1、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 Property Management FunctionsProperty management is the process of overseeing the operation and maintenance of real property to achieve the objectives of the property ownerSometimes owners manage their own property，particularly small properties and particularl
2、y when they themselves occupy part of the spaceBut for larger properties or those whose owners live at a distance，management is usually performed by a paid property manager， either an individual buildings on long-term leases，where tenants maintain the building, pay the taxes and insurance，and mail t
3、he owner a check each month. But most residential，office，retail，and many industrial properties offer services along with the space over timeProperty management has long been an underrated function in the real estate industryThe need for professional management did not become apparent until the depre
4、ssion of the 1930s，when numerous foreclosures revealed a pattern of management deficienciesThis oversight might seem strange，since running a large commercial or residential project in which hundreds or thousands of people reside or work is a highly challenging task，calling for training，good judgment
5、，variety of technical skillsTraditionally，however，emphasis in the real estate industry has been on the so permanent elements of the investment-good location，construction，and reasonable long-term financing-than on the day-to-day operation of the propertyIt has sometimes seemed as if a property owner，
6、having made a very large investment in the permanent structure，assumed that the property would run itself with a minimum amount of supervisionThis concept of property management has changed substantially in the past decadeIn an era of rising costs，it has dawned on owners that good property managemen
7、t is the major controllable influence on residual cash flow （i.e.，the number of dollars that end up in the owners pocket）It is true that both rent rates and operating expenses are largely shaped by market forces beyond the control of any one property owner （witness the very sharp rise in energy cost
8、s in the 1970s） But it is also true that comparable properties within the same geographic area often show significant variances in rental income and operating costsWhy？ Close inspection often shows that above-average operating expenses and lower than average rent levels result from inadequate proper
9、ty managementThe classic mistake of the stock and bond investor moving into real estate involves underestimating the importance of managementSome investors have the feeling that real estate manages itselfThere is a story about the importance of property management. A San Francisco real estate broker
10、 recently noticed a project that was on the market for $1 million He knew how the property had been managed in the past and that the million dollar valuation was based on a capitalization of historic income figure He borrowed money to buy the property，renegotiated certain leases， and established mor
11、e efficient operating proceduresIn six months he sold the property for $1.4 million based on the capitalized value of the new，higher net income. His contribution was management expertiseThe level of management a property needs increases with the level of services and with the frequency that tenants
12、turn overSome examples of ddifferent managerial responsibilities and problems follow，organized by type of spaceTo the extent that property management involves tenant relations，residential properties present the greatest challengeThe space leased by the residential tenant is home，where the tenant and
13、 other family members spend a substantial amount of their free time and the rent for which may represent the tenants largest single financial obligationConsequently，the residential tenant expects a well-run property，with services and utilities available as promised at rents kept as low as possible（a
14、mong other reasons，because residential rentals are not tax deductible as are business rentals）On the other side of the coin，one or two bad tenants in a project can be a continuing source of vexation to the property manager and to the other tenantsThe relatively short term of a residential lease mean
15、s that the property manager is under continual pressure to maintain a high renewal rate in order to avoid vacated units that must be repainted，repaired，and re-leased in as short a time as possibleA property that is theoretically fully rented may，nevertheless，lose a substantial amount of rental incom
16、e if turnover is very high and more than a few weeks elapse before each new tenant moves inAmong the types of residential properties are apartments，condominiums and cooperatives，and single-family homesThe personal relationship between manager and tenant can be crucial to maintaining high occupancyTu
17、rnover of tenants results in higher operating expenses and lower rentals collectedAsking fair rents and responding to tenants needs（e. g.， maintenance and repairs）are often the most important variables in successful apartment managementThe least involved homesThe owner may have moved rental of singl
18、e-family homesThe owner may have moved away for business or other reasons with the intention of returning at a later date to occupy the house or may be holding the property as an investmentsIn either case，the owner retains a local agent to collect rent，pay real estate taxes and debt service，and hand
19、le any problems that may ariseThis type of management is frequently performed by real estate brokers，who charge a fee equal to a percentage of each months rentThe property manager of an office building must be familiar with more complex lease provisions than those used for residential properties. Fo
20、r example，the office building tenant is very much aware of paying a rent rate measured by the square foot， and so the measurement of space becomes an important considerationOne frequently used measure is rentable area or rentable spaceThe manager must understand how to compute it. For example，are th
21、e bathrooms and hallways an addedload factor， with the tenant paying for her individual space plus hershareof these common areas？Does the manager measure a tenants space to the inside wall，the outside wall，or the center of the wall？In addition，escalation and cost-of-living-clauses are common in offi
22、ce buildings and frequently are negotiated with each individual tenantThe answers are in the leasesThe property manager must be enough of a lawyer to read them，enough of an engineer to be sure the services （e. g.，elevators） work as promised，enough of a marketer to sell to the tenant on the quality o
23、f the services he provides，and enough of a financial accountant to report it all to the ownerWhen leasing space，the property manager should bear in mind that the value of an office building is directly related to three interlocking elements：（1）the rate per square foot，（2）the quality on the tenancies
24、，and（3）the length of the leasesThe higher the rental rate，the higher the gross incomeThe more creditworthy the tenant，the more assured the owner may be that rents will be paid. Finally，the longer the lease term，the lower the risk of vacancies and turnover problems in the futureWith longer term lease
25、s，it is more important to have appropriate escalation clauses or expense pass-through provisions，for the opportunities to increase base rent to cover increased operating costs are less frequentIn office building management，service is particularly importantThe property manager is responsible for maki
26、ng sure the premises are kept clean and secure，that elevator run reliably，that utilities work，and that the structure looks（and is）well maintainedTo many office tenants，the amount of rent is secondary to the efficient provision of these servicesTodays larger buildings are gettingsmarterThey have comp
27、uterized controls to handle heating and air conditioning loads to minimize energy consumption. Elevators are programmed to meet peak loadsThe fire system is tied to the public-address warning system，sprinklers，and air pressureInfrared sensors may turn lights on and off as they sense people entering
28、and leaving roomsTelecommunications using fiber optics can create data highways between distant locations either in concert with public telephone systems or independently Telecommunications options are expensive and can be cost-justified only when operating management helps tenants ensure their full
29、 utilizationRetail complexesFor large retail complexes and particularly for shopping centers，competent property management is extremely importantFirst，maintenance of the property itself requires substantial workEach day large numbers of shoppers visit the premises，generating a great deal of rubbish
30、and inflicting wear and tear on the improvementsBesides maintenance，daily security is an essential serviceSecond，the property manager must keep alert to possibilities of making the premises more attractive and to the need to renovate and modernize selling areas Fierce competition for retail business
31、 means constant efforts must be made to have customers return as often as possibleIn addition，whenever new tenants lease space，renovation is required to suit the premises to the new userThird，the property manager performs an important function in obtaining a proper tenant mix for the retail complexT
32、oo much competition among similar uses may mean business failures for the tenants and a negative cash flow for the landlord Ideally，the various tenants should complement each other so that a shopper coming to one store will find related products or services in adjacent storesFinally，retail leases frequently contain percentage rent provisions by which the landlord is entitled to additional rent based on a percentage of gross sales over a specified minimumThe property owner must be prepared to negotiate the most favorable terms for the owner and also to ensure that per
