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REAL ESTATE MANAGEMENT 1990s ANDBEYONDBY WILLIAM T HUNTINTRODUCTIONThe Journal of Property Management 1998 reports that realestate has been freed up by certain laws in the 1990s most importantlythe relaxation of the Glass-Steagall Act of 1933 allowing market accessto real estate by banking institutions the Taxpayer Relief Act of 1997allowing property owners indefinite tax deferral on the sale of propertyan estimated 91 billion to reinvest in real estate and the 1998appropriations bill which cuts housing costs by introducing mark-to-marketrents Anonymous 1998 p P6S All of these translate into financial advantagesfor real estate companies Interestingly the 1990s have already seen changesthat complement these changes Most real estate companies have become managementcompanies Much like an investment portfolio they not only list and sellproperty but also manage and invest in a number of properties In additionthey are taking advantage of mergers and agreements As if this were not enough change in a single decade many real estatecompanies are changing the way they do business internally Although theyhave always operated on a contractual basis with agents stakeholding andentrepreneurship have new meaning in the 1990s Davies 1995 p 54 Inaddition cultural demographics are changing quickly This means changesin organizational structures within real estate offices This paper will address these changes in the context of the ethicalconsiderations for which real estate has always been accountableEXPANSION AND DIVERSITYAmong other things real estate brokerage services in the 1990s includesunderstanding and complying with federal and state real estate laws surveyingreal estate evaluating real estate according to specific criteria ethicallyrepresenting buyers and sellers and seeing that all agents do likewiseperforming marketing analyses cycles and trends establishing public relationsand advertising campaigns conducting business according to corporate managementoperating within cooperative ownership agreements determining investmentareas and analyzing financial procedures of both the company and its agentsOf equal importance is the new financial structure of the real estate managementbrokerage which includes financial investment on a large scale These mayinclude listing investment in and sale of private public and commercialproperties forming
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