物业管理毕业论文中英文资料对照外文翻译.docx

物业管理毕业论文中英文资料对照外文翻译.docx

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物业管理毕业论文中英文资料对照外文翻译

物业管理毕业论文中英文资料对照外文翻译

PropertyManagementFunctions

Propertymanagementistheprocessofoverseeingtheoperationandmaintenanceofrealpropertytoachievetheobjectivesofthepropertyowner．Sometimesownersmanagetheirownproperty，particularlysmallpropertiesandparticularlywhentheythemselvesoccupypartofthespace．Butforlargerpropertiesorthosewhoseownersliveatadistance，managementisusuallyperformedbyapaidpropertymanager，eitheranindividualbuildingsonlong-termleases，wheretenantsmaintainthebuilding,paythetaxesandinsurance，andmailtheowneracheckeachmonth.Butmostresidential，office，retail，andmanyindustrialpropertiesofferservicesalongwiththespaceovertime．

Propertymanagementhaslongbeenanunderratedfunctionintherealestateindustry．Theneedforprofessionalmanagementdidnotbecomeapparentuntilthedepressionofthe1930s，whennumerousforeclosuresrevealedapatternofmanagementdeficiencies．Thisoversightmightseemstrange，sincerunningalargecommercialorresidentialprojectinwhichhundredsorthousandsofpeopleresideorworkisahighlychallengingtask，callingfortraining，goodjudgment，varietyoftechnicalskills．Traditionally，however，emphasisintherealestateindustryhasbeenonthesopermanentelementsoftheinvestment-goodlocation，construction，andreasonablelong-termfinancing-thanontheday-to-dayoperationoftheproperty．Ithassometimesseemedasifapropertyowner，havingmadeaverylargeinvestmentinthepermanentstructure，assumedthatthepropertywouldrunitselfwithaminimumamountofsupervision．

Thisconceptofpropertymanagementhaschangedsubstantiallyinthepastdecade．Inaneraofrisingcosts，ithasdawnedonownersthatgoodpropertymanagementisthemajorcontrollableinfluenceonresidualcashflow（i.e.，thenumberofdollarsthatendupintheowner＇spocket）．Itistruethatbothrentratesandoperatingexpensesarelargelyshapedbymarketforcesbeyondthecontrolofanyonepropertyowner（witnesstheverysharpriseinenergycostsinthe1970s）．Butitisalsotruethatcomparablepropertieswithinthesamegeographicareaoftenshowsignificantvariancesinrentalincomeandoperatingcosts．Why？

Closeinspectionoftenshowsthat＂above-average＂operatingexpensesandlowerthanaveragerentlevelsresultfrominadequatepropertymanagement．

Theclassicmistakeofthestockandbondinvestormovingintorealestateinvolvesunderestimatingtheimportanceofmanagement．Someinvestorshavethefeelingthatrealestatemanagesitself．

Thereisastoryabouttheimportanceofpropertymanagement.ASanFranciscorealestatebrokerrecentlynoticedaprojectthatwasonthemarketfor$1million．Heknewhowthepropertyhadbeenmanagedinthepastandthatthemilliondollarvaluationwasbasedonacapitalizationofhistoricincomefigure．Heborrowedmoneytobuytheproperty，renegotiatedcertainleases，andestablishedmoreefficientoperatingprocedures．Insixmonthshesoldthepropertyfor$1.4millionbasedonthecapitalizedvalueofthenew，highernetincome.Hiscontributionwasmanagementexpertise．

Thelevelofmanagementapropertyneedsincreaseswiththelevelofservicesandwiththefrequencythattenantsturnover．Someexamplesofddifferentmanagerialresponsibilitiesandproblemsfollow，organizedbytypeofspace．Totheextentthatpropertymanagementinvolvestenantrelations，residentialpropertiespresentthegreatestchallenge．Thespaceleasedbytheresidentialtenantis＂home＂，wherethetenantandotherfamilymembersspendasubstantialamountoftheirfreetimeandtherentforwhichmayrepresentthetenant'slargestsinglefinancialobligation．Consequently，theresidentialtenantexpectsawell-runproperty，withservicesandutilitiesavailableaspromisedatrentskeptaslowaspossible（amongotherreasons，becauseresidentialrentalsarenottaxdeductibleasarebusinessrentals）．Ontheothersideofthecoin，oneortwobadtenantsinaprojectcanbeacontinuingsourceofvexationtothepropertymanagerandtotheothertenants．

Therelativelyshorttermofaresidentialleasemeansthatthepropertymanagerisundercontinualpressuretomaintainahighrenewalrateinordertoavoidvacatedunitsthatmustberepainted，repaired，andre-leasedinasshortatimeaspossible．Apropertythatistheoreticallyfullyrentedmay，nevertheless，loseasubstantialamountofrentalincomeifturnoverisveryhighandmorethanafewweekselapsebeforeeachnewtenantmovesin．

Amongthetypesofresidentialpropertiesareapartments，condominiumsandcooperatives，andsingle-familyhomes．

Thepersonalrelationshipbetweenmanagerandtenantcanbecrucialtomaintaininghighoccupancy．Turnoveroftenantsresultsinhigheroperatingexpensesandlowerrentalscollected．Askingfairrentsandrespondingtotenants'needs（e.g.，maintenanceandrepairs）areoftenthemostimportantvariablesinsuccessfulapartmentmanagement．

Theleastinvolvedhomes．Theownermayhavemovedrentalofsingle-familyhomes．Theownermayhavemovedawayforbusinessorotherreasonswiththeintentionofreturningatalaterdatetooccupythehouseormaybeholdingthepropertyasaninvestments．Ineithercase，theownerretainsalocalagenttocollectrent，payrealestatetaxesanddebtservice，andhandleanyproblemsthatmayarise．Thistypeofmanagementisfrequentlyperformedbyrealestatebrokers，whochargeafeeequaltoapercentageofeachmonth'srent．

Thepropertymanagerofanofficebuildingmustbefamiliarwithmorecomplexleaseprovisionsthanthoseusedforresidentialproperties.Forexample，theofficebuildingtenantisverymuchawareofpayingarentratemeasuredbythesquarefoot，andsothemeasurementofspacebecomesanimportantconsideration．Onefrequentlyusedmeasureisrentableareaorrentablespace．Themanagermustunderstandhowtocomputeit.Forexample，arethebathroomsandhallwaysanadded＂loadfactor＂，withthetenantpayingforherindividualspaceplusher＂share＂ofthesecommonareas？

Doesthemanagermeasureatenant'sspacetotheinsidewall，theoutsidewall，orthecenterofthewall？

Inaddition，escalationandcost-of-living-clausesarecommoninofficebuildingsandfrequentlyarenegotiatedwitheachindividualtenant．Theanswersareintheleases．Thepropertymanagermustbeenoughofalawyertoreadthem，enoughofanengineertobesuretheservices（e.g.，elevators）workaspromised，enoughofamarketertoselltothetenantonthequalityoftheservicesheprovides，andenoughofafinancialaccountanttoreportitalltotheowner．

Whenleasingspace，thepropertymanagershouldbearinmindthatthevalueofanofficebuildingisdirectlyrelatedtothreeinterlockingelements：

（1）theratepersquarefoot，

（2）thequalityonthetenancies，and（3）thelengthoftheleases．Thehighertherentalrate，thehigherthegrossincome．Themorecreditworthythetenant，themoreassuredtheownermaybethatrentswillbepaid.Finally，thelongertheleaseterm，thelowertheriskofvacanciesandturnoverproblemsinthefuture．Withlongertermleases，itismoreimportanttohaveappropriateescalationclausesorexpensepass-throughprovisions，fortheopportunitiestoincreasebaserenttocoverincreasedoperatingcostsarelessfrequent．

Inofficebuildingmanagement，serviceisparticularlyimportant．Thepropertymanagerisresponsibleformakingsurethepremisesarekeptcleanandsecure，thatelevatorrunreliably，thatutilitieswork，andthatthestructurelooks（andis）wellmaintained．Tomanyofficetenants，theamountofrentissecondarytotheefficientprovisionoftheseservices．

Today'slargerbuildingsaregetting＂smarter＂．Theyhavecomputerizedcontrolstohandleheatingandairconditioningloadstominimizeenergyconsumption.Elevatorsareprogrammedtomeetpeakloads．Thefiresystemistiedtothepublic-addresswarningsystem，sprinklers，andairpressure．Infraredsensorsmayturnlightsonandoffastheysensepeopleenteringandleavingrooms．Telecommunicationsusingfiberopticscancreatedatahighwaysbetweendistantlocationseitherinconcertwithpublictelephonesystemsorindependently．Telecommunicationsoptionsareexpensiveandcanbecost-justifiedonlywhenoperatingmanagementhelpstenantsensuretheirfullutilization．

Retailcomplexes

Forlargeretailcomplexesandparticularlyforshoppingcenters，competentpropertymanagementisextremelyimportant．

First，maintenanceofthepropertyitselfrequiressubstantialwork．Eachdaylargenumbersofshoppersvisitthepremises，generatingagreatdealofrubbishandinflictingwearandtearontheimprovements．Besidesmaintenance，dailysecurityisanessentialservice．

Second，thepropertymanagermustkeepalerttopossibilitiesofmakingthepremisesmoreattractiveandtotheneedtorenovateandmodernizesellingareas．Fiercecompetitionforretailbusinessmeansconstanteffortsmustbemadetohavecustomersreturnasoftenaspossible．Inaddition，whenevernewtenantsleasespace，renovationisrequiredtosuitthepremisestothenewuser．

Third，thepropertymanagerperformsanimportantfunctioninobtainingapropertenantmixfortheretailcomplex．Toomuchcompetitionamongsimilarusesmaymeanbusinessfailuresforthetenantsandanegativecashflowforthelandlord．Ideally，thevarioustenantsshouldcomplementeachothersothatashoppercomingtoonestorewillfindrelatedproductsorservicesinadjacentstores．

Finally，retailleasesfrequentlycontainpercentagerentprovisionsbywhichthelandlordisentitledtoadditionalrentbasedonapercentageofgrosssalesoveraspecifiedminimum．Thepropertyownermustbepreparedtonegotiatethemostfavorabletermsfortheownerandalsotoensurethatper