“Move that bus!” is a phrase ABC watchers remember. And so does Rick Tollakson, the CEO of Hubbell Realty, and author of Think Bigger, Lead Better.
Hubbell is Iowa’s largest real estate company. Tollakson discussed working with Extreme Home Makeover, how it changed Iowa real estate, and gives his expert analysis on Iowa home values, home costs, and how to keep young people in Iowa.
In Think Bigger, Lead Better, (Buy it here) he discusses stories about Iowa and how he grew Hubbell into the powerhouse it is today. Tollakson also dives into current market conditions, downtown Des Moines challenges, affordable housing, and the ICON water trails taking inspiration from… Idaho?
Think Bigger, Lead Better
What began as a small development team has grown under Tollakson’s leadership into a real estate force with 18 operating divisions in three states. “We’re in three states and it’s growing a lot,” he notes. “When I first started… I was the development team.” That growth came despite turbulent markets, including the 2008 recession and today’s uneven demand. While Omaha has become a hotspot for residential and commercial development, Des Moines—especially its downtown corridor—has struggled with post-pandemic sluggishness and social challenges, including homelessness.
Still, Tollakson remains optimistic. Though high-end downtown projects have stalled, suburban single-family developments continue to move forward. He calls out a persistent narrative around affordability that he believes misrepresents the real issue. “Affordability… people have to get rid of the narrative,” Tollakson argues. “This is not California. This is Des Moines, Iowa. Homes are affordable.”
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Rethinking What Iowans Want in a Home
While many Iowans claim housing prices are out of reach, Tollakson believes the issue often lies with buyer expectations rather than actual cost. Despite economic pressures, many prospective buyers still want large homes with three-car garages and multiple bathrooms, creating a disconnect between what’s wanted and what’s affordable. He sees a future in smaller homes—possibly even under 1,000 square feet—if zoning laws can adapt. “A lot of cities don’t want small houses,” he says. “They have them. They don’t want more.”
Tollakson advocates for zoning reform and more creative thinking in urban planning. Reducing home size, shrinking lot sizes, and shifting toward townhomes or multifamily units could be key to maintaining affordability while preserving development momentum.
Community Investment as Business Strategy
Tollakson is a passionate advocate for reinvesting in the community—both for social good and long-term business success. Initiatives like Icon Water Trails are designed to attract and retain young professionals by creating a lifestyle that competes with outdoor-centric states like Idaho. When Tollakson met a former Iowan who had relocated for that very reason, it struck a chord.
“If we don’t grow, we’re in trouble,” he states. “I need people to buy houses, rent apartments, lease commercial space.” For Tollakson, economic growth is inseparable from cultural vibrancy. That’s why Hubbell Realty frequently sponsors events, collaborates on downtown revitalization, and supports broader civic infrastructure efforts. Still, he expresses disappointment that some large companies operating in Iowa remain absent from these efforts. “Why are they not giving back?” he asks. “We have a very successful business community, but it could be probably two or three times the size.”
Looking Ahead: Robotics, AI, and Leadership Transition
As he prepares to transition out of day-to-day leadership, Tollakson reflects on the future of the industry and Hubbell’s place in it. While he is skeptical about the use of AI and robotics in physical construction tasks, he sees value in streamlining operations and communication through smarter software. “I have a tough time visualizing robots putting up wall panels,” he admits, though he acknowledges automation may become more common in larger metro areas.
Ultimately, Tollakson’s message is one of optimism and ambition. Whether it’s a nine-home build for struggling families or a riverfront development designed to retain top talent, his career has been defined by pushing the limits of what’s expected. As Sister Stella once told him: “Rick, I just wanna know how big you can think.”