On this episode of RealTrending, host Tracey Velt sits down with Leo Pareja, CEO of eXp Realty  and James Dwiggins, co-CEO of NextHome,  to unpack the growing wave of consolidation across the real estate industry and what it means for agents, consumers and the future of listing data.

Pareja compares today’s real estate landscape to the airline industry’s consolidation era, arguing that fragmented industries eventually shrink into a handful of dominant players. But unlike acquisitions driven purely by “synergy” and cost-cutting, he says the eXp and NextHome alignment was built around philosophical fit, shared views on consumer transparency and a belief that agents still need open access to listing distribution.

The conversation quickly turns to private listings and the growing debate around listing control. Dwiggins strongly criticizes private listing strategies, warning they could damage consumer trust, create more litigation and ultimately fracture the MLS system into a European-style marketplace where buyers and agents must search multiple disconnected platforms just to find inventory. Both leaders argue that broad listing exposure remains the best path for sellers and that restricting visibility benefits brokerages more than consumers.

The trio also dives deep into AI and the future of home search. Pareja explains why eXp partnered with Google, HouseCanary and ComeHome, arguing that AI-powered search is fundamentally changing how consumers discover homes. Instead of filtering by bedrooms and bathrooms, future buyers may search conversationally — asking for homes near favorite restaurants, with specific lot orientations or lifestyle features. Both leaders believe the industry has moved too slowly to modernize search experiences and warn that MLS organizations risk becoming irrelevant if they can’t adapt quickly enough.

Despite the heavy focus on technology, both executives end on a surprisingly human note. In a world increasingly driven by AI, they argue that relationships, trust and emotional intelligence will become even more valuable. Their message to brokers and agents is simple: stop obsessing over data wars and start focusing on people, communication and the value you bring to the transaction.

Here’s a glimpse of what you’ll learn:

• Consolidation in real estate is accelerating and leaders believe it’s only the beginning.
• Pareja and Dwiggins say private listings threaten transparency and consumer trust.
• Both executives warn MLS fragmentation could create a chaotic “European-style” market.
• AI-powered home search is expected to radically change how consumers find properties.
• The Google partnership is viewed as a way to expand listing exposure and future-proof search visibility.
• Both leaders believe real estate organizations have moved too slowly on innovation.
• They argue the real estate industry should prioritize consumers over data control.
• Human relationships and agent expertise may become even more important in an AI-driven future.

Related to this episode:

• Leo Pareja’s LinkedIn
• James Dwiggins LinkedIn
• eXp Realty
• NextHome

The RealTrending podcast features conversations with the brightest minds in real estate. Every Monday, brokerage leaders, top agents, team leaders, and industry experts join us to share their secrets to success, trends, and the lessons they’ve learned. Hosted by Tracey Velt and produced by the HousingWire Content Studio.