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Times are a 'changin' for managers.

The past two years have seen dramatic changes in all aspects of our business. There is no one segment of the economy that has been more negatively impacted by the recession than real estate.

As development has ground to a halt; brokerage transactions substantially limited; property management has emerged as the leading growth segment of our industry. Not since the days of the Great Depression, has the need for specialists in the turn-around of troubled or foreclosed properties been in such demand as today.

The need for effective management expertise has also been recognized in the realm of better/first class properties. No longer can begin neglect of laissezfaire management be tolerated. Maintaining asset value or creating appreciation, now require major effort and skill, and are not to be construed as of property's "Birthright", or inherent because of location.

As we look at the New York Metropolitan area today certain trends are clearly evident. Many large/major firms are either undergoing consolidation, or are being absorbed. New entries into the fee management business are being created by developers, who in a period foreseen as "lacking demand", now hope to manage for others, while they are biding their time, waiting for the economy to rebound. Previously single purpose brokerage and marketing firms, with little or no experience in the field, have also established "management departments, in an attempt to tap into an aspect of the business that they now see to view as recession proof.

We too believe there is a necessity for adaptability and change, as market conditions remain uncertain and volatile. We perceive a strong demand exists for a professional that is dedicated to the distinctive needs of discerning and quality residential properties.

We have reaffirmed our commitment to our clients by expanding the scope of management services we offer. In this context, we have established a new company Kaye Carlsen & Associates, Inc. robert A. Carlsen, a Certified Property Manager (CPM), whose experience in managing many of the finest residential properties in New York spans over two decades, joins with me in this effort.

Kaye Carlsen & Associates, Inc. specializes in the management of luxury, cooperative and condominium owned buildings. It has been established with the purpose of providing an innovative and personalized approach to professional management for quality properties. We believe our charge is to preserve, protect, and enhance the values of the real state investments we manage on behalf of our clients.
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Title Annotation:Property Management Supplement
Author:Kaye, Bruce J.
Publication:Real Estate Weekly
Date:Oct 2, 1991
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