【正文】 g 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 ine 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 $ million 沈陽航空航天大學(xué)畢業(yè)設(shè)計(jì)（外文翻譯） 2 based on the capitalized value of the new， higher ine. 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， anized 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 tenant39。s largest single financial obligation． Consequently， the residential tenant expects a wellrun 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 released in as short a time as possible． A property that is theoretically fully rented may， nevertheless， lose a substantial amount of rental ine 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 singlefamily 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 tenants39。s rent． The property manager of an office building must be familiar with more plex 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 bees an important consideration． One frequently used measure is rentable area or rentable space． The manager must understand how to pute 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 mon areas？ Does the manager measure a tenant39。s larger buildings are getting＂ smarter＂． They have puterized 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 publicaddress warning system， sprinklers， and air pressure． Infrared sensors may turn lights on and off as they sense people entering and leaving rooms． Telemunications using fiber optics can create data highways between distant locations either in concert with public telephone systems or independently． Telemunications options are expensive and can be costjustified only when operating management helps tenants ensure their full utilization． Retail plexes For large retail plexes and particularly for shopping centers， petent 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 petition for retail business means constant efforts must be made to have customers return as often as possible． In addition， whenever new tenants lease 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 plex． Too much petition among similar uses 沈陽航空航天大學(xué)畢業(yè)設(shè)計(jì)（外文翻譯） 4 may mean business failures for the tenants and a negative cash flow for the landlord． Ideally， the various tenants should plement each other so that a shopper ing to one store will find related products or services in adjacent stores． Finally， retail leases frequently contain percentage rent