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)
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.
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 next portion of the chapter talks about how real-estate agents use information to gain power and wealth. Most real-estate agents have a better sense of knowing the condition that a home or apartment is in, and this gives them an upper-hand against the buyer or seller. Like the Ku Klux Klan, real-estate agents use secret words and information to
Such as needing a license, the time and energy you need to become the best Broker possible. The guaranty of always having a job, within a matter of years becoming your own boos by starting your own company,and what you will earn in return for making peoples lives a whole lot better. The things I already know about Real Estate are as follows. I know that you will never lose your job. The reason why you will never lose your job is because people are always trying to buy a house or sell a house,or a piece of their property etc..
"Home Owners Loan Corporation." Next New Deal. Roosevelt Institute, 2014. Web. 16 Mar. 2014. .
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
Whenever work breakdown structure come play, it basically saying or telling how work is broken down into smaller units such that whatever that has been put under a particular unit can be understood by the team members.
In the essay “The Mansion: A Subprime Parable,” Michael Lewis unfolds the real face of the American dream. He talks about his own personal experience in his look out for a house and his struggle with the house he rented. Most Americans have bought houses they cannot afford. Banks offered loans, they have lent mortgages that many don't have enough financial resources to pay them back. Agents have falsely guaranteed that real estate prices will be in constant rise, they promised them that there will be no declination in prices.
The housing crisis in America is a major problem plaguing the United States economy. Before a solution is formulated, one must consider the history of the market and the causes of the problem. And after a solution is formulated, one must present an idea for prevention of the problem for the future. Many people see similarities between the Great Depression in the late 1920s to the late 1930s. The Great Depression was caused by the Stock Market Crash of 1929.
"Real Estate Agents and Brokers." Encyclopedia of Careers and Vocational Guidance. 15th ed. Vol. 5. Chicago: Ferguson's, 2010. 235-44. Print. Ferguson's.
When prices increase, the quantity decrease (Graph 1) and new firms enter the market in order to make economic profits. However this does not mean the real estate agents or brokers earn more money. On the contrary, the prices they charge may increase, but the number of houses each sell do not change (Goolsbee, 2005, Online). From this it is evident that the price of products in the real estate market is not affected by the entry of new firms.
William Sharpe, Gordon J. Alexander, Jeffrey W Bailey. Investments. Prentice Hall; 6 edition, October 20, 1998
The topic under review is strategic alliances. This particular form of non-equity alliance between firms in the same industry (competitors) is becoming an increasingly popular way of conducting business in the global environment. Many different reasons of why such alliances are occurring have been recognized. These include: the increasing globalization of the world's economy resulting in intensified global competition, the proliferation and disbursement of technology, and the shortening of product life-cycles. This critique will use Kenichi Ohmae's viewpoint on strategic alliances as a benchmark for comparison. Firstly, a summary of Ohmae's article will be provided. Secondly, in order to critique Ohmae's opinion, it will be necessary to review other literature on the topic. Thirdly, a discussion of the various viewpoints and studies, that have hence arisen, will be discussed in detail. Finally, conclusions will be drawn with implications for companies operating in today's global environment, together with suggestions for future research on strategic alliances.
In order to understand the concept of financialization and the housing market on the global and local level, one must know that there is a global pool of money that is simply the worlds savings bank. In 2000 the pool had $36 trillion and has since doubled in size (Blumberg 2008). Its most recent profit increase was a result of developing countries and cities such as India, Abu Dhabi, and China making money. This doubled the cash pool available for investments, but left fewer solid investments for the taking. The solution was residential mortgages and the US housing market. The investment managers thought the low-risk high-return investment in the housing market was a good, stable idea. The glo...
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