Real estate’s consolidation wave is coming for proptech

“Brokerage consolidation creates real risk for the large established proptech vendors at the top of the market, where there will be fewer buyers with greater negotiating leverage,” Russ Cofano, a co-founder of Alloy Advisors, said. “Consolidating firms will also likely have a corporate mandate to consolidate their technology platforms, creating a clear headwind for vendors.” A recent example of this is Compass, which is in the middle of onboarding agents at owned-brokerage operations of Coldwell Banker, Corcoran and Sotheby’s International Realty on to its Home Platform. During the firm’s Q2 2026 earnings call in early August, Compass executives said the platform had been released to 4,000 of these agents and that the firm expects roughly 50,000 non-Compass agents to be on the platform, for a total of roughly 80,000 agents on the platform nationwide. Compass is planning to roll out the Home Platform to agents in its franchise network beginning in Q1 2027. “The Home Platform is replacing the tech stacks these brokerages and franchises had previously, so the companies that serviced these brands and franchises will be impacted,” Victor Lund, the managing partner of WAV Group Consultin...