KAZAKH
ENGINEERING - TECHNICAL ACADEMY
nichiporchik.nat@mail.ru
Real estate is a
region located in the area with its natural resources, water, and other mineral
and plant resources, as well as being on its residential and non-residential
premises, businesses, buildings and structures. In accordance with the law to
real estate are also subject to state registration of aircraft and sea vessels,
inland vessels, space objects.
Thus, the object of the ownership of land is land, the
territorial boundaries of which are determined in accordance with the
legislation on the basis of documents issued to the owner of the competent
authorities of the State Administration of Land Resources.
Objects of property
rights and other property rights to residential premises are residential houses
, apartments in apartment buildings , rooms, meeting specified sanitary, fire,
urban development and technical requirements and intended for residence.
Now recognized as a
subject of rights of property complex used for business. Real estate is a
financial asset, form of capital
investment that can bring income to the owner. From the point of view of the
tasks of management of real estate operations are of particular interest
following a group of financial assets: land, residential and non-residential
premises, plant, building and construction.
Real estate and deal with it must
be registered in accordance with the law.
Depending
on the specific objectives of management should take into account the
particular properties that affect the results of transactions. They are:
-à potential increase in the cost of land , caused, as a
rule, changes in land use system relative shortage of sites with similar
location , inflation and other factors;
-uneven cash flows due to the
investment process of the transformation of negative cash flows during the
construction of the object in the positive - in the period of its operation ,
and finally obtaining a large sum of money on the sale of the property;
-wear of buildings and
structures in use, environmental impact , changes in technology and other
factors , that for a long time interval reduces their cost;
-flexible financing
terms , allowing the use of equity and debt , as well as a "complex "
by the time of the financing , interest, participation in financing the owners
and the like, thus affecting the valuation of real estate;
-a combination of
legal rights , including the combination of the legal rights and interests in
respect of the property, such as rental of the division of rights , pledge,
complete economic management , etc.;
- tax burden, which
are, as a rule, one of the causes of transactions;
- risk and uncertainty because real
estate is immobile asset investments are subject to a wide range of risks,
which requires an analysis of the object and the surrounding area ;
- personalizovannost segmentation
and real estate markets , which justifies the difficulty in collecting data on
the competing objects in the relevant geographical area.
The real estate market is a complex
structure on a transaction between entities about the real estate.
As subjects of transactions in the
property market on the one hand may make the owners - the sellers of the
object, landlords, lenders, etc., on
the other - the users - the buyers of the property, tenants, etc.
Since the properties
are inseparable from the land on which are located, and are exposed to the
physical environment, the property market is localized. Moreover, given the
variety of users' needs and availability of resources, the property market can
be segmented according to the following parameters:
- for use - for
residential property , commercial, industrial and agricultural purposes;
- by economic and
geographical factors - for each area may be the real estate market with its
market conditions;
- the purchase price;
- the quality of the
object - Class A office space may belong to an entirely different market
segment than the Class B office space , although both can be on the same
street;
-în investment
incentives - some investors may be interested in the property, requiring minimal
management , others - may acquire objects that represent good tax shelter ,
which are characterized by positive cash flow ;
-the type of property rights - unlimited property
rights , easements .
Other features of the real estate market include:
-determination of the
price of the object is determined, as a rule, by supply and demand on the part
of a small number of participants;
-low elasticity of
supply of real estate, ie even if demand increases and the price will go up
very quickly it will be difficult to increase the amount of usable real estate
on the market , taking into account the time factor of the construction
process;
variability
of demand in the property market , depending on several factors, such as, for
example , the construction of large-scale industrial production, facilitating
the flow of labor , housing , shopping and other facilities, while the lack of
funding of mortgage lending and high interest rates have reduced demand for
real estate.
Property management is a particular
case management as a focused, integrated, systematic exposure of the subject to
his control in order to achieve and maintain the state of the effective
functioning of the facility in accordance with the criteria definable entity
management. In this sense, the management of real estate subject to the general
laws of the management.
Management of real estate (property
management) - Implementation of a set of operations on the operation of
buildings and structures (keeping them in working order , repair , maintenance
services , management Serviced staff , enabling users (tenants) , conditions of
delivery space for rent , rent collection and etc.) for the most efficient use
of real estate in the interest of the owner.
In this case, the activity of real
estate management is carried out in three aspects - legal, economic and
technical.
The legal aspect of property
management is the most rational use, distribution, and combining the right to
property.
The economic aspect of the property
management is implemented through the management of income and expenses that
are formed during the operation of real estate.
The technical aspect of management
is to maintain control object in working condition in accordance with its
functional purpose.
The variety of properties , their
mutual relationship with each other utilities , the unity of the territory
belonging to one owner , etc. determine the presence of different levels in the
management of real estate . Thus, in the city can be identified:
- management of individual real
estate assets;
- property management;
- management of geographically -
property complex of the city as a whole.
At
the level of the range of tasks that need to be addressed in the management of
real estate , is further increased . It includes:
- creation of conditions for the
activities of organizations and enterprises for the operation of the city as a
socio- economic unit ;
- to ensure the development of
individual areas in the interests of the comprehensive development of the city
as a whole;
- formation of the revenue side of
the budget and minimizing costs related to real estate , to ensure a high level
of business activity in the city ( to maximize the amount of product produced
in the city ), and at the same time addressing social problems.
From the point of view of the role
of real estate in the interest of the owner of all real property can be divided
into two classes:
- the real estate occupied by the
owner and used them to conduct certain activities - production ,
administrative, educational , etc. (operating real estate);
- property used for income in the
form of rents and capital gains ( investment properties ).
Real estate is one of the resources
used in the course of business, and management of real estate is one of the
areas of business management.
The starting point of the property
management as a separate subsystem in the system of enterprise management -
identification of needs in the quantity and quality of real estate - land,
buildings, structures and premises necessary for the realization of the goals
and plans, facing the company.
This object is divided into a
number of issues:
-determination of the number of
different types of real estate necessary for the operation of the enterprise;
- to define the quality required of
real estate ( for planning, durability, fitness for specific needs of the
enterprise);
- the definition of requirements by
location property .
Property
management in the enterprise management system must ensure compliance with the
real estate used by the company (quality, quantity, location, and costs),
targets the enterprise and its most efficient use.
Experience in real estate
management companies in foreign countries shows the presence of a number of
methods to improve the efficiency of the use of property in their possession.
Methods to improve the operating
efficiency of real estate aimed at bridging differences in order between the
parts of the organization providing property management, and units engaged in
it. Among these methods are:
a) Audit of real estate.
b) The market test .
c) Service agreement .
g ) Internal leases.
Some buildings are necessary for
the organization of the enterprise, but are ineffective in terms of long-term
investment goals. Other buildings may not be very useful for the activity, but
are good for investment and income from their operation. With the most
efficient use of real estate options can be distinguished:
The building, which is
necessary to own and occupy (as good for investment and operations);
-buildings, which may
occupy, but not own, because they are good for the current activity , but do
not have the investment potential in the long term;
-buildings, which may
have in the property from an investment point of view.
Investment property is
a separate asset, requiring management to generate income from its use.
The main objectives of
management of investment properties are as a rule:
maximization
of profits;
-maximize the value of the
property.
Activities of real estate
management is more complex and varied
- nalysis of the project, its
technical and economic expertise with the findings and conclusions ;
- the analysis of supply and demand
in the market;
- definition option is the most
efficient use of the facility;
- analysis of the target market ;
- determination of the level of
rent;
- the determination of the
operating costs ;
- development of a promotion plan
subject to market;
- development of a plan of work to
the staff working on the operation of the facility ;
- development of a plan of work
with tenants;
- Preparation of the draft plan of
income for the project ( budget item).
Relationship Manager with the owner
form the basis of the manager, asked directions of its activities,
prioritizing.
These relationships are focused on:
- real estate management objectives
(profit , increasing the value of the property, preservation of property ,
minimize costs, etc.) ;
- determination of the distribution
of powers in the real estate management between the manager and the owner
(contracts with tenants , contractors , making decisions about the repair ,
modernization, reconstruction of the object , etc.);
- define and order the distribution
of income from real estate (periodicity of income by the owner, a way of
rewarding the manager, the composition and formation of special funds, etc.).
Generation of income and expenses
in the management of the property. Income and expenses , which are formed in
the management of real estate assets are stated number of indicators , each of
which has its own importance for the understanding of the main activities of
the managing director.
Key indicators reflecting the
formation of income and expenses in the management of real estate:
a) the potential gross income ;
b) the effective gross income ;
c) operating costs ;
d) net operating income.
The potential gross income (PVD) -
the total rental fee, which can be obtained from the constant and complete
delivery of the property to be rented without regard to losses and expenses.
The potential gross income shall be
reduced in the calculation of the income from the property by the amount of
losses from non- employment areas , rental benefits and losses from
unscrupulous tenants.
Factors
that increase the value of LDPE.
These factors include the provision
of services for car parking provision of telecommunications services (eg ,
connection to data networks ) , the provision in the rental of furniture,
office equipment, etc. , to provide services for the protection of premises
etc.
The real ( effective ) gross income
( DIA ) of the property is a potential gross income, adjusted for employment is
not for sale, losses from unscrupulous tenants, rental benefits, other income
from the property.
Through the effective gross income
must first be reimbursed operating expenses. Operating costs - ensuring the normal
operation of the facility in accordance with its intended use and, accordingly,
to ensure the reproduction of the actual gross income.
In operating expenses include
actual and ongoing costs of maintenance facility in working condition .
Operating costs differ significantly from such well-known concepts as
"cost ". The main difference is the absence in operating expenses
such articles as "depreciation".
Operating costs, as well as the
consumption of any entity can be divided into fixed and variable.
Under the fixed costs are
understood expenses that do not depend on the load (employment) of the object.
These traditionally include property taxes, property insurance expenses. In
addition to the fixed costs is part of the operating costs.
Variable costs - the amount of
which is directly dependent on the load of the object. The composition of the
variable costs depend on the functional purpose of the building, its class, the
traditional set of services provided to tenants , and includes :
- the core part of management;
- utilities ;
- the cost of staff salaries (with
taxes and charges);
- the cost to attract tenants and
lease agreements (advertising, legal fees );
- expenses related to the
maintenance and repair of space facilities;
- the cost of security;
- costs of the territory;
- provision and replacement.
Provision for
replacement - a reserve for the costs associated with the replacement of those
parts of the building and equipment belonging to the building, which is the
relatively short period of time and therefore must be periodically replaced.
They are:
- roofing, flooring
, trim elements;
- plumbing,
electrical equipment and fittings;
- furniture, etc.
In the operating
expenses do not include expenses manager or owner, not directly related to the
operation of real estate , such as taxes on his income , the cost of his
personal insurance , etc.
Net operating
income (CHOD) is the difference between the actual income from real estate and
operating costs on the content of the property.
On the basis of net
operating income can be generated indicators such as cash flow before tax (PBT)
PBT = CHOD - capital expenditures - debt service.
On the basis of the
indicator can be defined PDN ultimate effectiveness of management of the
property, which is determined by return on equity (net profit):
DSC = PDN + income
taxes
The work was
studied monitoring the real estate market and its use in the management of real
estate.
So, the real estate
market is an essential component in any national economy, because the real
estate - the most important part of the national wealth, which accounts for
over 50% of the world's wealth. Without the real estate market may not be the
market at all, as the markets for labor, capital, goods and services for the
implementation of the statutory activities must have (or rent) the necessary
facilities.
The real estate
market - is a specific set of mechanisms by which the rights are transferred to
property and related interests, set prices and allocated space between
competing land use options.
The importance of
the domestic real estate market as a sector of the economy is confirmed by its
high share in the gross national product, a high level of income to the budget
from the initial sale, lease of state and municipal property (including land),
a high level of fees in the budget from property taxes and deals with it.
From the point of
view of business and commercial real estate market activity has its advantages
and disadvantages. The real estate market has many features and is an integral
part of the market space.
All markets,
despite the obvious differences, have a common starting economic substance.
Supply and demand model simplifies reality, focuses on these essential
features.
The activities of the property
manager needs effective interaction not only with the property owner and the
user as the main subjects of the real estate market, but also with contractors
who carry out cleaning and repairs of the property, supply electricity, water,
heat. The duties of the control is to create their own team of workers
entrusted to serve.
Systems management of
non-residential real estate - is making decisions aimed at a more complete and
efficient use of non-residential premises and documentation in respect of
property rights associated with these objects
Property management is a particular
case management as a focused, integrated, systematic exposure of the subject to
his control in order to achieve and maintain the state of the effective
functioning of the facility in accordance with the criteria definable entity
management. In this sense, the management of real estate subject to the general
laws of the management.
At the same time, the management of
real estate is one of the most important powers of the owner, and for bringing
a professional manager and acts as a special kind of business.
Management of real estate (property management) -
Implementation of a set of operations on the operation of buildings and
structures (keeping them in working order, repair, maintenance services,
management Serviced staff, enabling users (tenants), conditions of delivery
space for rent, rent collection and etc.) for the most efficient use of real
estate in the interest of the owner.
In this case, the activity of real estate management
is carried out in three aspects - legal, economic and technical.
The legal aspect of property management is the most
rational use, distribution, and combining the right to property.
The economic aspect of the property management is
implemented through the management of income and expenses that are formed
during the operation of real estate.
The technical aspect of management is to maintain
control object in working condition in accordance with its functional purpose.
The variety of properties, their mutual relationship
with each other utilities, the unity of the territory belonging to one owner,
etc. determine the presence of different levels in the management of real
estate.
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