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.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
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