Real estate industry could lose its grip

Perspective: Defensive posture will not work in the Internet Age

On Tuesday, the Wall Street Journal published an insightful essay on how the airline industry in the last 25 years fended off progress and innovation to protect its dominant position and its established monopolies. The result was higher prices for its best customers, poor service and a slew of industry actions that ultimately bankrupted once-great airline companies. The seminal moment that sparked this deep, dark economic slide was de-regulation of airfare rates in the late 1970s.

The lessons for the real estate industry are profound.