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?
At RTC Consulting, 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.
Local-level, in-market combinations attractive
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 The Real Brokerage. When combined with LPT Realty’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.
Valuation multiples and deal terms conservative
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 to be 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.
Scott Wright will be leading a panel at this year’s The Gathering to discuss the current brokerage landscape.
Scott Wright and Steve Murray are partners with RTC Consulting, a firm that specializes in real estate brokerage consulting, mergers and acquisitions.
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