Industry insiders say eXp-NextHome is a small deal, but it signals something big about where the industry is headed.
EXp World Holdings’ acquisition of NextHome has drawn mixed reactions from real estate industry insiders, who view the deal as a strategic but incremental move that reflects broader consolidation trends without dramatically altering the competitive positions of either company.
Financial terms were not disclosed, limiting their ability to fully value the deal, analysts said. However, some industry insiders questioned how the acquisition fits into eXp’s long-standing identity as an agent-first, model-driven company.
Russ Cofano, co-founder and principal of Alloy Advisors, said the deal represents a remarkable philosophical shift for eXp. He noted that eXp’s founding model, which revolves around agent equity, revenue sharing and aggressive hiring, is fundamentally different from NextHome’s approach.
Las Cofano
“Glenn Sanford at eXp is very passionate about revenue and equity ownership models and the most agent-centric approach in the industry,” Cofano told Inman. “We have reached the conclusion that this agreement is essentially no longer an agreement.”
He added that while the two companies may be philosophically aligned on issues such as a clear cooperation policy, there is hesitation given their business models. “I’m scratching my head,” Cofano said.
Fish smaller than REMAX
Much of the early industry conversation centered on comparisons with other recent consolidation strategies, particularly Real Brokerage’s acquisition of REMAX.
Cofano made the distinction directly. “The acquisition of NextHome is not quite on the same level as Real’s acquisition of REMAX,” he said. “NextHome is quite small and a relatively small company in the industry.”
He described NextHome as working more like a team franchise than a traditional large brokerage firm. While this makes sense in the context of eXp’s team platform ambitions, it is unlikely to significantly change the number of agents.
EXp’s agent count was approximately 83,060 at the end of 2025, down from its peak but stable year-over-year. The NextHome franchise has more than 5,500 members in approximately 600 offices and recorded more than 30,000 transactions and sales of more than $11 billion in 2025, according to a company release.
Together, the companies account for about 88,500 agents, and while the short-term gains are meaningful for eXp’s roster, they are not transformative.
What Cofano presented as an advantage for eXp is the clear cash structure of the deal. “It appears that eXp paid in cash, but they were smart. They did not take on the debt that Real incurred in the REMAX deal,” he said. “But this is not on the same scale as the deal with Real-REMAX or Compass-Anywhere.”
Regarding the big wave of brokerage consolidation, Cofano said there tends to be a “herd mentality” in the industry. He recently told Inman that the pool of companies for big deals like Real-REMAX is shrinking, but that doesn’t mean mergers and acquisitions will slow down anytime soon.
“We’re definitely going to see more of these smaller acquisitions,” Cofano said.
The future is multi-brand platforms
Victor Lund, managing partner of WAV Group and CEO of RE Technology, was more optimistic, calling the deal strategically coherent, even if modest in size.
Victor Land
“NextHome and eXp are similar to brokerage-as-a-service,” Rand told Inman. “Rather than cannibalizing each other’s business, let’s row together. These solutions are better used together than separately.”
Lund said he was encouraged by the cultural alignment between the two companies’ leadership teams, citing support for MLS and a shared view on consumer choice. He also pointed to brand building as an underappreciated aspect of the deal.
“Building a brand is difficult,” he says. “Real doesn’t necessarily have a strong brand, so that’s probably why they acquired REMAX, and they do. EXp is emerging as a competing brand and they’re growing rapidly.”
Mr. Cofano and Mr. Lund both agreed that the deal signals something bigger. In short, multi-brand platforms have become a necessity in today’s market. “EXp and NextHome will be operated separately. So what this really shows is that a multi-brand approach is a requirement in today’s industry, and that’s what we’re starting to see,” Cofano said.
Lund traced the competitive arc that led to deals like this one, providing broader historical context.
“EXp took Gary Keller’s philosophy and created something new and great, attracting agents like Keller Williams and REMAX,” he said. “When eXp’s growth slowed, Real came in and said, ‘We’re going to give agents more money.’ Recognizing that it’s the agents who bring in sales and volume, it’s become a race to give agents even more benefits.”
He noted that the agencies that held shares in these companies when they went public made large profits, in some cases exceeding what they had earned previously.
Despite his reservations, Cofano acknowledged that the deal clearly makes sense from a Next Home perspective. And Lund was generally bullish on the combination.
“EXp and NextHome are two very well-run companies, and I’m excited about both companies and this acquisition,” said Lund.
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