, and consumer reach. Shrinking. Gary getting older now. |
| HomeServices of America | Berkshire-backed brokerage/title/mortgage infrastructure | Likely stable unless Berkshire strategy changes (almost never sell) |
| Howard Hanna | Large independent regional powerhouse | Regional consolidation pressure |
| Douglas Elliman | Luxury and major-market influence (MIA / NYC) | Luxury platform consolidation target |
| @properties Christie’s International Real Estate | Strong luxury + franchise hybrid model | Strategic acquisition candidate |
Who controls the consumer relationship?
Who controls the data?
Who controls the agent?
Who controls the transaction itself?
This will define the next decade of real estate much more than interest rates ever did.
