A major acquisition is making waves across the real estate industry and signaling where things may be headed next.
In the latest episode of “NAR REALTOR® News Change Agents,” Bennett Richardson, NAR’s chief marketing and communications officer, sits down with James Dwiggins, founder and co-CEO of NextHome, to unpack eXp World Holdings’ acquisition of the company and what it means for brokers, agents and the broader real estate market.
For Dwiggins, the move marks the start of what he calls “chapter two” for the brand—an opportunity to scale what has already been a fast-growing, independent model.
“We’ve built this beautiful thing … and I could easily 10-times this thing with the right capital,” he says.
A Strategic Fit in a Changing Industry
Founded in 2014, NextHome quickly carved out a niche by focusing on small to mid-size independent brokerages, an often-overlooked segment of the market.
“Small independents are the majority of the market … yet there wasn’t anything designed around catering to them,” Dwiggins says.
That approach helped the company grow to nearly 600 offices and 6,000 agents nationwide. But as market pressures intensified and the industry began shifting, Dwiggins started looking for a partner to accelerate growth. He realized, “I need to find a home. I need a capital partner to back what we’re doing.”
The result was a deal with eXp World Holdings, the parent company of eXp Realty, which brings both financial scale and a complementary business model. While eXp operates as a cloud-based brokerage, NextHome will continue as a franchise brand, creating what Dwiggins describes as a “multimodel approach” for agents and brokers at different stages of their careers.
“There’s a path for people who want to use the efficiencies of a large company,” he says, “and then there’s this contingent of people who want to be independent entrepreneurs who own their own companies.”
Culture as a Competitive Advantage
One of the biggest questions surrounding the acquisition: how to preserve NextHome’s distinct culture while scaling under a larger organization.
For Dwiggins, the answer starts with leadership—and intentionality.
“You say no more often than you say yes,” he says. “If you say yes to everybody, then it just becomes this thing that you can’t control.”
That discipline has helped NextHome build what many in the industry see as a uniquely tight-knit and energetic community. And under the new structure, that culture will remain intact.
“These two companies are being run separately,” Dwiggins says. “NextHome has its own events … so does eXp.”
At the same time, the partnership opens the door to new efficiencies, from technology to purchasing power, that could help franchisees improve margins and scale more effectively.
A Tipping Point for Real Estate
Beyond the deal itself, Dwiggins sees broader shifts underway across the industry, particularly around consolidation, inventory control and the role of the MLS.
“I know there’s going to be more consolidation,” he says. “You’re at the sort of 20-yard line of that.”
As larger companies grow, he warns that the structure of the industry could fundamentally change, especially if key systems like the MLS are disrupted.
“If there’s four or five companies that are controlling 50% to 60% of residential real estate—don't think they won’t build their own multiple listing service,” he says.
That possibility underscores what he views as a critical moment for industry leadership.
“You can’t be politically correct … you’ve got to stand up and speak up for what’s right,” Dwiggins says.
Keeping the Focus on the Consumer
Amid rapid change, Dwiggins emphasizes a simple but essential principle: keeping the consumer at the center of every decision.
“That should be the North Star for everyone,” he says. “What is in the best interest of the consumer?”
For brokers and agents navigating uncertainty, the message is clear: Stay informed, stay engaged and be ready to adapt.
“The next three years are going to be some of the most interesting things to watch in the business,” Dwiggins says.
