I talk to a lot of independent brokerages lately that are fearful of consolidation and worried about off-market listings and the potential downfall of the MLS. But I’m here to tell you, there’s a big difference between the companies dominating real estate right now and the regional independents, and it’s not what you think.
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Let’s just say the quiet part out loud: You don’t really understand real estate if you’ve never sold real estate. Not in theory. Not in spreadsheets. Not in a boardroom.
You understand it when you’ve sat at a kitchen table trying to win a listing you desperately want. When a deal falls apart the night before closing. When your income depends entirely on your ability to perform.
That’s the business.
And yet, more and more of the industry is being shaped by people who never lived it.
So what does this mean?
Looking at the largest real estate companies
Well, let’s look at the largest real estate company in the world, Compass. Compass was started by Robert Reffkin, whom I’ve met, like and think is a really smart guy. But he’s never used a lockbox. Never held an open house.
So you’d think he would choose people on his board who have? Nope. SaaS, tech, finance.
But in their defense, they’ve always been clear about it. Their mission revolves around technology, data, AI, stock price and market share. The goal isn’t necessarily to create the best agents. The goal is to create the most powerful platform for agents to plug into.
Let’s look at Anywhere (now part of Compass). Their former CEO, Ryan Schneider, came from Capital One. Again, smart, capable, experienced — just not in selling homes.
Anywhere is a machine: a massive franchise network, a global brand portfolio, public company accountability and operational efficiency at scale. Their focus is exactly what you’d expect: growth, margin, shareholder value and system optimization.
But when leadership is optimized for enterprise performance, the question becomes: How do we run the company better?
Not: How do we make agents better?
These companies are not failing. They’re not wrong. They’re not bad. They’re actually executing exactly as designed. But they share the same DNA: platform-first, scale-driven, investor-aware, consumer-focused. And in that model, agents can quietly become participants in the system … not the focus of it.
Now let’s talk about the independents
Companies like John R. Wood Properties, Michael Saunders & Company, Brown Harris Stevens and so many more: When leadership has lived the business, the company behaves differently.
Take my company, First Team.
- Founded by a top-producing agent
- Led by a CEO who was a top-producing agent and brokerage owner
- Branch managers? Not career administrators. Former top performers
That changes everything.
Because now, training isn’t theoretical. Coaching isn’t scripted. Accountability isn’t optional. It’s real. Because they’ve done it.
There is a real divide in our industry right now. It’s not big versus small. It’s not tech versus old school.
It’s this: Is this a platform, or is this a profession?
Some places are designed for you to plug in, access tools and close deals. Other places are designed to build you, stretch you and coach you. One is where you go to hang your license. The other is where you go to build a career.
So congrats to the independents. Be proud. You’re getting noticed because agents are starting to understand something simple: At the end of the day, this isn’t a tech industry. It’s a human one. And there’s a massive difference between being led by people who built platforms — and being led by people who built careers in the business itself.
Michele Harrington is CEO at First Team. Connect with her on LinkedIn.
