PROPERTY MANAGEMENT: 1990S AND BEYOND INDEX Introduction Expansion and Diversity Human Resource Management Conclusion References PROPERTY MANAGEMENT: 1990s AND BEYOND Clark Jones INTRODUCTION The Journal of Property Management (1998) reports that real estate was freed from certain laws in the especially the 90s the relaxation of the Glass-Steagall Act of 1933, which allows banking institutions access to the real estate market; the Taxpayer Relief Act of 1997, which allows property owners an indefinite tax deferral on the sale of property (about $91 billion to be reinvested in real estate); and the 1998 Appropriations Act that cut real estate costs by introducing “mark-to-market” rents (Anonymous, 1998, p. P6S). All this translates into financial benefits for real estate companies. Interestingly, the 90s have already seen changes that complement them. Most real estate companies have become management companies. Just like an investment portfolio, they not only list and sell properties, but also manage and invest in a number of properties. Additionally, they are taking advantage of mergers and deals. As if that wasn't enough change in just a decade, many real estate companies are changing the way they do business internally. Although they have always operated on a contractual basis with agents, participation and entrepreneurship took on a new meaning in the 1990s (Davies, 1995, p. 54). Additionally, cultural demographics are changing rapidly. 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 the real estate industry has always been responsible. EXPANSION AND DIVERSITY Among other things, real estate brokerage services in the 1990s include understanding and compliance with federal and state real estate laws; real estate appraisal; evaluate properties according to specific criteria; ethically represent buyers and sellers and ensure all agents do the same by performing marketing analysis, cycles and trends; establish public relations and advertising campaigns; conduct business according to company management; operate under cooperative ownership arrangements; By determining investment areas and analyzing the financial procedures of both real estate brokers and becoming conglomerates, they must now begin to reconsider the human potential within their companies - and something else. While they are expected to become the megacorporations of tomorrow, they are also expected to maintain their ethical and cultural focus.REFERENCESAnonymous. (1998, January-February). Legislation takes off; The real estate sector awaits a new direction. Journal of Property Management, pp. 6S(4). Belloit, Jerry, Ph.D. (1997). Real estate investments. Clarion University. At: http://www.clarion.edu/cob_web1/courses/realest/re471/index.htm, sld270.htm-274htm.Bowen, Brayton. (1995, April 3). Wanted: workforce of the future. Industry Week, pp. 32(1).Davies, John R. (1995, November 6). Using the work breakdown structure in project planning. Plant engineering, pp. 54(3). Melcher, Richard A.; & Forest, Stephanie Anderson. (1997, September 22). The new world of real estate. Working week, p. 78.Romano, Ellen. (1995, March-April). Opportunities in diversity. Journal of Property Management, pp. 30(6). Sinderman, Martin. (1994, November). Strategic alliances are evolving as a new way of doing business. National Real Estate Investor, pp. 72(5)