Real estate honorable mentions round out our look at 2025’s most influential industry players by spotlighting the people and trends that narrowly missed the top rankings — and are poised to shape 2026.
Editor’s note: In a year defined by blockbuster mergers and deep industry divisions, a select group of people and themes emerged as forces of change. Real Estate News identified the most impactful newsmakers of 2025. They are known collectively as The Ten.
Over the past several weeks, Real Estate News has examined The Ten — the leaders and trends that most strongly influenced real estate in 2025.
From Compass CEO Robert Reffkin’s push for industry dominance to Rocket CEO Varun Krishna’s drive toward a fully integrated homebuying experience, established leaders expanded their reach. At the same time, the National Association of Realtors worked to rebuild trust, and debates over private listings intensified.
Yet many other people and themes also left a mark on real estate in 2025. These real estate honorable mentions are worth watching closely in the year ahead.
iBuyers: The fight for relevance
The outlook for iBuyers darkened toward the end of 2024 as Opendoor and Offerpad continued to post losses and, in Opendoor’s case, announced mass layoffs. Conditions worsened when both companies faced potential delisting from Nasdaq and the New York Stock Exchange due to persistently low share prices.
Momentum shifted over the summer when activist investors stepped in, first fueling a meme-stock-style surge in Opendoor shares and then doing the same for Offerpad weeks later. Those spikes thrust iBuying back into the spotlight, while leadership turmoil at Opendoor kept the company in headlines.
Following investor pressure, CEO Carrie Wheeler stepped down in mid-August. A month later, Opendoor named former Shopify COO Kaz Nejatian as CEO, signaling a pivot toward becoming a “software and AI company,” while co-founders Keith Rabois and Eric Wu returned to the board.
Despite skepticism, Nejatian insists iBuying’s story is far from over, with Opendoor already pursuing renewed national expansion.
The Trump administration: Reshaping housing policy
Although President Donald Trump has promised aggressive housing reform in 2026, sweeping changes were already underway in 2025, driven by several key appointments.
Bill Pulte: After being confirmed as director of the Federal Housing Finance Agency, Pulte swiftly reshaped the boards of Fannie Mae and Freddie Mac and appointed himself chair of both entities.
Staffing changes followed, alongside efforts to advance privatization of the government-sponsored enterprises, revisions to credit score policies and proposals for a 50-year mortgage.
Scott Turner: HUD Secretary Scott Turner entered office pledging to eliminate bureaucracy, which he labeled “the enemy of new home construction.” Significant staffing reductions followed.
A vocal opponent of diversity, equity and inclusion initiatives, Turner oversaw the cancellation of millions of dollars in DEI contracts, dismantled the PAVE task force and instituted an “English only” policy across HUD operations.
Russell Vought: The Consumer Financial Protection Bureau remained a frequent target throughout 2025. Russell Vought, serving as both OMB director and acting CFPB head, spearheaded efforts to dismantle the agency.
Beginning in February, CFPB activity slowed dramatically as layoffs began. Legal challenges have temporarily preserved the bureau, though its long-term future remains uncertain following a court-ordered funding extension.
Commissions: On the rise, despite new rules
Aug. 17, 2024, marked a turning point when NAR’s new rules requiring buyer agreements and banning MLS compensation offers took effect. Many expected commissions to fall.
While fees initially declined, early 2025 reports showed a rebound. By May, the Federal Reserve concluded buyer agreements had not lowered commissions.
One year later, commissions were actually higher than in August 2024. A Consumer Policy Center analysis found buyer agents were seeking higher rates than three years earlier, suggesting workarounds had limited buyers’ negotiating power.
Indie brokerages: Leaders make their voices heard
Even as major mergers hinted at the rise of global mega-brokerages, leaders of large independent firms pushed back, emphasizing local expertise and independence.
Baird & Warner CEO Stephen Baird said consolidation does not threaten his firm, arguing that real estate remains fundamentally local and relationship-driven.
Debates over private listings also intensified. Windermere Co-president OB Jacobi criticized Compass’ private listing networks, while Howard Hanna CEO Hoby Hanna defended pulling listings from IDX feeds and challenged Zillow’s listing standards.
The podcaster bro: Influencing industry discourse
Beyond traditional media, podcasts played an expanding role in shaping industry dialogue in 2025.
New shows like Playmakers and Corr Values featured prominent guests from NAR, Zillow, Redfin and Anywhere Brands, adding fresh voices to industry conversations.
Still, established podcasts dominated attention. Real Estate Insiders Unfiltered and Industry Relations continued to shape debate with candid commentary on litigation, mergers, NAR policy and broader industry shifts.
