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物业管理英语第一讲：Property Management
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 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.

Useful Expressions:
at a distance在远处
along with 和，同，与……一道；加之
call for 需要；要求
rather than 而不是
dawn on 开始（被人）理解，渐渐（使人）明白
end up 结束，结尾；停止
result for 由于，是……的结果
be based on 基于；以……为根据

Notes:
1. Property management is the process of overseeing the operation and maintenance
of real property to achieve the objectives of the property owner.
此句中，动词不定式to achieve the objectives of the property owner作目的状语。
property management物业管理
real property 房产
property owner 业主
2. …or those whose owners live at a distance, management is usually performed
by a paid property manager, either an individual or a management firm.
此句中，关系代词whose在定语从句中充当定语，该定语从句修饰指示代词those.
Either…or表示选择，可以连接两个并列的词、词组或独立分句。在此句中，either…or连接的成分是a paid property
manager 的同位语，作进一步的解释。
3. there are exceptions…buildings…，where tenants maintain the building
on a long-term leases, pay the taxes…。
此句中，关系副词where在定语从句中作地点状语，由它引导的定语从句修饰buildings.
on a long-term leases意为“长期租赁”。
4. Property management has long been an underrated function…。
Long在此句中是副词，作时间状语，underrated是过去分词，作function的定语。
5. not…until意为 “直到……才”。例如：
The baby did not go to bed until his mother came back home.
6. …since running a large commercial or residential project in which hundreds
or thousands of people reside or work is a highly challenging task…。
此句中，关系代词which在定语从句中作状语，由其引导的定语从句修饰project, highly修饰challenging,意为“非常地”。
a highly challenging task 意为“非常具有挑战性的任务”。
7. …as if a property owner, having made a very large investment in the
permanent structure, assumed…
在此句中having made a very large investment in the permanent structure作后置定语，修饰a
property owner。该短语是过去分词的完成时形式，表示其动作发生在谓语动词之前。例如：
The idea, having been put forward by Tim, aroused much objection among
the students.
8. in the past decade在过去的十年里
9. the major controllable influence on residual cash flow剩余现金流量的主要可控制的影响因素
10. beyond the control of any one property owner任何业主都控制不了
11. “above-average” operating expense超过一般水平的运营开销
12. lower than average rent levels 低于一般租金的租金水准
13. Some investors have the feeling that real estate manages itself.
此句中，that引导的同位语从句修饰feeling, feeling意为 “感觉，预感”。
14. on the market (商品)上市
15. in six months 意为 “六个月后”。在有介词in引导的时间状语的句子里，其谓语时诚用将来时，例如：
I will pay the bill in a week. 一个星期后我付帐。