There is no question the real estate industry will contract as a result of this current global financial crisis. That won't be a bad thing. Unlike the talk from U.S. automakers, we are not in danger of losing an industry.
Fewer agents, managing brokers and real estate companies might very well serve the overarching necessity of reinventing the current real estate model. Our partner in this endeavor will be the consumer, who will exercise his or her right to choose who they do business with and what that experience will look like.