REAL ESTATE MANAGEMENT: 1990s AND BEYOND
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 AND DIVERSITY
Among other things, real estate brokerage services in the 1990s includes understanding and complying with federal and state real estate laws; surveying real estate; evaluating real estate according to specific criteria; ethically representing buyers and sellers and seeing that all agents do likewise’ performing marketing analyses, cycles and trends; establishing public relations and advertising campaigns; conducting business according to corporate management; operating within cooperative ownership agreements; determining investment areas, and analyzing financial procedures of both the c...
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...t real estate brokerages are becoming conglomerates, they must now begin to reconsider the human potential within their firms-and something else. While they are expected to be the megacorporations of tomorrow, they are also expected to retain their ethical and cultural focus.
REFERENCES
Anonymous. (1998, Jan-Feb). Legislation Gets Off the Ground; The Real Estate Industry Awaits New Direction. Journal of Property Management, pp. 6S(4).
Belloit, Jerry, Ph.D. (1997). Real Estate Investment. Clarion University. At: http://www.clarion.edu/cob_web1/courses/realest/re471/index.htm, sld270.htm-274htm.
Bowen, Brayton. (1995, Apr. 3). Wanted: Workforce of the Future. Industry Week, pp. 32(1).
Davies, John R. (1995, Nov 6). Using Work Breakdown Structure in Project Planning. Plant Engineering, pp. 54(3).
Melcher, Richard A.; & Forest, Stephanie Anderson. (1997, Sept. 22). The New World of Real Estate. Business Week, p. 78.
Romano, Ellen. (1995, March-April). Opportunity in Diversity. Journal of Property Management, pp. 30(6).
Sinderman, Martin. (1994, Nov). Strategic Alliances Evolve as New Way of Doing Business. National Real Estate Investor, pp. 72(5)
This paper is written to provide a reasonably comprehensive overview of Section 1031 of the IRC as it pertains to real estate transactions, and to offer some thoughts on the wealth-creation advantages that 1031 Exchanges offer.
The State of Missouri requires professionals to obtain a license before providing services to the public, in many careers. Misconceptions hold that issuance of licenses is just something that is needed in order to charge money for services. Licenses are issued however, because the public puts their trust in professionals who are more knowledgeable than they are. Many people today want to avoid the hassles and risks associated with the transfer of land, so they put their trust in licensed real estate professionals. The Missouri Broker Disclosure Form (MBDF) is a document used by the Missouri State Real Estate Commission that attempts to provide the public, knowledgeable information, about agency relationships (the fiduciary relationship between buyers/sellers and agents). It also holds real estate agents and brokers somewhat accountable to the public in representing them in their best interest; all real estate agents are required to present and explain this form to buyers and sellers. It seems in today’s society that greed, corruption, and self-interest has spread like an infectious disease and we live in a world where it is risky to put our trust in other people. The government tries to respond to that corruption by putting into place more regulations and laws to keep people honest. In summary, the Missouri Broker Disclosure Form is a document designed to help the public make an informed choice about the agency type, of the people that they are putting trust in, and the fiduciary commitments due to them.
Buying or selling a house or an apartment is one of the biggest decisions of a person’s life. And when selling or establishing a price for real estate, people seek out real estate agents to do the dirty work. A real estate agent has to convince a prospective homeowner that he or she is trustworthy and knowledgeable. In many ways, the agent acts as a counselor to individuals and families about to embark on a huge commitment. Real estate agents have a thorough knowledge or real estate market in their community. They
...direct control over the agents who deal directly with the consumer. The practices of these independent agents cannot be easily controlled. As a result, corporations should require mortgage brokers to screen all of their loan applications to avoid any allegations of predatory lending.
Introducing the organisation in particular focus, Mike Rogerson Estate Agents are property consultants dealing with the sales, lettings and management of properties across the North-East of England. With nine branches in total, it is the strategic aim of the organisation to continually expand and increase territory covered to maximise sales opportunities. My particular role in the organisation is to carry out activities which lead to the sales/lettings of properties. It is here where I mitigate with a variety of stakeholders ranging from home-owners, landlords, solicitors and buyers for example.
Currently, there are no educational barriers to becoming a real estate broker or agent. Although, it is recommended that one at least have a high school diploma or equivalent. In recent years, there are a growing number of young brokers entering the field, about 70%, have obtained bachelor’s degrees or have some college education. Although no formal higher education is required, having a college education in a business related field makes becoming acclimated to the work much easier. “College courses in psychology, economics, sociology, marketing, finance, business administration, architecture, and engineering are helpful.”(Top 100)
Although the study concentrated on the behaviors of clients' influence in Nigeria, the USA and New Zealand were a part of the experience. The findings from the behavioral experiments used in the survey may or may not be a reality of what is happening in the real world of real estate—as noted by the authors; however, the findings could serve as a framework for improving the way the surveyors and valuers conduct business. Real estate is a lucrative business, and measures should be taken to ensure that customers are receiving accurate information regarding the values of properties. This behavior affects personal and business transactions, especially when companies and or people are willing to invest in communities by renovating existing properties and building new homes or facilities. It is difficult for businesses that are contemplating providing consultation services on real estate renovations, recycling issues if the valuation information is skewed.
Leverage is one of the most important lessons new investors should learn. Using other people’s money to build your real estate portfolio is a powerful tool you cannot use when you buy stocks.
From a tiny bungalow in Waterloo, to a large commercial building in downtown Toronto, there is a variety of properties to choose from. The benefit of being in real estate is that people can choose between residential or commercial, as some people prefer to be in the the residential market over the commercial market. The occupation that will be discussed throughout this assignment will be a real estate agent, as there are several opportunities for growth in this occupation. From selling a two hundred-thousand dollar house to a multi million-dollar house, the growth in this field is enormous. Being a real estate agent has many positives but it also has many negatives and people have to be aware of that. Although Ontario does not require a university degree to become a real estate agent, having an undergraduate degree in bachelor of commerce certainly helps. Since a real estate agent does not need a university degree, agents need to obtain a license instead. In Ontario, a major real estate agent company is Re/max, which helps agents advertise themselves in the hopes of gaining new clients. In the end, being a real estate agent is very eventful in the fact that the market is always changing and there is always competition in becoming a top agent in a certain
There are a number of powers that this board has number of powers that includes passing rules that can enable the board implement its sanctioned duties and responsibilities. The Real Estate Division is accountable for examining, licensing, and regulating the real estate, the professionals and corporations for real estate appraisal of real estate, and Appraisal Management Companies, etc.
There are many papers which argue what market structure real estate agencies fall under. Coiacetto (2006, 1, Online) argues “that it is not necessarily a competitive industry and, in some instances, can be highly oligopolistic.”
The real estate industry is an industry that has been growing in the modern times today as trends are consistently shifting in the market and as people realize the importance it plays in the success of a business. Real estate is a principle that deals with property which has now been a source for many job prospects. Among a few of these jobs that have been influenced from real estate would be a property manager, property appraiser, and a real estate agent. These three careers will be further analyzed and explained throughout the paper which will ultimately result in me picking a career that would best fit my interests.
"Real Estate Agents and Brokers." Encyclopedia of Careers and Vocational Guidance. 15th ed. Vol. 5. Chicago: Ferguson's, 2010. 235-44. Print. Ferguson's.
Experience counts. Though a new real estate agent will be energetic and extra-cautious about meeting your requirements, a certain amount of experience in helps in overcoming common challenges encountered in this field. However, at times spending many years in this field doesn’t equate to high-class expertise. Asking this question will help you understand the academic and professional background of the
It should be noted that all real estate agents and brokers operate under a strict procedural and ethical code monitored by the real estate commission. many of the rules and regulations come from the U.S. senate, and the state of Idaho, and must be strictly adhered to. Agents who fail to follow these regulations shall be, and frequently are, fined or have their license revoked