In this episode of The Clean Close, host Courtney Poulos sits down with Victor Lund, co-founder of WAV Group, to cut through the noise surrounding consolidation, private listings, and transparency in real estate.
Recent headlines have warned that a handful of companies could soon control the majority of U.S. real estate transactions, that private listings will go mainstream, and that MLSs, portals, and even NAR will bend under broker influence. Victor has publicly pushed back on these claims — even calling some of them a “nothingburger.”
Special thanks to our partner and sponsor, Matthew Fine of Blueprint Home Loans, find him at instagram.com/mortgagemattt!
This conversation is structured in three focused discussions:
🧩 What We Cover
1️⃣ Consolidation & Industry Power Predictions
Victor responds to predictions from NextHome CEO James Dwiggins, including:
Claims that 3–4 companies could control 60–70% of transactions
Warnings that private listings will go mainstream
Assertions that NAR, MLSs, and portals will “bend” to broker influence
Concerns about increased legal scrutiny and reputational risk
We pressure-test these ideas against real-world incentives, governance, and market structure.
2️⃣ Compass, “Address Upon Request,” & Transparency
Compass recently launched Address Upon Request, which allows listings to be marketed without a public address — described by CEO Robert Reffkin as a version of “your listing, your lead.”
Victor shares his perspective on:
What this means for market transparency
Whether this is a privacy feature or a lead-control strategy
Impacts on price discovery and buyer trust
How Fair Housing considerations apply when information is gated
3️⃣ Wisconsin Act 69 & the Limits of Regulation
We close with a discussion of 2025 Wisconsin Act 69, which requires public online marketing of listings within one business day unless a seller formally opts out using a state-prescribed disclosure.
Friend of the show Summer Goralik has described this shift as moving listings from quiet limitation into “comprehension.”
Victor weighs in on whether laws like this meaningfully change behavior — or simply formalize what already happens.
🎯 Big Question This Episode Asks
Is the real estate industry being structurally reshaped — or are we narrating continuity as disruption?
👤 About the Guest
Victor Lund is the co-founder of WAV Group, a strategic advisory firm serving brokers, MLSs, associations, capital markets, and proptech companies for more than 20 years. He is widely recognized for his work in innovation strategy, operating models, and enterprise-scale growth in real estate. Find him at wavegroup.com.
🔔 Subscribe & Join the Conversation
If you care about real estate without the hype — subscribe to The Clean Close and join us for grounded, strategic conversations about where the industry is actually headed.
📧 Courtney@acme-re.com
Links:
https://www.inman.com/2026/01/09/the-deal-is-done-compass-and-anywhere-have-officially-merged/
https://www.wavgroup.com/2025/12/28/agentic-ais-next-standard-and-why-the-agentic-ai-foundation-matters-for-real-estate/
May 5 202653 min