MoatScopeMoatScope

Real Estate Services & Development

Brokers, property services, real-estate data/marketplaces and developers.

Companies
53
With a moat
23%
Average quality
27
0 wide moat · 12 narrow moat · 40 no moat · Open in screener →
Updated 27 Sep 2026

Real Estate Services & Development covers brokers, property managers, real-estate data and marketplaces, and developers. MoatScope covers 52 companies here. None has a wide moat; 11 have a narrow moat and 41 none.

How the industry makes money

Brokers earn commissions on transactions and leases, service firms earn management fees, and online marketplaces and data providers earn subscriptions and advertising from agents and owners.

Where the moats are

Brands, switching costs and network effects appear in a handful of companies, mostly the largest service firms and online platforms. The narrow-moat group includes KE Holdings, CBRE, JLL, CoStar, Zillow, Compass and Colliers.

What wears moats down

Transaction volumes collapse when rates rise, commission structures face legal and regulatory pressure, and developers carry project and financing risk.

What to watch

  • Home sales and commercial transaction volumes.
  • Commission rules and practices.
  • Interest rates.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Real Estate Services & Development into 3 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Brokerage & property services

Commercial and residential brokerage, property management and services.

38 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1CBRE · CBRE GROUP, INC.$40.5B
2JLL · JONES LANG LASALLE INC$26.1B
3BEKE · KE Holdings Inc.$13.2B
4CWK · Cushman & Wakefield Ltd.$10.3B
5COMP · Compass, Inc.$7.0B
6AGNT · eXp World Holdings, Inc.$4.8B
7NMRK · NEWMARK GROUP, INC.$3.3B
8CIGI · Colliers International Group Inc.$3.3B
9FSV · FirstService Corp$2.3B
10REAX · Real Brokerage Inc$2.0B

Property data & marketplaces

Online property listings and real-estate data.

4 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1OPEN · Opendoor Technologies Inc.$4.4B
2CSGP · COSTAR GROUP, INC.$3.2B
3Z · ZILLOW GROUP, INC.$2.6B
4NWSA · NEWS CORP
Digital Real Estate · filed under Media, Publishing & Advertising
$1.8B

Developers & land

Develop and sell land and buildings.

9 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1FOR · Forestar Group Inc.$1.7B
2HHH · Howard Hughes Holdings Inc.$1.5B
3JOE · ST JOE Co$513M
4IRS · IRSA INVESTMENTS & REPRESENTATIONS INC$323M
5STHO · Star Holdings$110M
6AXR · AMREP CORP.$53M
7STRS · STRATUS PROPERTIES INC$30M
8ILAL · International Land Alliance Inc.$2M
9KANP · KAANAPALI LAND LLC$2M

Companies

CompanyMoatQualityMarket
CBRE
CBRE GROUP, INC.
Narrow44Brokerage & property services—$37.9B
BEKE
KE Holdings Inc.
Narrow41Brokerage & property services—$20.9B
JLL
JONES LANG LASALLE INC
Narrow43Brokerage & property services—$13.9B
CSGP
COSTAR GROUP, INC.
Narrow48Property data & marketplaces—$12.9B
Z
ZILLOW GROUP, INC.
Narrow50Property data & marketplaces—$6.9B
COMP
Compass, Inc.
Narrow25Brokerage & property services—$6.8B
FSV
FirstService Corp
Narrow46Brokerage & property services
+ 1 other market
—$6.5B
LB
LandBridge Co LLC
Narrow52Brokerage & property services—$6.2B
CIGI
Colliers International Group Inc.
Narrow39Brokerage & property services
+ 2 other markets
—$5.0B
HHH
Howard Hughes Holdings Inc.
Narrow40Developers & land—$4.0B
JOE
ST JOE Co
Narrow62Developers & land—$3.8B
MRP
Millrose Properties, Inc.
Narrow55Brokerage & property services—$3.6B
REAX
Real Brokerage Inc
None29Brokerage & property services—$3.2B
CWK
Cushman & Wakefield Ltd.
None26Brokerage & property services—$3.1B
NMRK
NEWMARK GROUP, INC.
None28Brokerage & property services—$2.0B
OPEN
Opendoor Technologies Inc.
None33Property data & marketplaces—$2.0B
FOR
Forestar Group Inc.
None33Developers & land—$1.3B
IRS
IRSA INVESTMENTS & REPRESENTATIONS INC
None51Developers & land—$1.1B
MMI
Marcus & Millichap, Inc.
None33Brokerage & property services—$1.0B
FPH
Five Point Holdings, LLC
None46Brokerage & property services—$629M
AGNT
eXp World Holdings, Inc.
None32Brokerage & property services—$623M
TRC
TEJON RANCH CO
None29Brokerage & property services—$433M
NTPIF
NAM TAI PROPERTY INC.
None24Brokerage & property services—$290M
SEG
Seaport Entertainment Group Inc.
None17Brokerage & property services—$285M
RMAX
RE/MAX Holdings, Inc.
None33Brokerage & property services—$264M
CHCI
Comstock Holding Companies, Inc.
None40Brokerage & property services—$176M
OZ
Belpointe PREP, LLC
None12Brokerage & property services—$147M
STRS
STRATUS PROPERTIES INC
None16Developers & land—$142M
DOUG
Douglas Elliman Inc.
None21Brokerage & property services—$127M
AXR
AMREP CORP.
None43Developers & land—$103M
STHO
Star Holdings
None4Developers & land—$90M
ASPS
ALTISOURCE PORTFOLIO SOLUTIONS S.A.
None10Brokerage & property services—$70M
KANP
KAANAPALI LAND LLC
None18Developers & land—$53M
AEI
Alset Inc.
None21Brokerage & property services—$24M
GEBRF
Greenbriar Sustainable Living Inc.
None7Brokerage & property services—$20M
AWCA
Awaysis Capital, Inc.
None16Brokerage & property services—$16M
ABCP
AmBase Corp
None1Brokerage & property services—$14M
LHAI
Linkhome Holdings Inc.
None32Brokerage & property services—$13M
OPAD
Offerpad Solutions Inc.
None19Brokerage & property services—$12M
ILAL
International Land Alliance Inc.
None17Developers & land—$8M
FTHM
Fathom Holdings Inc.
None15Brokerage & property services—$6M
RENX
RenX Enterprises Corp.
None3Brokerage & property services—$5M
GBR
New Concept Energy, Inc.
None21Brokerage & property services—$4M
LRHC
La Rosa Holdings Corp.
None11Brokerage & property services—$3M
TPHS
Trinity Place Holdings Inc.
None25Brokerage & property services—$2M
HBUV
Hubilu Venture Corp
None19Brokerage & property services—$1M
CSUI
CANNABIS SUISSE CORP.
None2Brokerage & property services—$1M
AOXY
ADVANCED OXYGEN TECHNOLOGIES INC
None33Brokerage & property services—$1M
UOKAF
MDJM LTD
None14Brokerage & property services—$1M
OMH
Ohmyhome Ltd
None21Brokerage & property services——
RITRF
Reitar Logtech Holdings Ltd
—15Brokerage & property services——
SRRE
SUNRISE REAL ESTATE GROUP INC
None21Brokerage & property services——
WNHK
Winning Catering Group, Inc.
None20Brokerage & property services——

53 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

Other Real Estate industries

Residential REITsIndustrial REITsRetail & Net-Lease REITsOffice REITsHealthcare REITsSpecialty & Diversified REITs