物业管理毕业论文中英文资料对照外文翻译

Property Management Functions

Property management is the process of overseeing the operation and maintenance of real property to achieve the objectives of the property owner．Sometimes owners manage their own property，particularly small properties and particularly when they themselves occupy part of the space．But 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 the owner a check each month. But most residential，office，retail，and many industrial properties offer services along with the space over time．

Property management has long been an underrated function in the real estate industry．The need for professional management did not become apparent until the depression of the 1930s，when numerous foreclosures revealed a pattern of management deficiencies．This 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，variety of technical skills．Traditionally，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 property．It has sometimes seemed as if a property owner，having made a very large investment in the permanent structure，assumed that the property would run itself with a minimum amount of supervision．

This concept of property management has changed substantially in the past decade．In an era of rising costs，it has dawned on owners that good property management is the major controllable influence on residual cash flow （i.e.，the number of dollars that end up in the owner＇s 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 costs 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 costs．Why？ Close inspection often shows that ＂above-average＂ operating expenses and lower than average rent levels result from inadequate property management．

The classic mistake of the stock and bond investor moving into real estate involves underestimating the importance of management．Some investors have the feeling that real estate manages itself．

There is a story about the importance of property management. A San Francisco real estate broker 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

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valuation was based on a capitalization of historic income figure． He borrowed money to buy the property，renegotiated certain leases， and established more efficient operating procedures．In 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 expertise．

The level of management a property needs increases with the level of services and with the frequency that tenants turn over．Some examples of ddifferent managerial responsibilities and problems follow，organized by type of space．To the extent that property management involves tenant relations，residential properties present the greatest challenge．The space leased by the residential tenant is ＂home＂，where the tenant and other family members spend a substantial amount of their free time and the rent for which may represent the tenant's largest single financial obligation．Consequently，the residential tenant expects a well-run property，with services and utilities available as promised at rents kept as low as possible（among 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 tenants．

The relatively short term of a residential lease means 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 possible．A property that is theoretically fully rented may，nevertheless，lose a substantial amount of rental income if turnover is very high and more than a few weeks elapse before each new tenant moves in．

Among the types of residential properties are apartments，condominiums and cooperatives，and single-family homes．

The personal relationship between manager and tenant can be crucial to maintaining high occupancy．Turnover of tenants results in higher operating expenses and lower rentals collected．Asking fair rents and responding to tenants' needs（e. g.， maintenance and repairs）are often the most important variables in successful apartment management．

The least involved homes．The owner may have moved rental of single-family homes．The 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 investments．In either case，the owner retains a local agent to collect rent，pay real estate taxes and debt service，and handle any problems that may arise．This type of management is frequently performed by real estate brokers，who charge a fee equal to a percentage of each month's rent．

The property manager of an office building must be familiar with more complex lease provisions than those used for residential properties. For 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 consideration．One frequently used measure is rentable area or rentable space．The manager must understand how to compute it. For example，are the bathrooms and hallways an added＂load factor＂，

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with the tenant paying for her individual space plus her＂share＂of these common areas？Does the manager measure a tenant's 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 office buildings and frequently are negotiated with each individual tenant．The answers are in the leases．The 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 of the services he provides，and enough of a financial accountant to report it all to the owner．

When 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，and（3）the length of the leases．The higher the rental rate，the higher the gross income．The 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 future．With longer term leases，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 frequent．

In office building management，service is particularly important．The property manager is responsible for making sure the premises are kept clean and secure，that elevator run reliably，that utilities work，and that the structure looks（and is）well maintained．To many office tenants，the amount of rent is secondary to the efficient provision of these services．

Today's larger buildings are getting＂smarter＂．They have computerized controls to handle heating and air conditioning loads to minimize energy consumption. Elevators are programmed to meet peak loads．The fire system is tied to the public-address warning system，sprinklers，and air pressure．Infrared sensors may turn lights on and off as they sense people entering and leaving rooms．Telecommunications 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 utilization．

Retail complexes

For large retail complexes and particularly for shopping centers，competent property management is extremely important．

First，maintenance of the property itself requires substantial work．Each day large numbers of shoppers visit the premises，generating a great deal of rubbish and inflicting wear and tear on the improvements．Besides maintenance，daily security is an essential service．

Second，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 means constant efforts must be made to have customers return as often as possible．In addition，whenever new tenants lease

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space，renovation is required to suit the premises to the new user．

Third，the property manager performs an important function in obtaining a proper tenant mix for the retail complex．Too 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 stores．

Finally，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 minimum．The property owner must be prepared to negotiate the most favorable terms for the owner and also to ensure that percentage rents are correctly computed and paid as they come due. Estimated rental income is derived as from the historical experience of the building as well as from market trends discerned by the property manager in large retail complexes and shopping centers. For example，if the current market rent for comparable space has risen above the contract rent currently being charged under existing leases，the property manager will project an increase in rental income as leases expire，the property manager is expected to keep current on rent levels charged for comparable space．（Note that the property manager，by virtue of his or her expertise，is an excellent source of information for a prospective purchaser establishing an investment pro forma）．

A more specialized type of management is involved with industrial property-that is，buildings that are used primarily for manufacturing or warehousing，and that may also include a limited amount of office space．Much industrial property is either built or altered to meet the specific needs of a tenant who normally will sign a long-term lease （e. g.，10 to 20 years），enabling the landlord to recover the special costs involved．Such special-purpose buildings usually require only a minimal amount of management by the landlord since they are frequently leased on a net basis，with the tenant responsible for operating expenses，including real estate taxes and insurance．

On the other hand，some types of warehouse space are let on relatively short terms to more than one tenant．In this type of situation，the landlord may be responsible for maintenance and repair and must also anticipate the need to market the space at frequent intervals．One of the most important cash flow items of the late 1980s was the increasing cost of tenant alterations necessitated by tenant rollovers．In the 1990s，a critical property management function will be to service existing tenants and find the right new tenants with an eye to keeping down the cost of tenant improvements．In the increasingly competitive space markets –apartments，office， retail，and industrial -new leases usually provide for significant tenant improvements. Even on industrial properties，traditionally the type requiring the lowest tenant improvement，tenant improvements on a rollover can equal one year's gross rent. Consequently，keeping down rollovers（and therefore the cost of tenant improvements）is a primary objective of the cash floworiented owner．

In the hospitality industry，service is crucial. This and the frequent turn-over of guests（often daily）mean that hotels and motels require more constant management than any other category of space we have considered．In many cases，convention business is major source of revenue. As a result，hotel and motel management

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includes food service and entertainment as well as the typical property management functions．Marketing is first in importance．The lease period is so short-one night-that management must find tenants for space vacated daily．Management skill creates value as much as does the physical property．

For the hospitality industry，maintaining security is an allencompassing endeavor，not limited to property managers．Matters relating to the physical plant， staff，and operation in general affect the protection of the property's assets and its guests and employees．Anything less than a property-wide view of security and the resolution and disposition of security problems leads to inefficiency，needless expense，and great potential for harm to employer and guests．

Having looked at how requirements for management vary by property type，we will now examine a manager's day-to-day duties in more detail．Like many working people，a property manager wakes up in the morning，dresses for work，eats breakfast，and drives to an office（either on or off the managed premises）．Once there，what does he or she do？We will first list all of the functions and then cover the most important ones in greater detail．

MAKING A MANAGEMENT PLAN

As the agent of the property owner，the property manager is bound to carry out the owner's objectives．Making explicit those objectives is the first step in creating a management plan．

As we have seen，properties under paid management may be very small，or they may be multimillion-dollar complexes. A management plan can be equally simple or elaborate，as suits the scope of management and the market area of a property. Regardless on size，it is important to make a plan（which could range from a handwritten half page to 50 pages typed and bound，depending on the project…）．Here we should note that a management plan for any size property contains three points：（1）an analysis of the competitive environment；（2）an analysis of the property itself，and（3）enumeration of the owner's objectives and recommendations for achieving them．

MAKING A BUDGET

A manager collects money，pays the bills，and sends what is left to the owner-in millions or hundreds. A budget is essential for two reasons：（1）to regulate cash flow-that is，to make sure sufficient cash is on hand to meet obligations like taxes，mortgage payments，operating expenses，and special capital improvements（e. g.， new roof）when needed；and（2）to measure performance-to act as a standard for measuring the manager's success in meeting objectives．

PAYING EXPENSES；KEEPING BOOKS AND RECORDS

The property manager must see to it that operating expenses，real estate taxes， insurance premiums，and mortgage payments are paid when due．Depending on the arrangement，a manager may be authorized to sign checks or may only prepare a list of payments for the owner's attention．The manager also keeps records of income and outlays and works with the owner's accountant in preparing annual financial statements and tax returns．The manager may also be responsible for reports required by government authorities．

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