Opinion

Time for an industry moon shot

Real estate industry has never been better capitalized

In my talks I often preach that real innovation comes when we have the ingredients that got us to the moon: money, brains and passion. In real estate today, these fundamentals are in place. A new generation of passionate leaders is taking over -- younger and better-educated agents, a new crop of innovative and fearless  brokers, and a slew of startup whiz kids. A recovering housing market and successful IPOs such as Zillow and Trulia are attracting supersmart professionals who want in on the largess. Oscar Wilde said, “When I was young I thought that money was the most important thing in life; now that I am old I know that it is.” Indeed, capital has returned to the industry and that is a good thing. The largest real estate company, Realogy Holdings Corp. ($6.16 billion market cap), has put a big dent in its debt and gone public with a fresh dose of capital (raised $1 billion with its IPO). Re/Max has capital to invest after raising $225 million with its successful IPO this f...