In Part 1 of this editorial series, we looked at the industry’s reputation problem. in Part 2 we explored the data wars. Now, in Part 3, we ask the biggest question yet:

What’s the endgame—and how are key stakeholders trying to shape that outcome?

Every major player in real estate is fighting not just for market share, but for control of how the entire industry works. And each group has its own vision of what the future should look like. This piece breaks down those visions, and what power plays are being made to get there.

 

Portals (Zillow, Redfin)

Endgame Goal

Own the full real estate transaction—not just search, but everything that follows.

Shared Objective with Brokerages

Portals and national brokerages may be using different entry points—consumer search vs. agent platforms—but they’re chasing the same prize: control over the entire real estate lifecycle, including search, transaction, financing, title, insurance, and all the services around it.

Strategic Realities They’re Facing

• They’ve captured consumer attention—but still depend on data they don’t fully control (MLS feeds).
• Agents are pushing back on referral fees and pay-to-play exposure.
• Their profitability depends on vertical integration, not just advertising.

Power Moves They’re Making

1. Control the Consumer Relationship – Build loyalty and daily-use behavior through saved searches, alerts, apps, and user accounts.
2. In-House Transaction Services – Add mortgage, title, rentals, and seller programs to capture more of the transaction.
3. Deepen MLS Moat – They spent years and many millions of dollars to build relationships with all the MLSs so they could establish a single, national search. They are heavily invested in the continuation of Clear Cooperation and the required submission of data. And, they like the buffer MLS integration creates for budding competitors.
4. Leverage Agent Partnerships – Offer lead gen tools and transaction platforms that agents feel they can’t live without.
5. Act Like Platforms, Not Publishers – Think like Amazon, not a listing service. The goal is to own the journey, not just host ads.

National Brokerages (Anywhere, eXp, Compass)

Endgame Goal:

Just like portals, they want to own the full stack—but their route is through the agent, not the consumer.

Shared Objective with Portals

While portals start with the consumer and try to integrate the agent, brokerages start with the agent and try to capture the consumer. But both ultimately want to:

• Control inventory and access
• Capture the transaction and services revenue
• Keep all activity inside their ecosystem

Strategic Realities They’re Facing

• High agent churn, shrinking margins, and increasing pressure to articulate and deliver differentiated value propositions.
• Reliance on MLS data without controlling the top of the funnel.
• Growing investor demand for tech defensibility and scalable profitability.

Power Moves They’re Making

1. Aligning with Portals – Through acquisition (Rocket & Redfin) or partnerships, brokerages may likely all pick a portal partner. For example, Homes.com has struggled financially but if paired with a brokerage like Compass, could be a step toward competing with Zillow.
2. Monetize the Agent Base – Capture recurring revenue through ancillary services (mortgage, title, etc.). This has been happening now but technology integrations and advancements are starting to make this more real.
3. Control Internal Data Loops – Use agent and client data to optimize productivity, retention, and cross-sell opportunities. The more data they have, the more sophisticated they can be in its efficiency & revenue applications.
4. Incentivize Platform Loyalty – Equity, revenue share, and exclusive tools make it harder for agents to leave. The rise of the Keller Williams 2.0 models – eXp, REAL, Compass and more.
5. Grow Through M&A and Teams – Acquire boutique firms or superstar teams to accelerate scale and market presence. This is a huge strategic priority; they are hoping the NAR lawsuits (and subsequent expense), the increasing pace of technology and the value of national referral networks create more appetite for selling.

MLSs

Endgame Goal

Reassert their role as the industry’s neutral, trusted, and transparent infrastructure for listing data.

Strategic Realities They’re Facing

• Clear Cooperation is under legal fire.
• Brokerages are building private networks that bypass the MLS.
• Tech expectations have outpaced traditional MLS capabilities.

Power Moves They’re Making (or Should Be)

1. Rebrand as Infrastructure, Not Regulation – Shift from gatekeeper to utility that enables fair access and data integrity. 
2. Accelerate Consolidation – Create regional or national systems with modern UX, rules, and interoperability. This is a tough one because the people who negotiate these deals would be working themselves out of power and jobs. Perhaps more private equity money enters this system and, as a revenue-driven third party, could finally make the hard consolidation choices.
3. Open APIs for Innovation – Invite vendors and developers to build on top of the MLS, increasing relevance. If MLSs could go from the gatekeeper to the enabler, their value would increase significantly. 
4. Champion Consumer Trust – Become a non-sales-oriented source of truth, differentiating from lead-focused portals. There is an opportunity to be either the provider of this data to industry organizations and / or a respected, independent source for the real estate industry.
5. Reinvent Revenue Models – Diversify beyond member dues by monetizing analytics and enterprise data services. This requires much more sophisticated technology resources and investment.

Independent Brokerages

Endgame Goal

Stay profitable, relevant, and agent-centric without selling out to a larger platform or losing autonomy.

Strategic Realities They’re Facing

• Lack the scale or tech to compete with national platforms.
• Depend on MLSs or third-party tools for visibility.
• Need to retain top agents who are being aggressively recruited.

Power Moves They’re Making (or Could Make)

1. Join or Build Data Alliances – Form regional data co-ops or referral networks that preserve independence and visibility. This is nothing new but becomes more important.
2. Invest in Smart Tech Stacks – Assemble lean, best-in-class tools instead of trying to replicate enterprise platforms.
3. Differentiate Through Brand and Service – Create experiences national firms can’t replicate. There is an opportunity to expand niching on consumer segments in a more intentional way. For example, affinity groups (like the military), transition moments (like 70+ downsizers) or home types (like townhomes). 
4. Leverage Local Ecosystems – Build relationships with lenders, builders, and local influencers to expand reach. This is also not new but increasingly important.
5. Explore Smart Partnerships or Exits – Align with values-aligned partners—or consider acquisition on favorable terms.

So… What’s the Endgame?

Everyone is building for control. Portals want the consumer. Brokerages want the listings (aka the agent). MLSs want relevance. Independents want survival.

But there may not be one winner.

The real estate landscape could fragment into distinct ecosystems—with agents forced to choose where they align, and consumers choosing who they trust.

The endgame isn’t about technology. It’s about control. It’s who owns the end-to-end journey.

But what about the consumer?

If there’s a win for the public, it’s this: competition can drive better service, smarter tools, and more transparency—if the industry lets it. But only if consumer choice is preserved and no one player controls too much for too long. The question everyone is fighting about is what IS consumer choice. Is it to let consumers decide when, where and how to list their homes? Is it ensuring transparency of listing data for buyers? Each side is spinning choice to fit their financial needs (a requirement for any business). The challenge is the median number of years for homeownership is 13.2 years. So many consumers aren’t paying attention. 

The real winners will be the ones who don’t just capture attention or streamline transactions—but who earn trust. And in the long run, that might be the most valuable data of all.