As consolidation reshapes the real estate industry, executives from Compass International Holdings and Century 21 say the next phase won’t be defined by size alone but by how effectively companies integrate technology, empower agents and deliver measurable value to consumers.
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Speaking to a packed crowd at Inman On Tour Nashville on Wednesday, executives framed the recent wave of brokerage mega-deals and acquisitions as part of a shift toward platform-driven brokerage models.
Consolidation is nothing new to Mike Miedler, president and CEO of Century 21. Compass acquired Anywhere Real Estate — parent to Century 21, Coldwell Banker, Sotheby’s International Realty and ERA — in a $1.6 billion all-stock deal announced in September 2025 and completed in January 2026. The combined company now operates as Compass International Holdings, with brands like Century 21 continuing to operate under their existing identities within the broader organization.
Miedler said that what matters now is whether the consolidation actually improves outcomes. “There are about 80,000 brokerages out there,” Miedler said. “Consolidation has always been part of this business. But it has to mean a better result for the consumer and the agent.”
That standard is becoming more important as deal activity accelerates. Companies are combining not just to survive but to address succession challenges, expand geographically and gain competitive advantages through scale.
Liz Gehringer, president and CEO of Compass International Holdings Brands, said the company has been actively building a network of franchise brokerages under its newly formed umbrella. That means bringing independent firms into a broader ecosystem of brands, services and technology.
“There’s a tremendous amount of deal activity going on,” Gehringer said. “Not because people are struggling, but because there’s real opportunity in coming together.”
1 platform instead of many
While consolidation grabs headlines, executives repeatedly pointed to a quieter but perhaps more consequential shift: the move toward unified technology platforms.
Miedler said many agents are still juggling between eight and 12 different tools to run their businesses. It’s a level of fragmentation that limits productivity.
“What’s exciting is the integration,” Miedler said. “If you have one system from start to finish, it enables agents to do everything else at a higher level.”
That’s where Compass International Holdings is placing its bet. The company has built a proprietary, end-to-end platform that Gehringer said will soon be rolled out across its expanding franchise network. According to Compass International Holdings, the company has invested almost $1.5 billion into its tech platform over the past decade.
“Our plan is to bring that unified tech platform to all of our brokers,” Gehringer said. “When you can do more of your work in one place, that’s where the real value comes in.”
Liz Gehringer speaks at Inman On Tour Nashville 2026 | Image by: AJ Canaria Creative Services
Beyond efficiency, the platform also standardizes marketing strategies, streamlines workflows and gives brokerages more control over how agents operate at scale.
Gehringer also credited Compass International Holdings CEO Robert Reffkin with driving the fast pace of change, describing a leadership style focused on rapid decision-making and execution.
That vision centers on aligning technology, strategy and culture while maintaining a focus on the agent. Reffkin’s approach, Gehringer said, is deeply influenced by feedback from agents and franchise owners, many of whom he sees as entrepreneurs running their own businesses.
“He believes we should all work as hard as our brokers,” she said. “And he’s very focused on being an advocate for the agent.”
Agents remain at the center
Despite rapid advances in artificial intelligence tools, both Gehringer and Miedler emphasized that real estate remains fundamentally relationship-driven. Miedler pointed to past tech disruptions, including the rise and fall of iBuying, as evidence that technology alone won’t replace agents.
“Real estate doesn’t happen without the agent,” Miedler said. “This is still a skills-based, person-to-person business.”
Even recent commission-related legal challenges haven’t changed that dynamic, he added, noting that consumers continue to demonstrate willingness to work with agents.
While macroeconomic uncertainty continues to weigh on the market, both executives suggested this period could create opportunities for forward-looking firms.
For brokerages, that means focusing on what they can control: execution, culture and long-term strategy. “Put the consumer first,” Gehringer said. “That’s where the best answers come from.”
