物业管理外文翻译文献编辑

文献信息：文献标题：Promoting sustainability in the United States multifamily property management industry（促进美国多户型住宅物业管理行业的可持续发展）国外作者：EA Hopkins，DC Read，RC Goss文献出处：《Journal of Housing and the Built Environment》,2016,32(2):1-16字数统计：英文3593单词，21196字符；中文6168汉字外文文献：Promoting sustainability in the United States multifamilyproperty management industryAbstract Efforts to promote environmental sustainability in the real estate industry continue to proliferate throughout the United States in response to both economic and social forces. This trend has received a considerable amount of attention in the academic literature, yet relatively little is known about the importance of sustainability to third-party property management firms operating in the multifamily sector of the housing market. For those interested in promoting sustainability, an important question that arises is whether barriers to environmentally-friendly business practices commonly observed throughout the housing industry extend to the market for third-party property management services.A second question of equal relevance focuses on determining what sustainability initiatives third-party property management firms are actually using in their efforts to procure new clients or retain existing ones. The qualitative analysis presented in this paper is one of the first to the authors’ knowledge to explore third-party property managers’ perceptions about sustainability in an attempt to address the aforementioned issues. The findings of this study support two overarching conclusions. First, sustainability is increasingly being promoted by large, third-partyproperty management firms in the multifamily housing industry. Nonetheless, numerous barriers are perceived to exist that may impinge upon future efforts to reduce the environmental impact of the rental housing stock. Second, some firms appear to be better positioned than others to take advantage of sustainability initiatives as a result of the types of properties they manage and the characteristics of the owners they represent.Keywords:Business strategy, Environmental sustainability, Green buildings, Multifamily housing, Property management1.IntroductionEfforts to promote environmental sustainability (hereafter ‘‘sustainability’’) in the real estate industry continue to proliferate throughout the United States in response to both economic and social forces. This trend has received a considerable amount of attention in the academic literature, yet relatively little is known about the importance of sustainability to third-party property management firms operating in the multifamily sector of the housing market. Third-party property management firms, defined as those who actively engage in the fee management of apartment communities in which they do not have an ownership interest, act in an advisory role to their clients by providing a wide array of services. These services can include marketing, leasing, budgeting, maintenance and repairs, staffing, property policies and procedures, capital improvements, rent collection, bill payments, establishment of rental rates, and resident relations. This gap in the extant research is noteworthy because these firms manage millions of apartment units across the country and the number continues to grow. There are currently 19.7 million apartment homes in the United States representing $1.3 trillion to the economy and there could be 5 million new rental households formed by 2023 (National Multifamily Housing Council 2015). Third-party property management firms are therefore, well positioned to reduce the environmental impact of the rental housing stock if they have the ability, autonomy and inclination to do so when making management decisions.For those interested in promoting sustainability, an important question that arisesis whether barriers to environmentally-friendly business practices commonly observed throughout the housing industry extend to the market for third-party property management services. Notable examples include a reluctance to embrace new technologies, concerns about implementation costs, skepticism regarding consumer demand, and a lack of clear definitions and communicative frameworks. A second question of equal relevance focuses on determining what sustainability initiatives third-party property management firms are actually using in their efforts to procure new clients and retain existing ones. Gaining a better understanding of these practices is anticipated to shed light on whether sustainability agendas are viewed as an effective way to improve the operational efficiency of multifamily properties or simply as a means of satisfying the corporate social responsibility commitments of institutional real estate owners.The qualitative analysis presented in this paper is one of the first to the authors’ knowledge to explore third-party property managers’ perceptions about sustainability in an attempt to address the aforementioned issues. A series of semi-structured interviews are conducted with executives representing some of the most prominent firms in the multifamily housing industry to complete the task. Those participating in the research are asked to assess the importance of sustainability to their clients, as well as to identify any sustainable management practices currently being used in the business development process to differentiate their firms from competitors.The paper begins with a discussion of the property manager’s role in promoting sustainability. Next, consistent barriers encountered in implementation of sustainability initiatives in the housing and rental housing industries are reviewed. An overview of the data and methodology used to examine the extent which firms promote sustainability in their business development process is presented next. This is followed by a summary of the interview results and an analysis of these results. The paper concludes with key findings of the study, research limitations, and issues in need of further analysis.2.The third-party property manager’s role in promoting sustainabilityThere are four distinct phases in the building lifecycle where decisions can be made to promote environmental sustainability: material manufacturing, construction, use and maintenance, and end of life (Bayer et al. 2010). Material manufacturing includes activities such as manufacturing raw materials and transportation of these building products, the construction phase includes the activities of the actual building of the project, the use and maintenance phase involves managing the building operations such as energy and water usage and maintenance and repairs, and the end of life phase occurs when the building has reached its end of life and is decommissioned with materials either being disposed to landfills or being recycled and reused (Bayer et al. 2010). Third-party property management firms do not typically have a significant amount of influence in all of these phases, but they are well-positioned to advocate on behalf of sustainability initiatives that affect the way multifamily properties are operated once construction is complete. It is also important to note that the end of life stage can be delayed by effective maintenance which extends the building’s physical life and makes the building more sustainably developed (Christudason 2002). The extant real estate literature outlines a number of steps that can be taken to achieve these objectives. Some of the most commonly cited practices focus on establishing clear channels of communication between property managers and their clients; modifying apartment lease structures to realign the allocation of costs and benefits among the parties involved; and investing in human capital to increase awareness of environmental concerns.First and foremost, third-party property managers can empower the owners they work for to make more sustainable business decisions by providing them with information. Since these professionals control granular data measuring the operational efficiency of the real estate assets they manage, they can potentially encourage owners to invest in capital improvements promoting resource conservation and other environmentally favorable outcomes if they can clearly illustrate the resultant financial benefits (Wai-chung Lai 2006; Kyro¨ et al. 2012). Property managers can also provide their clients with information about the rent and sales premiums that can potentially be achieved as a result of environmentally friendly design features andprogramming (Zieba et al. 2013). Multiple studies show that green buildings often command higher rents and sales prices than conventional buildings (Eichholtz et al. 2010; Fuerst and McAllister 2011; Miller et al. 2008).Property managers can also advise their clients about the advantages offered by environmentally-friendly leases. The provisions included in these leases impose few direct costs on real estate owners, while generating environmental benefits by requiring tenants to engage in sustainable behaviors such as using public transportation, composting or participating in recycling programs (Caulfield 2015). For example, a green lease could include an energy efficiency upgrade clause where tenants agree to have increased monthly rents to cover these costs. Besides the obvious environmental benefits, this can be mutually beneficial to the tenant and owner as the owner can receive a return on his or her investment and the tenant’s overall rental expenses can be lowered if the monthly energy savings are higher than the monthly rent increase (SPUR 2009).Finally, third-party property management firms can work to ensure site managers and maintenance staff are appropriately trained in sustainable practices and procedures. Such training has been shown to effect the priorities of real estate practitioners, as well as their commitment to sustainability (Kyro¨ et al. 2012; Saha and Paterson 2008; Oladokun 2010). One way to implement this training is through an environmental management system (EMS). An EMS is a comprehensive environmental program addressing environmental training, executive management support, teamwork, rewards, and empowerment while also documenting the process from commitment and policy to review and improvement (Daily and Huang 2001). An even more integrated method is to train staff on how sustainability measures impact financial performance. As more companies are seeing sustainable efforts increase revenue and decrease operating costs (Epstein and Roy 2003), a framework to implement sustainability into operations and decision making processes is helpful.3.Housing industry barriersThe unwillingness to embrace new sustainable technologies continues to pervadethe housing industry (Pinkse and Dommisse 2009). One reason for this struggle stems from the fact that many technological activities are outsourced (Pinkse and Dommisse 2009). Furthermore, new technologies are not being embraced due to the qualitative attributes of some of these new technologies (Jaffe and Stavins 1994). For example, the hue of energy efficient lightbulbs can be less aesthetically pleasing than more traditional lightbulbs. Another reason for the lack of energy conservation technology adoption is the lack of information available (Jaffe and Stavins 1994; Pinkse and Dommisse 2009; Toole 1998). This lack of information can cause uncertainty.Implementation costs also present a struggle in the residential building sector when deciding on sustainable initiatives implementation. The principal-agent problem remains persistent throughout the literature. Construction companies are hesitant to undertake the incorporation of energy-efficient technologies because the financial benefactor of lower utility bills are the end-users of the building, not the construction company (Farrell et al. 2007; Jaffe and Stavins 1994). These challenges, coupled with the fact that many companies do not have the proper systems in place to evaluate the costs and benefits of sustainable building practices, compounds the problem (Epstein and Roy 2003).Another major obstacle to sustainability adoption within the housing industry is skepticism regarding consumer demand. One reason for this skepticism is the lack of information provided to retailers and consumers regarding sustainability opportunities. From the retail perspective, knowledge on new sustainable products is needed just as much as existing conventional products in order to understand both options (Toole 1998). On the consumer side, educating homebuyers on the advantages and consequences of sustainable technologies can be helpful during the decision making process (Farrell et al. 2007; Pinkse and Dommisse 2009). Another cause for this obstacle is that consumers make decisions regarding sustainable features, such as energy use, based on more than just financial considerations. Consumers, no matter their income level, take into account the comfort and convenience versus strictly financial considerations when deciding on their energy use (Farrell et al. 2007). Furthermore, capital is often not available to the end user to invest in more efficienttechnologies (Farrell et al. 2007).4.Rental housing barriersAlong with the aforementioned barriers within the housing market, there are potential barriers to sustainability that are unique to the rental housing market. Lease provisions commonly used in the multifamily housing industry pose a problem because tenants are typically required to pay their own utility bills. This creates a disincentive for property owners to invest in things such as energy efficient appliances and fixtures because they do not realize a direct economic benefit from these investments unless tenants’ cost savings are fully capitalized into prevailing rental rates (Blumstein et al. 1980; Davis 2011; Klein et al. 2009; Economidou 2014).Although sustainability actions impact customers’ decisions and therefore revenue (Epstein and Roy 2003), the multifamily housing market has been largely overlooked (Labanca et al. 2015). The typical shorter-term leases in multifamily housing (versus commercial buildings) prevent tenants from participating in sustainability programs (Cradduck and Wharton 2011).Rental housing owners and managers may not realize the benefits of taking full advantage of greening measures (Carswell and Smith 2009). Uncertainty in implementation time and costs, long anticipated payback periods and tepid market demand for ‘‘green’’ apartments in some markets amplify these concerns (Kriese and Scholz 2011; Kyro¨ et al. 2012; Miller and Buys 2008). In comparison to other property types, LEED certification of multifamily buildings can take approximately five extra months (Carswell and Smith 2009). Furthermore, managers believe that the economics of sustainable development clash with the environmental management (Bansal 2002) and the cost of sustainable buildings tend to be overestimated by building professionals (Kriese and Scholz 2011). While tenants recognize the benefits of sustainability, many are not willing to pay significantly more for it (Miller and Buys 2008). In the aggregate, these factors diminish the desirability of sustainability initiatives in the rental housing industry, which may in turn discourage property managers from actively promoting such endeavors.Another potential obstacle to sustainability is the lack of clear definitions and communicative frameworks to guide market participants. Real estate developers, property managers, owners, and tenants frequently have very different interpretations of what the term ‘‘sustainability’’ means from an environmental perspective (Evans and Jones 2008; Kriese and Scholz 2011; Priemus 2005). Information asymmetries of this type may encourage underinvestment in sustainable property management practices to the extent market participants revert back to service offerings with more clearly defined benefits.5.Data and methodologyThe data used to complete this study was collected through a series of interviews conducted with executives representing firms on the National Multifamily Housing Council’s (NMHC) list of the ‘‘50 Largest U.S. Apartment Managers’’ in 2015. The NMHC, whose mission is to provide insight, advocacy, and action in the multifamily sector, assists apartment industry leaders and the communities they serve. The NMHC compiles an annual list of the 50 largest managers in the United States by performing an annual survey. The 35 firms on the list offering third-party property management services comprise the population for the study at hand, as the objective of the research is to explore the perceptions of managers working in this capacity.NMHC’s leadership graciously agreed to contact senior executives at these companies who were actively involved in the trade organization. This initial email correspondence included a summary of the research, an informed consent document for those interested in scheduling an interview, and an endorsement of the study’s value to the multifamily housing industry. Senior executives representing all of the firms in the population were then contacted directly by the research team via email and telephone to schedule interviews. A total of 25 firms agreed to participate in the research, which equated to a survey response rate of approximately 71 %. Interviewees included 11 CEOs/COOs, 8 executive/ senior vice presidents, and 6 vice presidents.Semi-structured telephone interviews approximately 1 h in duration wereconducted with all of the executives. Each respondent was asked a series of open-ended questions about a variety of topics of relevance to the multifamily property management industry, including several exploring perceptions about sustainability initiatives. Respondents were specifically asked to describe the extent to which their firms promoted sustainability initiatives during the business development process, the advantages their clients hoped to achieve, and any barriers to such initiatives. The nature of the research warranted the use of open-ended questions to allow business elites to fully articulate their ideas and guide the flow of the interview in a conversational manner (Aberbach and Rockman 2002; Mikecz 2012). Any questions that proved ambiguous to the respondents could also be addressed by the research team in this setting (De Wit 1996).6.Results and discussionThe information demonstrates that 60 % of respondents are using sustainability as a business development strategy in some way. Approximately 16 % of the firms in the sample promote basic water conservation, energy efficient lighting, and recycling initiatives; 12 % actively brand and market their sustainability efforts to tenants; 16 % provide sustainability recommendations and advisory services to their clients on a consistent basis; and 16 % conduct comprehensive environmental evaluations of all properties under management as a matter of course. The remaining 40 % of the firms in the sample are not promoting sustainability as a business development strategy.While over half of the companies are doing something within the sustainability initiative arena, 40 % of companies are not participating. This is interesting because many of these companies, both participators and non-participators, manage the same types of properties, on behalf of the same types of clients, in the same geographic areas. This suggests there is at least some disagreement as to the benefits that can be derived from sustainability initiatives. The firms in the sample are acting on this perceptual differences in significant ways, as several have relatively strong sustainability consulting capabilities in place.7.Conclusions, limitations, and recommendationsThe purpose of this study is to explore whether large third-party property managers are utilizing sustainability as a business development strategy; and if so, to identify the various initiatives being implemented. The results suggest a majority of the third-party property managers represented in the sample are leveraging sustainability to win business. However, significant variability exists in the strategies adopted. Initiatives adopted by the firms in the sample fall on a continuum from rather basic efforts to encourage resource conservation and recycling to much more expansive endeavors involving comprehensive environmental audits of all properties under management.With 40 % of respondents not promoting sustainability as a means of procuring business and varying ranges of initiatives, it is clear that barriers persist in the pursuit of sustainable initiative implementations. Various barriers to environmentally-friendly business practices seen throughout the housing industry extend to the market for third-party property management services. These include concerns about implementation costs, skepticism regarding consumer demand, and lack of clear definitions and communicative frameworks. However, reluctance to embrace new technologies was not seen as a barrier in this study; which suggests that this barriers does not extend to the market for third-party property management services. Furthermore, inefficient lease structures are seen as a unique barrier to sustainability initiatives within the third-party property management sector as illustrated in this study.A limitation of this study is that there were voluntary study participants sharing their views on sustainability within their firm and the third party property management industry. Another limitation is that the findings can only be generalized to the largest firms in the country. Additionally, property management practices are rapidly evolving in response to market demand so the information in this study can become obsolete in a relatively short period of time. Lastly, this study focuses strictly on third party property management companies which have limited ability to implement sustainability initiatives in light of property owner desires.This study suggests there is at least some disagreement as to the benefits that can be derived from sustainability initiatives. In order to address the information gap within the property management industry, education and training are recommended. Introducing sustainability into the housing curriculum within institutions of higher education can be one way to educate the future property management workforce (Parrott and Emmel 2001). Another way to educate property managers to more successfully ascertain and consider innovation information is to establish procedures, norms, and appropriate staff (Toole 1998). As Toole (1998) notes that employees in the housing industry need to be just as knowledgeable about new products as existing products, the research team offers that this can be adapted to the multifamily property management sector so that their business development strategy includes information on sustainable initiatives. This can be done by training employees on various sustainability initiatives which can empower them.Continuing to refine the term ‘‘sustainability’’ as it relates to the third party property management industry will be helpful, as it appears to have different meanings in the thirdparty property management industry. This may be problematic because owners and tenants do not necessarily know what they get when they work with a property management firm. Greater clarity and consistency is needed to address this information asymmetry. It is recommended that trade organizations participate in the development of a universal checklist to make the transfer of information easier to manage. Furthermore, lifecycle valuation assessment (LCV A) can be incorporated into this universal checklist to assist firms with understanding sustainability initiative cost and benefit implications through a full building lifecycle (Epstein and Roy 2003). This can help managers measure future as well as day to day performance (Epstein and Roy 2003).Serious attention should be devoted to exploring residential lease structures that better incentivize property owners for investing in sustainable design and programming. This can perhaps be accomplished by creating avenues for information sharing between property owners and managers to create a more integrated approach. Additionally, summoning trade organization participation in the development of a newstandardized lease structure can be helpful to make the transfer to this new structure easier.In conclusion, the results of this study demonstrate the need for research examining best practices in sustainable property management that can be adopted by a wide variety of firms to improve the financial performance of the assets they operate, while simultaneously encouraging resource conservation and the responsible use of land. Creating and disseminating this type of information is anticipated to help the multifamily housing industry move to the forefront of sustainability.中文译文：促进美国多户型住宅物业管理行业的可持续发展摘要在经济和社会力量的影响下，整个美国都在致力于促进房地产业环境的可持续发展。