1、 沈阳航空航天大学毕业设计 外文翻译 学 院 自动化学院 专 业 自动化 班 级 学 号 姓 名 田曜华 指导教师 负责教师 沈阳航空 航天大学 2012 年 6 月 沈阳航空航天大学毕业设计（外文翻译） 1 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 mana
2、ge 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， wher
3、e 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
4、 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 peop
5、le 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 o
6、n 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
7、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 mar
8、ket 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 t
9、hat 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
10、 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 valuation was based on a capitalization of histo
11、ric 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 沈阳航空航天大学毕业设计（外文翻译） 2 based on the capitalized value of the new， higher net income. His contribution was manage
12、ment 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 re
13、lations， 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 tenants largest single financial obligation Consequently
14、， 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
15、 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
16、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， con
17、dominiums 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.， mainten
18、ance 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
19、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 percent
20、age of each months 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 s
21、pace 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， with the tenant paying for her individual space plus her share of 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
