REAL ESTATE MANAGEMENT: 1990s AND BEYOND
BY
Clark Jones
TABLE OF CONTENTS
Introduction
Expansion and Diversity
Human Resources Management
Conclusion
References
REAL ESTATE MANAGEMENT: 1990s AND BEYOND
BY Clark Jones
INTRODUCTION
The Journal of Property Management (1998) reports that real estate has been freed up by certain laws in the 1990s, most importantly, the relaxation of the Glass-Steagall Act of 1933, allowing market access to real estate by banking institutions; the Taxpayer Relief Act of 1997, allowing property owners indefinite tax deferral on the sale of property (an estimated $91 billion to reinvest in real estate); and the 1998 appropriations bill which cuts housing costs by introducing "mark-to-market" rents (Anonymous, 1998, p. P6S). All of these translate into financial advantages for real estate companies. Interestingly, the 1990s have already seen changes that complement these changes. Most real estate companies have become management companies. Much like an investment portfolio, they not only list and sell property, but also manage and invest in a number of properties. In addition, they are taking advantage of mergers and agreements.
As if this were not enough change in a single decade, many real estate companies are changing the way they do business internally. Although they have always operated on a contractual basis with agents, stakeholding and entrepreneurship have new meaning in the 1990s (Davies, 1995, p. 54). In addition, cultural demographics are changing quickly. This means changes in organizational structures within real estate offices.
This paper will address these changes in the context of the ethical considerations for which real estate has always been accountable.
EXPANSION A ...