"You're seeing an influx of very creative, very smart people who are trying to come up with a formula or several formulas that are eventually going to change the way the business functions," Vichinsky says. "But I think WeWork and a lot of these other 'unicorn companies' shed light on the fact that a lot of this stuff is smoke and mirrors and a lot of it just doesn't make any sense."

Another problem with some of these new entrants is, according to Vichinsky, they don't add anything new to the mix.

"Real estate is the last frontier in which real disruption has yet to take place," Vichinsky says. "It still operates on a lot of the fundamentals that it did a century ago."

Vichinsky thinks a lot of these companies would fair better if they focused on the basics.

"You have to focus on the actual architecture of the model and seeing how it can offer more value to the consumers or have a higher margin," Vichinsky says. "Or else, you're going through the same motion, and it's just the same bag of tricks with a different face."

Being the brokerage business, Vichinsky has been closely following Compass. The brokerage firm drew scrutiny when it laid off 40 people, about 1.6 percent of its staff.

"They're going on a shopping spree through acquisition," Vichinsky says. "A lot of people scratch their head and say, 'You know, they've spent a tremendous amount of money, the burn rate on capital is fantastic, and the splits that they're offering to these agents are huge. So, what's the long-term sustainability?'"