Abstract

This article discusses the role of management in real estate business. Business organization and operation is relatively small and simple, and the executive is much closer to the operations of the firm. This study of the real estate brokerage business represents an effort to bring into focus some of the managerial problems and practices encountered in art industry dominated by small firms. They tend to carry out their management functions intuitively rather than consciously, and in many cases emphasize one or the other management function without fully recognizing the implications this has for the overall profitability of the firm. The general lack of management awareness within the industry has permitted firms to grow and prosper whose managements have performed better because of their experience or perception. The real estate industry provides a fruitful field for a study of the application of management principles. Rapid growth of the industry in the last decade and a high degree of industry competition have forced the various firms to search for something more than "personality" or "technical skill" in order to maintain satisfactory profit levels.