Proposals for improving the appraisal of real estate. Thesis: Real estate appraisal. Determining the market value of real estate within the framework of the market approach

Substituting real data on the cost per square meter of apartments in the city of Novosibirsk in each quarter of 2006, it can be noted that this value falls within the confidence intervals constructed by the model. According to experts, the resulting model adequately describes the current situation in the real estate market. The forecast of growth in the cost of housing by the end of 2006 for certain types of apartments coincides with the real data, since the market growth predicted by experts is 20-30%. An appraiser is constantly faced with the problem of predicting the cost of apartments, this problem is especially acute when conducting appraisals for lending purposes. The correctness of the decision depends on the experience, qualifications of the specialist, as well as on the quality of the collected data on the market of the object being evaluated.

Introduction

After binding, the price lists are sent back to the Gosstroy for their further approval. Currently, the process of developing a new regulatory framework has not yet been completed.

Real estate appraisal based on the new regulatory framework is a very complex and time-consuming task that requires special knowledge and skills. In order for the new regulatory framework to enter the practice of appraisal, it is necessary to carry out a set of works on the development of software and computer systems adapted to solving applied problems of real estate appraisal.

Recently, regional centers for pricing in construction have begun to work actively, firms specializing in the provision of information services have appeared, for example, the NPF "Center for Information Technologies in Construction".

Suggestions for Improving Real Estate Appraisal Methods

When using these editions, it should be remembered that most of their calculations are based on the regulatory framework of the times of the planned economy, indexed according to certain price coefficients and, therefore, the final results of the assessment may have a significant error for the reasons stated above. When using certain indices, it is necessary to carefully study the prerequisites for their calculation.

Recently, it was published and announced as the first in the country awaited by appraisers Regional Construction Costs Guide (RCC-2006). It shows cost indicators by type construction works, aggregated cost indicators (COI) and "information for assessing the required amount of investment in the express option."

In fact, the last definition refers to the estimated cost of analogous objects of modern buildings and structures.

Residential real estate appraisal (3)

In particular, the demand for valuation in order to reflect assets in financial statements in accordance with IAS, US GAAP or Russian standards accounting; assessment of the cost of intangible assets to determine the effectiveness of marketing and brand strategies; appraisal for the purpose of making transactions of sale and purchase, lease of assets, M&A and other transactions for the transfer of ownership and other property rights; valuation for insurance purposes, additional issue of shares or redemption of shares during the privatization of state-owned enterprises; appraisal for the purpose of lending secured by property, etc. According to the results of the research of the rating agency "Expert RA", the most demanded services for the last year and a half were the services for the appraisal of real estate and business in general.

Thesis: valuation of residential real estate

FEDERAL AGENCY FOR EDUCATION GOU VPO "MOSCOW STATE UNIVERSITY OF SERVICE" Faculty: "Institute of Regional Economics and Municipal Management" Department: "State and Municipal Management" Course project. Topic: Improving the methods of real estate appraisal.

Discipline: Management of municipal real estate. Performed by a student of the GRDS 3-2 Group Shevchuk M.V. Accepted by the teacher Dubovik M.V.

Improvement of methods of real estate appraisal

Thus, RCC compilations should become the basic basis for real estate appraisal. However, there are also significant drawbacks of these collections.

The main one is that they do not provide the initial data and basic assumptions of the obtained values ​​of the value of analogs. So, it is not entirely clear what exactly the composition of the equipment is taken into account in the final indicators, what was included in the other costs of the developer, etc.
The joint work of surveyors, analysts and appraisers in the direction of improving the RCC can lead to the creation of an information base so necessary for real estate appraisers. The main direction in the development of appraisal activities is currently becoming the appraisal of the market value of real estate.
This becomes possible due to the fact that our country is accumulating a database on the actual market value of real estate objects.

Abstract: appraisal of residential real estate

Other situations for application: - feasibility study for new construction, - determination of the best and most effective use land, - renovation, - final cost agreement, - institutional and special purpose buildings, - insurance purposes. - method of market comparisons: assessment of the market value of a property based on data on recent transactions with similar properties. It is assumed that a rational investor or buyer will not pay more for a particular property than it would cost to acquire another similar property with the same utility. - income method: the value of the property is determined by the size, quality and duration of the period for obtaining the benefits that the object is expected to bring in the future.

20. methods of cost-based approach to real estate appraisal (improvements).

Attention

Origin · Natural (natural) objects · Man-made objects (buildings) .2. Appointment Free land(for building or other purposes) · Natural complexes (deposits) for their exploitation. · Buildings For housing. For office. For trade and paid services. For industry. · Others. 3.

Scale · Land tracts. · Separate land plots. · Complexes of buildings and structures. · Multi-apartment residential building. · Single-family residential building (mansion, cottage) · Section (entrance). · Floor in a section. · Apartment. · Room. · Complex of administrative buildings · Building · Premises or parts of buildings (sections, floors) .4. Ready for use · Finished objects · Requiring reconstruction or major repairs · Requiring completion of construction. 1.2 Methodology for evaluating residential real estate.

Improvement of methods of real estate appraisal

Thus, the UPVS collections take into account the following cost items: · direct costs; · Overhead costs; · Planned savings (profit); · General site expenses for the allotment and development of the construction site; · The cost of design and survey work; · Costs associated with the production of work in the winter; · Costs of bonus wages; · The cost of maintaining the management of a standing enterprise; · Losses from the liquidation of temporary buildings and structures; · The cost of transporting workers over a distance of more than 3 km. in the absence of public transport; · The cost of paying bonuses to employees for the mobile nature of work. Experienced appraisers in their calculations use their own developments based on corrections of analogs or aggregated estimates.
In the work of P.G. Grabovoy, S.P. Korostelev “Property Appraisal, Part I.

Topic: improving methods of real estate appraisal

Statistical indicators for this model confirmed the significance of the results obtained. Thus, the resulting model very well reflects the dependence of the average cost of apartments on its parameters in the housing market of the city of Novosibirsk (excluding extreme options).
The presented models were implemented in practice in the real estate agencies of the city of Novosibirsk "Zhilfond" and "Amir - Nedvizhimost", which have staff members to assess the cost of apartments for sale, as well as act as collateral in credit agreements. It should be noted that experts highly appreciated the effectiveness of their application. The second important problem that appraisers face is forecasting the cost of an apartment in the future.

Residential property appraisal

Proposals for improving methods of real estate appraisal Conclusion List of used literature and sources Appendix INTRODUCTION Among the elements of a market economy, a special place is occupied by real estate, which acts as a means of production (land, administrative, industrial, warehouse, retail and other buildings and premises, as well as other structures) and an item or object of consumption (land plots, residential buildings, summer cottages, apartments, garages). Real estate acts as the basis of personal existence for citizens and serves as a basis for economic activity and development of enterprises and organizations of all forms of ownership.

In Russia, an active formation and development of the real estate market is taking place, and an increasing number of citizens, enterprises and organizations are participating in real estate transactions.

After this research work, the following proposals for improving the residential real estate market have been identified. Often a big role in the formation of the cost of 1 sq. m. of living space has a direct influence of the realtor on the buyer or seller. Bad faith and the use of personal interests of employees of intermediary organizations leads to an artificial increase in prices for residential real estate. Thus, the secondary housing market is often simply out of the control of local governments, as it is run by real estate companies. And only a small percentage of the offered apartments on the secondary housing market under the influence of the city administration. Drawing a conclusion from the above, I would like to say that in the conditions of the financial crisis, in this respect, control by local governments is necessary. This is due to a fairly high demand for housing and thus a high percentage of profit from the resale of secondary housing is obtained by small real estate agencies. I would also like to draw close attention of self-government bodies and its structural divisions to the growth in the cost of housing. As the real estate market is in the process of overcoming the crisis and housing prices begin to rise rapidly due to high demand. With the tightening of the terms of auctions for the purchase of land plots for individual residential construction, small companies seeking to obtain high profits without proper fulfillment of the terms of contracts should be squeezed out of the market. Also, on the way to improving the real estate market in Omsk, it is necessary to improve the legal and regulatory framework. This will lead to a decrease in the rate of growth in prices for residential real estate and their equalization with the real needs of the market.

On the way to a perfect real estate market, it is necessary to create services that maintain strict control over this type of documentation. The combination of all the above measures will help the real estate market in Omsk get out of the crisis in the shortest possible time and improve conditions for controlling the turnover of apartments in this market.

Conclusion

In this diploma project, a deep analysis of the current situation on the secondary housing market in Omsk is carried out. At the same time, the natural and ecological state of the city, as well as social and economic factors that have a direct impact on the formation of secondary housing, have been studied.

The capacity of the residential real estate market, supply and demand in the secondary market in the period 2009-2012 was also studied.

A detailed analysis of the proposals on the secondary housing market has been carried out. Possible methods for improving the residential real estate market in the conditions of economic crisis... The prospects for the development of the residential real estate market are considered.

The relevance of the study is emphasized by the fact that the future of cities is largely associated with the development of the residential real estate market. Since the residential real estate market i.e. the housing market is one of the most important markets, it has a direct impact on the life of society, thus the state of other components of the life of society depends on its condition.

The goal of the diploma project has been fully realized. In accordance with the set goal, the following tasks were solved:

Studied the scientific and methodological provisions of the marketing of residential real estate in the city of Omsk;

Considered the legislative and regulatory framework for the development of marketing of residential real estate in cities;

The main directions for improving the residential real estate market have been developed;

The conditions for ensuring the safety of life during the assessment work are considered;

The analysis of environmental solutions in assessing the factors that draw attention to the nature of the city.

FEDERAL EDUCATION AGENCY

GOU VPO "MOSCOW STATE UNIVERSITY OF SERVICE"

Faculty: "Institute of Regional Economics and Municipal Management"

Department: "State and Municipal Administration"

Course project.

Topic: Improving the methods of real estate appraisal.

Discipline: Management of municipal real estate.

Completed by a student

GRDS groups 3-2

Shevchuk M.V.

Accepted by the teacher

M. V. Dubovik

Introduction …………………………………………………………………… .3

I Theoretical part

1.1 Classification of real estate objects …………………………… ..5

1.2 Methodology for appraising residential real estate .............................................. 6

1.3 Housing market ………………………………………………………… 9

1.4 Real estate securities market …………………………… ..13

1.5 Mortgage …………………………………………………………… ..15

II Analytical part

2.1 Modern principles of real estate market analysis …………… 18

2.2 Real estate market research ……………………………… .... 20

2.3 Methods for assessing the market value of real estate …………… ... 26

2.4 Features of different types of assessment …………………………… ... 34

2.5 Influence of factors environment for the cost …………… ... 36

III Practical part

3.1 Practical application of the comparative sales method ……… ..39

3.2 Investment risks and statistics of real estate markets …………… 44

Conclusion …………………………………………………………… ... 47

References ……………………………………………………… .50

Introduction.

The term "real estate" has appeared in Russian legislation since the time of Peter I. However, the current legislative acts have not yet made a clear distinction between movable and immovable property.

Immovable things (real estate, real estate) include land plots, subsoil plots, isolated water bodies and everything that is firmly connected with the land, that is, objects, the movement of which is impossible without disproportionate damage to their purpose, including forests, perennial plantings, buildings, structures. Immovable things also include aircraft and sea vessels, inland navigation vessels, and space objects subject to state registration. Other property may also be classified as immovable by law. So, for example, an enterprise as a whole as a property complex is also recognized as real estate.

In accordance with part one of the Civil Code of the Russian Federation, an enterprise is considered not as a subject, but directly as an object of civil rights.

An enterprise as a whole or part of it can be an object of purchase and sale, pledge, lease and other transactions related to the establishment, change and termination of property rights. The company can also be inherited.

The structure of the enterprise as a property complex includes all types of property intended for its activities, including land, buildings, structures, equipment, inventory, raw materials, products, rights of claim, debts, as well as the rights to designations that individualize the enterprise, its products, work and services (company name, trademarks, service marks), and other exclusive rights, unless otherwise provided by law or contract.

The state body that carries out state registration of real estate is obliged to provide information about the registration made by it and registered rights to real estate objects to any person. This rule will undoubtedly significantly reduce the risk of improper transactions with real estate for participants in civil turnover.

Various forms of ownership: private, joint-stock enterprises, local, municipal and, finally, federal. It is very difficult to determine the effectiveness of one form or another - it all depends on specific situations.

In general, the residential market is much more developed than other segments. And this is understandable. There is already a definite legislative framework governing the processes of privatization of housing, obtaining land for the construction of cottages, etc.

The market of non-residential premises is represented mainly by once purchased or reconstructed premises, converted into offices. But in the course of privatization, more and more objects appear that are leased out or sold at auctions by property funds, i.e. local authorities management. At the second stage of privatization, the real estate market will be replenished with industrial facilities and, to an even greater extent, with retail and service facilities.

After the introduction of the right to private ownership of real estate and the privatization in the Russian Federation, the state ceased to be the sole owner of the overwhelming number of real estate objects, which served as the beginning of the formation of the real estate market.

I Theoretical part

1.1 Classification of real estate objects.

Real estate appraisal is of interest, first of all, for categories of objects that are actively circulating on the market as an independent commodity. Currently in Russia it is:

Apartments and rooms

Premises and buildings for offices and shops

Suburban residential buildings with land plots (cottages and summer cottages)

Free land plots intended for building or for other purposes (in the short term)

· Warehouse and production facilities.

In addition, real estate objects, as a rule, are part of the property complex of enterprises and organizations (in particular, those being privatized) and significantly affects their value. There are other categories of real estate objects, the market for which has not yet formed.

The assessment of an object is influenced by a variety of conditions and their combinations. Here is an example of classification signs.

1. Origin

· Natural (natural) objects.

· Man-made objects (buildings).

2. Purpose

Free land plots (for building or other purposes)

· Natural complexes (deposits) for their exploitation.

· The buildings

For housing.

For the office.

For trade and the sphere of paid services.

For industry.

· Others.

3. Scale

· Land areas.

· Separate plots of land.

· Complexes of buildings and structures.

· Multi-apartment residential building.

Single-family residential building (mansion, cottage)

· Section (entrance).

· Floor in section.

· Apartment.

· Room.

· Summer cottage.

· A complex of administrative buildings.

· Building.

· Premises or parts of buildings (sections, floors).

4. Ready to use

· Finished objects.

· Requiring reconstruction or major repairs.

· Requiring completion of construction.

1.2 Methodology for evaluating residential real estate.

Practical experience indicates: for small residential real estate, it is advisable to carry out valuations according to a simplified procedure, which can only be based on the method of comparison of market sales. The approach to valuation in terms of comparison of sales is based on a direct comparison of the appraised property with other real estate items that have been sold or are included in the register for sale. Buyers often base their value judgments primarily on the properties offered for sale. Appraisers also use this information along with information about properties sold or leased. This approach is based on the principle of substitution, which states: when there are several goods or services of similar suitability, the one with the lowest price is in the greatest demand and is the most widespread. With regard to housing, this means: if it can be seen on the market (which usually happens), then its value is usually set at the cost of acquiring a home of equal degree of attractiveness, which will not take long to implement a replacement.

Mass real estate appraisal is a special approach to simplified appraisal of a large group of similar objects (apartments). Such an assessment is carried out according to a certain method: for the evaluated object, the corresponding set of values ​​of a fixed set of its parameters is determined, and then the value of its evaluation is formed according to the rules unchanged for all objects.

Bulk appraisal has its own specific areas of application. An example of such an appraisal is the appraisal of apartments "according to the Bureau of Technical Inventory (BTI)" based on a cost approach. It is carried out by a government agency and is used to determine taxes and fees. However, the BTI assessment is not focused on market value... Therefore, market information is not required to build it.

The difference between the actual selling price and the market value should be emphasized. The prices are divided into the seller's price, the buyer's price and the selling price.

The seller's price is the amount he receives for himself as a result of the transaction. The buyer's price is the sum of all the costs of buying an apartment. The selling price is the amount of money that the buyer gives to the seller for the apartment.

They differ in the amount of payment for the services of intermediaries and the cost of completing the transaction. An intermediary may or may not be present for both the buyer of the apartment and the seller. The transaction may or may not be insured. The costs of registration of a transaction can be distributed among its participants in different ways. Therefore, the selling price characterizes the apartment as such, and the buyer's and seller's prices are highly dependent on the terms of the transaction. As a rule, if the seller has an intermediary, then his payment is deducted from the selling price and reduces the seller's price, and vice versa, the payment by the buyer for the services of his intermediary increases the buyer's price in relation to the selling price. Similarly, these prices are affected by the payment for the execution of the transaction. Thus, the price of the seller and the buyer can differ significantly (up to 15% or more). But the selling price depends minimally on their specific features of the mechanism of sale and registration of the transaction and is determined by the specifics of the apartment itself. Therefore, it is advisable to model precisely the dependence of the selling price on many parameters of the apartment.

In accordance with its definition, the market value of a property depends on those factors that determine the average or more probable price of its sale in the market under normal conditions of the transaction.

At the first level of classification, they can be subdivided into objective and subjective factors.

Objective factors are considered when determining the market value. As for subjective factors, they are associated with the behavior of a specific buyer, seller or intermediary when concluding a transaction, in part not directly determined by its economic conditions (temperament, awareness, honesty, patience, gullibility, personal likes and dislikes, etc.).

Objective factors are mainly economic determinants, ultimately, the average price level of specific transactions.

Economic factors can be subdivided into macroeconomic and microeconomic. The first include factors related to the general market situation: the initial level of provision of demand for real estate in the region; volumes and structure of new construction and reconstruction; factors of migration; legal and economic conditions transactions; the level and dynamics of inflation; dollar rate and its dynamics. In our conditions, the following long-term factors can also be indicated as part of the group of economic factors:

Differences in the dynamics of prices for goods and services, as well as wage conditions affecting the scale of accumulation Money and the amount of deferred demand;

· The pace and scale of the formation of a new social stratum with opportunities to invest in real estate;

· Development of the mortgage system;

· Development of the system of foreign representations in the region.

Microeconomic factors characterize the objective parameters of specific transactions. Of these, those that describe the object of the transaction (apartment) are especially important. Factors related to the nature of the transaction and the terms of payment are also significant. The main procedures for registration of transactions and their payment have been worked out. Therefore, in the mass appraisal of the market value of apartments, one can and should be guided by the typical (average) nature of the transaction, consider this factor constant and not take it into account when assessing the market value of apartments. Then the market value (average price) of an apartment is assessed on a fixed date and is determined by its parameters (characteristics) as use value.

1.3 The housing market.

The potential for this market is enormous. At least 90 percent of housing in every, as they say, civilized country is bought today in installments.

The housing market in Russia has become especially widespread as a result of the privatization of apartments. Free, as in Moscow, or preferential, as in other cities, the transfer of apartments to private ownership has created new opportunities for owners to deal with this type of real estate.

At the same time, the forms of buying and selling apartments and other types of housing have also developed. Among these forms, the purchase of apartments in installments is becoming more and more widespread. It should be noted that in the West, almost all real estate owned by the population is burdened with debts, the need to pay the cost of housing in installments. In Russia, as a result of privatization, each citizen became the owner of immovable assets (apartments, garden and summer cottages), not burdened with debts. Therefore, Russian citizens find themselves in a much better position in this respect than citizens of other countries.

At the same time, all this will be complemented by the newly opened opportunities for acquiring housing on credit. Briefly, the scheme is as follows.

The apartment itself serves as the material security for the loan. Until the loan is repaid, the buyer is legally only its tenant. The buyer immediately lays out the first installment - about 30 percent; the remaining 70 are paid by the bank with which the corresponding agreement has been concluded with the real estate company.

The bank or its subsidiary company collects documents, deals with the sale and purchase transactions, makes settlements with the seller, etc. Therefore, the size of the commission, for example, in Moscow reaches 13 percent of the market price of an apartment. These costs are justified if the transaction is made with the participation of reliable organizations, since the housing market for last months acquired a certain criminal connotation.

A large number of criminal situations arise in connection with the presence of "left" dollars in almost every transaction, transferred from hand to hand after the completion of the official registration procedure.

"Left" dollars is, as a rule, the difference between the market price of an apartment and the amount at which it was estimated by the BTI. Therefore, one does not need to be a specialist to understand: to eliminate the “leftists”, one has to choose one of two ways: either the conservative way - to bring the BTI's appraisal practice closer to the real conditions of the market; or a radical way is to abandon this practice and switch to other forms of control over the asking price of real estate.

Constantly increasing coefficients bring BTI estimates closer to market prices by leaps and bounds.

All possible taxes have already been deducted from the income for which a citizen once bought an apartment (or other property that can later be sold). Therefore, from any point of view, the sale of property cannot be considered a fact of obtaining additional income; it is only a change in the form of property belonging to a citizen. And levying tax on the amount of such a change is a secondary tax charge on the same income.

Market redistribution of apartments has improved the use of housing stock, stimulated the resettlement of part communal apartments, allowed to partially solve the housing problem.

On the whole, the housing problem not only persists, but also intensifies. This is facilitated by the constant influx of refugees and forced emigrants from neighboring countries to Russia.

Use of apartments for non-residential purposes.

After the privatization of a significant share of the residential sector in cities, the problem of using apartments that are owned for other purposes has become aggravated.

Of course, the use of residential premises owned by citizens and legal entities for non-residential purposes - to accommodate offices, offices, workshops, computing centers etc. - by no means contributes to the solution of the housing problem, since a significant part of the living space is withdrawn from the city-wide fund. However, the ways to combat this limit the freedom of the owner and are often illegal.

Even if the housing inspectorate or the police department is able to establish the fact of misuse of the apartment and, having formalized it accordingly, will present it to the court, then the judges have no legal grounds to satisfy such a claim. In accordance with Art. 6 of the Law “On the Fundamentals of the Federal Housing Policy”, the owner of real estate in the housing sector has the right, in the manner prescribed by law, to own, use and dispose of it, including rent, lease, pledge, in whole and in parts, etc. if this does not violate current norms, housing and other rights and freedoms of other citizens, as well as public interests. Among the obligations of the owner when using the living quarters, established by Art. 4 of the same law, there is no such obligation as the use of a dwelling for its intended purpose. True, here you can apply Art. 7 of the Housing Code of the RSFSR, which establishes that residential buildings and residential premises are intended for permanent residence of citizens.

But at best, taking into account this article on the basis of Art. 48 of the Civil Code of the RSFSR, only a residential lease agreement can be invalidated as not complying with the requirements of the law. But, on this basis, it is not possible to terminate the contract on the transfer of ownership of housing, since no legislative act (and this should be only a law, and not an order of the mayor or a government decree) contains such a legal basis.

The lack of a clear regulatory framework leads to the fact that even the judicial authorities are sometimes unable to figure out who and on what grounds has the rights to a particular object. However, the stable demand for offices, retail and warehouse space, as well as the high cost of such property, which guarantees considerable commissions, attract a large number of intermediary structures. If in 2000 only 42 percent of the respondents were engaged in transactions with non-residential premises, then by now this figure has increased to 70 percent.

1.4 Real estate securities market.

The segment of the real estate market is the most underdeveloped. This reveals both the lagging behind of the entire stock market and the insufficient involvement of real estate itself in the commercial turnover. The real estate market players prefer direct investments so far. The range of securities associated with the use and sale of real estate is also narrow.

First of all, the indisputable advantage of housing bonds is their accumulative nature. They make it possible to gradually accumulate the required amount for the purchase of an apartment, being a certificate of the right to the area of ​​housing indicated in the nominal value.

The fractional parity of bonds in relation to the footage of real apartments allows at any time to stop at that level of living space and comfort, which will be recognized as sufficient or maximum possible. Although it should be recognized that this positive property of housing bonds is somewhat limited by the fact that they give the right to purchase only newly commissioned housing. The rather limited standard of construction and the specifics of new development areas can significantly narrow the circle of those wishing to purchase bonds to solve their housing problems, and this is precisely where their main value lies. If the possibility of purchasing municipal housing with the help of bonds in any area of ​​the city, of any level of comfort and “age”, would be envisaged, then their attractiveness would significantly increase. This could provide an increase in the competitiveness of housing bonds in relation to other, considered to be sufficiently reliable means of payment (currency).

Another undoubted advantage of housing bonds is their anti-inflationary nature: the ability to save money in one way or another from depreciation. Therefore, monthly quotes for the value of housing bonds should include at least tracking the inflation rate. Meanwhile, the mechanism of monthly quotations provided for by the projected form of emission is capable of amortizing only general macroeconomic fluctuations, which are significant on a time scale, but not current changes housing market conditions.

The possibility of changing quotations depending on the timing of receiving housing when bonds are redeemed, say, within the range from 1 to 6 months, could significantly increase both the attractiveness of this stock market instrument and the degree of its liquidity.

Property valuation. Market-based valuation methods help maximize the beneficial use of real estate, this new resource that businesses and citizens have at their disposal. This assessment becomes necessary even when the owners of land and real estate want to mortgage them for a loan. Without a proper assessment, count on attracting additional investments, including foreign ones.

At the first stage of privatization, when creating joint ventures, such assessments were either not made at all, or were made simply by eye. The investor himself determined the price. When it concerned serious objects, Western appraisal firms were involved, which in most cases carried out appraisals in favor of foreign investors, understating the real market value of our assets.

Assessment is also necessary for the secondary issue of shares of privatized enterprises seeking to increase their authorized capital by an amount supported by real material resources. It is the real issue prospectus that will allow investors to avoid mistakes in establishing share prices. Appraisal is also necessary in the division of property, in determining the best commercial use of land and real estate, and in all other transactions related to real estate.

Analysis of the prospects for increasing the value of real estate and its commercial use should be based on a rigorous economic calculation, accurate and professional assessment of the real market value of the property. An appraisal is based on knowledge, experience, the use of strictly defined approaches, principles and methods, as well as procedural and ethical standards, the opinion of a specialist or a group of experts, usually professional appraisers, about the value of the property.

Market value refers to the most likely price to be generated when a property is sold in a competitive and open market, given all the conditions necessary for a fair transaction to occur.

These conditions are:

1. The buyer and the seller act on the basis of typical, standard motives. The deal is not forced on either side.

2. Both parties have full information for decision-making and act in an effort to best meet their interests.

3. The object has been exposed on the open market for a sufficient time, and the optimal moment has been chosen for the transaction.

4. Payment is made at monetary form or agreed financial conditions comparable to paying in cash.

5. The transaction price reflects normal conditions and does not include discounts, concessions or special lending to either party associated with the transaction.

6. The property is in general demand and has marketable utility.

7. The object is rather scarce, in other words, there is a limited supply that creates a competitive market.

8. The object is endowed with the properties of alienation and is able to be passed from hand to hand.

1.5 Mortgages.

Mortgage means the issuance of a secured loan real estate... The classic mortgage object is a land plot. Mortgages open up the possibility of providing buildings, structures, residential buildings, and individual apartments as collateral.

Mortgages are generally inexpensive, the margins of mortgage banks are low, and profits are “made” from large volumes of placed loans. These banks also attract funds at low interest rates, but due to the very high reliability, the mortgage bonds they place are in steady demand.

There are four entities in the mortgage market:

1.the borrower seeking to acquire possibly the best real estate;

2. a bank that seeks to obtain the maximum possible profit by limiting the risk of a mortgage;

3. an investor who seeks to get the maximum profit by investing in mortgages;

4. the government, which must create the legal and economic conditions for the functioning of the mortgage lending system.

Mortgage lending mechanisms must ensure the availability of credit for the borrower, as well as the profitability of lending.

There are several types of credit mechanisms that allow, to a greater or lesser extent, to circumvent the fairly high inflation rate that exists in the country.

The first mechanism is fixed rate lending.

The second mechanism is based on loans with a rate adjusted according to the price level in the country, when the lending rate is periodically (approximately once a quarter) revised depending on changes in the price level.

The third mechanism - lending with adjustable deferred payments - was developed by one of the US economic institutions specifically for use in Russian conditions. Its essence is that the borrower must pay no more than 30 percent of the income on the principal debt or loan. The initial payout is relatively low and increases over time. This allows you to postpone the payment of the main part of the debt to a later date. The principle of this mechanism is that two interest rates, one of which is called "contractual" and serves to calculate the amount of debt, and the second - "payment", to calculate monthly payments. These rates are uneven.

The Law of the Russian Federation “On Pledge” establishes a general principle regarding the registration of a mortgage. It must register with the same government agency that is responsible for registering the rights to the property being pledged. This principle implies that mortgages on residential premises must be registered by the housing privatization departments.

“Mortgage” agreements regarding buildings and structures located on land must be registered in the “land list” of the territory in which the property is located, which can also currently be interpreted as registration by local land committees, although at the time the law entered into force could mean local Councils.

The mechanism for the sale of pledged property is established by the legislator as general for both immovable and movable property.

By virtue of Art. 350 of the Civil Code of the Russian Federation, the sale (sale) of the pledged property, which, in accordance with the law, is foreclosed, is carried out by selling at a public auction in the manner prescribed by procedural legislation, unless a different procedure is established by law.

The requirement to sell the pledged property through a public auction is imperative, and if the concept of the rules on pledge is followed, it cannot be circumvented. But if the pledgee nevertheless wishes to acquire the property, which is the subject of the pledge, into ownership without a public auction procedure and is supported by the pledger, then this can be done in accordance with Art. 409 of the Civil Code of the Russian Federation. The article allows the conclusion of an agreement on compensation between the parties, where the creditor states the debtor's obligations as terminated, and the latter, in return for fulfilling his obligation, provides a compensation, that is, in our case, the pledger transfers the real estate to the mortgagee.

II Analytical part

2.1 Modern principles of the analysis of the real estate market.

The success of a business in a market economy is largely determined by the quality of information on the basis of which responsible financial decisions are made. That is why the collection and analytical processing of information, including market information, today are both the subject of a separate study from a scientific and methodological point of view, and the subject of an independent business.

The most illustrative illustration of the above is the example of information support for doing business in the stock market. Scientific theories and schools have been created and continue to improve, which have been repeatedly awarded Nobel Prizes; many works have been written on technical and fundamental analysis, which have become the reference books of stock market specialists. The worldwide practice of in-depth testing of analysts' knowledge for their admission to work with information on the securities market is considered normal. And this despite the fact that in the stock market, in comparison with other markets, the patterns of a perfect market should be identified in the most explicit form in terms of participants' awareness.

The real estate market, in contrast to the stock market, is more than far from perfect in many respects, which determines the specifics of its research. On the one hand, analysts are faced with difficulties, and sometimes the impossibility of correct and unambiguous formalization of economic relationships in the real estate market. On the other hand, it is obvious that there is no prospect of transferring analysis technologies used in other markets to the real estate market in a pure form, since these technologies are adapted for use in a different market environment. In view of the above, high-quality analytical work in the real estate market seems to be a highly complex subject that requires an analyst, in addition to deep theoretical knowledge of real estate economics, constant practice and creative research in research that form professional intuition.

Studying almost a century history of the functioning of real estate markets in the developed countries of the world, one can come to the conclusion that insufficient attention paid to the quality of analytical work is one of the main reasons for most major crises in the real estate markets. A typical example is the crisis in the US real estate market in the late 80s and early 90s. According to experts, excessive and disorderly investment in new construction has led to oversaturation of the market and, accordingly, the lack of demand by the market for a large number of projects for which loans were issued. This situation was based on unrealistic market expectations stemming from the wrong structure of incentives in the analysis, weak analysis methodology and an incomplete amount of data characterizing the current conditions. The structure of incentives that guided developers, appraisers and credit institutions was deformed by the interest of some to get loans, others to justify obtaining a loan, and still others - to place their funds. At the same time, all parties were solving their problems at the expense of unreasonably optimistic expectations.

The use of weak analytical methodology, expressed in inadequate assumptions and procedures, in conjunction with insufficient quality data from local markets, as a rule, resulted in the emergence of unfounded market research and, accordingly, investment decisions based on it. As a result of the crisis, credit institutions formed a stable syndrome of distrust in general to any projects and market research in particular. This, in turn, led to the understanding that real estate analysts in their work should be guided by some general principles that are necessary (but not sufficient) to obtain accurate conclusions and results. On the other hand, there is an urgent need for clear and easily identifiable criteria that determine the relevance of market research to the category of validity.

Considering the prospects for the development of the real estate market in Russia, we can assume that the absence of potential crises is an overly optimistic scenario. However, the consequences of such crises may be less significant if already today, at the stage of active market development, some general principles and

requirements for analytical studies, on the basis of which investment decisions will be made.

Not only the threat of crises, but also current day-to-day problems - increasing competition, reduced opportunities for short-term super-profits, the beginning of the implementation of long-term and capital-intensive projects for the development of commercial real estate, the arrival of foreign investors on the market with high requirements for substantiating decisions, etc. - objectively indicate that the importance of qualitative analysis in the real estate markets of Russia will gain more and more weight in the near future.

2.2 Research of the real estate market for the purpose of substantiating investment decisions.

The ultimate goal of any study of the type under consideration is to measure the ratio of supply and demand for a specific type of product in the real estate market at a specific (usually future) point in time.

The special characteristics of real estate as a commodity, along with the special place of real estate in a market economy, form a fairly wide range of socio-economic information necessary for positioning this commodity on the market. Current and retrospective macro economic characteristics national and regional economies, socio-demographic indicators of regional and local markets, parameters of regional and local real estate markets - these are just general directions in which research should be carried out.

Principle 1. Only information that can truly determine the future productivity of the investee should be selected for analysis.

When following this principle, the main difficulty for the analyst is the absence of standard rules or unambiguous recommendations, according to which the initial information should be formed. It is here that the analyst must show all his knowledge, professional intuition, creativity and practical experience. Moreover, this is where the foundation for the consistency of the research as a whole is laid.

Principle 2. All current and prospective data on which the study is based should be used to quantify the performance of the real estate investment project under consideration.

However, even carefully selected information that is directly related to the subject of assessment is, figuratively speaking, a “heap of bricks” from which the analyst must lay down, according to all the rules of the building art, a solid foundation for analytical research. And here you cannot do without a solid solution that binds the individual elements into a single monolith.

Principle 3. All individual blocks of information selected to justify an investment decision should be linked by a clear logical scheme, ending with the forecast of future market conditions and the corresponding productivity of the project under consideration. The logic diagram must be described explicitly.

A positive customer perception of a market research report that lacks a logical framework can only be if:

a) the analyst takes advantage of the customer's ignorance, or

b) the customer is initially supportive of the results.

On the other hand, building a convincing and obvious logic diagram is a demonstration of the analyst's superior professionalism.

Continuing the reasoning about the need to build a logical framework for research, we will consider another principle that concretizes the content market analysis.

Principle 4. The content of market analysis should be reduced to a discussion of the factors that make up the basic relationships for determining the performance of a commercial property.

In accordance with this principle, the analyst in the course of the study must formulate the basic relationships that determine the performance of a commercial object, and then identify the hierarchy of parameters-arguments, the functions of which are the factors included in the main expression for performance.

Let us illustrate a practical approach to the implementation of this principle with the following simplified example.

Let the criterion for the performance of the project under consideration be the net operating income (NOI) in a specific period of the future. Then, by definition, the main expression for determining performance will have next view:

NOI = PGI-V & L + M-FE-VE, where

PGI - Potential Gross Income,
V&L - losses from underutilization and non-payments.
M I - other income.
FE - fixed operating expenses,
VE - variable operating expenses.

Consider the procedure for identifying the parameters that determine the expected values ​​of the main factors.

Potential gross income is determined by the rental rate, which in turn is a function of the current rental rate, as well as trends in the ratio of market supply and demand over time.

The projected utilization of a property is a function of the cumulative market capacity, demand parameters, market absorption rate and growth of the real estate absorption area. For projects, the predicted utilization determines two indicators - the utilization level and the time schedule for market absorption to this level.

The growth in the area of ​​absorption of real estate is determined either by an increase in the number of jobs (employment level), or by population growth. In turn, an increase in the area of ​​absorption leads to the need for new real estate.

It should be noted that employment growth and population growth in one case can be directly related, for example, with the opening of new jobs and the influx of new able-bodied people. In another case, population growth can grow without an increase in employment, for example, due to an increase in the arrival of retirees or an increase in the birth rate. Qualitative analysis involves the use of several sources of information that provide historical trends and forecast of the growth of the area, with subsequent comparison of the data. The segmentation of the growth of the area is also mandatory, for example, by age groups, sex, family size, etc. The absence of the listed positions in the study should be attributed to the unjustified choice of data for use in the analysis.

Demand parameters are determined by such specific indicators as area (office or production) per one workplace, spending on purchases per capita, the number of apartments or houses per capita, etc. The demand parameters are used to calculate the amount of required real estate, which corresponds to the growth of the real estate consumption area. For example, applying the average purchase cost measure to population growth predicts an increase in retail sales, and thus the need for additional retail space. When analyzing the housing market, population growth segmented by age, income, size or family composition is converted into segmented demand. A consistent analysis of demand parameters involves the study of historical trends, the current state and forecasting their likely value in the future. Moreover, a consistent analysis measures the change in demand not only due to new growth in habitat, but also due to changes in the existing structure of population and employment. For example, with economic recovery, growing companies require large areas, and changes in the demographic situation towards an increase in people of retirement age will require an appropriate type of housing.

The signs of the failure of the analysis of demand parameters should include, first of all, taking into account constant values, as a rule, which are characteristic of the moment of the analysis, as well as ignoring changes in the existing structures of population and employment.

The absorption rate, also called the market penetration rate, is determined by the share of total market demand that the project in question is projected to absorb in competition with other projects. After the analyst has estimated the total increase in potential demand, it is necessary to determine the critical parameter for the project - the share of total demand that the project under consideration can probably claim.

In theory, absorption coefficient is a complex function of many factors. As a first approximation, it can be defined as the ratio of the area of ​​the evaluated object to the total area (including the area of ​​the object) of the competitive proposal at the time of its launch on the market. This approach, as a minimum, should be present in every market research claiming solvency.

It should be noted that when determining the absorption coefficient, the most important conditions are detailed segmentation of demand and competitive supply. At the same time, one should not lose sight of the duration of competing projects launched in the implementation, the volume and duration of projects being prepared for implementation. The first sign of a flawed study here is the use of any "mean" data.

Losses due to generally accepted discounts and incentives for tenants in the market are also a factor that should not be overlooked when forecasting potential gross income.

Other income, although, as a rule, represents a small component of the revenue part, nevertheless, it should be predicted taking into account the likely preferences of potential consumers in the light of their ideas about lifestyle, level of service and per capita expenses to obtain this level, etc. .d.

Fixed and variable costs are traditionally considered more specific when forecasting. However, this formulation of the question is only partially true for the conditions of Russia. For example, real estate taxes (today these are property taxes, land taxes) and land rent due to unregulated legislation may present unexpected "surprises" to a potential investor in the future. Therefore, a sound market research should include variant forecasting of these positions.

A similar situation is observed with most of the variable costs. Analysis of the market for utilities, most of which are provided by natural monopolies, unstable tariff policy require a quantitative substantiation of the indicators taken into account. At the same time, it is important to use market information on resource consumption, obtained on the basis of readings of control and measuring equipment. In the absence of market analogues in terms of resource consumption, it is more preferable to calculate them according to standards, rather than using invoices issued by utility suppliers.

2.3 Methods for assessing the market value of real estate.

There are three main methods for assessing the market value of real estate:

1.comparison method

2.expensive method

3. method of capitalization of income.

The primary valuation method is the Sales Benchmarking Method (SEA). This method is applicable when there is a market for land and real estate, there are real sales, when it is the market that forms prices, and the task of appraisers is to analyze this market, compare similar sales and thus obtain the value of the appraised object. The method is based on comparing the object offered for sale with market analogues. It is most widely used in the West (90 percent of cases). However, this work requires an already formed land and real estate market.

The sales comparison method is used when there is a sufficient amount of reliable market information on transactions for the sale and purchase of objects similar to the one being assessed. In this case, the criterion for the selection of objects of comparison is the same best and most efficient use.

SAP method can also be called direct sales comparison approach, sales comparison method, market information market method.

The sequence of application of the SAP method is as follows:

1. Highlights recent sales of comparable properties in the relevant market. Sources of information are: the appraiser's own dossier, the Internet, an electronic database, real estate firms, real estate broker dossiers, archives credit institutions (mortgage banks), Insurance companies, construction and investment companies, territorial insolvency and bankruptcy departments, territorial departments of the State Property Committee, etc.

An important point when using the SAP method is to agree on the comparison results of the appraised real estate. Arithmetic averaging of the received data is not allowed. The accepted procedure is to examine each result and make a judgment on the extent to which it is comparable to the property being valued. The smaller the number and size of the amendments made, the more weight this sale has in the process of finalizing the approval.

The units of comparison are the meters traditionally developed in the local market. To evaluate one and the same object, several units of comparison can be applied simultaneously.

The elements of comparison include the characteristics of real estate objects and transactions that cause changes in real estate prices. The elements subject to mandatory accounting include:

· The composition of the transferred property rights;

· Conditions for financing the purchase and sale transaction;

· terms of sale;

· Time of sale;

· Location;

· physical characteristics;

· Economic characteristics;

· The nature of use;

· Non-real estate value components.

2. Verification of information about transactions: confirmation of the transaction by one of the main participants (buyer or seller) or an agent of a real estate company; identification of the terms of sale.

If there is a sufficient amount of reliable market information, it is allowed to use the methods of mathematical statistics to determine the value by comparing sales.

3. Adjustment of the cost of comparable objects.

Adjustments can be made in three main forms: in monetary terms, percentages, and general grouping.

Sales price adjustments for comparable items are made in the following order:

· First of all, adjustments are made related to the terms of the transaction and the state of the market, which are carried out by applying each subsequent adjustment to the previous result;

· Secondarily, adjustments are made that relate directly to the property, which are made by applying these adjustments to the result obtained after adjusting for market conditions, in any order.

Quantitative and qualitative methods are used to determine the values ​​of adjustments, depending on the availability and reliability of market information. The justification for the adjustments to be taken into account is mandatory. The final decision on the value of the result determined by the sales comparison method is made based on the analysis of the adjusted sales prices of the comparison objects that have the greatest similarity to the object of assessment.

The cost estimation method is practically not applicable to land. It can be used only in exceptional cases, the valuation of land is inseparable from the improvements made on it. It is believed that land is permanent and non-expendable, and the cost method is used to evaluate man-made objects. When valuing using this method, the value of land is added to the cost of improvements (buildings, structures), and land is valued separately by other methods.

The cost method of real estate appraisal is implemented in the following sequence:

· Determination of the cost of a plot of land;

· Determination of the replacement or replacement cost of buildings and structures;

· Determination of the amount of accumulated depreciation of buildings and structures;

· Determination of the market value of real estate using the cost method, as the sum of the value of a plot of land and the replacement or replacement value of buildings and structures minus accumulated depreciation.

The choice of the method adopted for calculating the cost of new construction improvements should be appropriately justified. The use of replacement cost is advisable in cases where it is difficult to determine the cost of erecting an exact copy of a building due to outdated types building structures and the construction methods used to create the subject of assessment.

The costs corresponding to the replacement or replacement cost for real estate appraisal purposes are calculated as the sum of direct costs, indirect costs and the entrepreneur's profit.

Direct costs include the following costs directly related to construction:

· The cost of materials, products and equipment;

· Wages of construction workers;

· The cost of construction machines and mechanisms;

· The cost of temporary buildings and structures, safety measures, transport and storage costs and other costs, normatively accepted in the local market;

· Profits and overheads of the contractor.

Indirect costs include costs associated with the construction of a building, but not included in the cost of construction and installation work.

· The cost of design, technical supervision, geodetic control;

· Payment for consultations, legal, accounting and audit services;

· The cost of financing construction;

· Administrative and other expenses of the developer.

The amount of indirect costs is determined taking into account the tariffs prevailing in the market for works and services for these items.

An entrepreneur's profit is an established market norm that encourages an entrepreneur to invest construction project... The amount of profit is determined by the method of expert assessments based on market information.

The use of the cost method is necessary when analyzing new construction; reconstruction of buildings; assessment for tax purposes; to identify excess profits in real estate appraisal; when evaluating for insurance purposes; assessing the impact of natural disasters; assessment of special buildings and structures.

In the context of the transition to market conditions, the cost method is decisive in the assessment, since the application of other methods requires extensive market information, which is absent due to an undeveloped market. However, it should always be remembered that construction costs are only the basis of the market value and most often are either more or less than it.

For example, the market value of an elite hotel in an unfortunate location (on the outskirts of a city) will be less than the cost method. In turn, the market value of a gas station complex at a certain stage may be higher than construction costs.

In the conditions of the emergence of the market, when there is a reorientation of production to new technologies, it may seem that the property has no value at all. For example, if an enterprise produces products that no one needs and its production areas do not lend themselves to reconstruction for new production, then the market value of such real estate tends to zero. The use of the costly method will lead in this case to the wrong orientation of potential buyers.

At present, in Russia, this point is often taken into account when incorrectly evaluating the fixed assets of enterprises, since their revaluation is carried out mainly according to the cost method and the appraiser should remember that book value fixed assets of enterprises does not correspond to their market value.

The next valuation method, which is applicable specifically for Russia, is the valuation method based on the analysis of the most efficient use of real estate, and this analysis is associated with determining the type of use that will bring the owner the maximum income, i.e. income capitalization method.

The income capitalization method when assessing the market value of real estate is implemented in the following sequence:

· Forecasting future income;

· Capitalization of future income.

The future income generated by the property is divided into two types: income from operating (maintenance) activities as a result of commercial lease relations and income from reversion.

Operating (operating) income is projected by drawing up a reconstructed (hypothetical) income statement. Reversion income is projected:

· Direct assignment of the absolute value of the reversion;

· The appointment of the relative change in the value of real estate for the period of ownership;

· Using the terminal capitalization ratio.

Capitalization of future income into present value can be performed:

· Method of direct capitalization;

· Method of capitalization at the rate of return.

The initial premise of the direct capitalization method is the constancy and infinity of the capitalized income. In the direct capitalization approach, the present value of the future income stream is defined as the ratio of the annual income attributable to a property or interest to the capitalization ratio for that property or interest.

To calculate the cost of full ownership, the total capitalization ratio is determined based on market data. Depending on the availability of the initial information, the following applies:

· Analysis of comparative sales;

· Calculation using the debt coverage ratio;

· Equipment of the investment group.

The initial premise of the method of capitalization at the rate of return is the limited period of income receipt. In the method of capitalization at the rate of return, the final number of future cash flows is recalculated into the present value at a specific value of the rate of return corresponding to the risk of investment in this type of real estate.

When calculating the present value without taking into account financing conditions, the capitalization method at the rate of return is formalized either in the form of an analysis of discounted cash flows, or in the form of calculated capitalization models.

The discount rate used in the analysis of discounted cash flows and taking into account both systematic and non-systematic risks is determined by:

By separating similar items from market data on sales;

By the method of alternative investments in financial market;

The method of monitoring the real estate market.

Recently, the demand for the services of appraisers and their professional training in Russia has begun to grow rapidly. This is also due to recent events in the financial sector, when attempts to create a mechanism for lending through credit insurance failed: banks lost a lot on fake insurance. In the case of real estate, which is taken as collateral by the bank when issuing a loan, losses are almost impossible. Thus, real estate and capital markets become inseparable components of the economy as a whole.

Naturally, there was a lot of interest from banks in such operations. And they all need a qualified appraisal of real estate, carrying out insurance at the real value of real estate.

The assessment is also necessary in the framework of regional tax policy. All over the world, the basis of the local taxation system is the tax on real estate, due to this tax, about 70 percent of the local budget is formed. Of course, with the development of the market itself, with the advent of real values a transition to a taxation system is possible that would stimulate the development of the real estate market and ensure, at the same time, replenishment

local budgets. This explains the unconditional interest in the assessment shown by local administrations.

The cost of professional appraisal services varies greatly depending on the types of objects being appraised, the complexity of the work and, of course, on which specialists are involved in the appraisal. Usually, the cost of services is measured either in hours multiplied by the hourly rate, or depends on the size of the object, but is never tied to its cost.

2.4 Features of different types of assessment.

Valuation for the purpose of buying or selling and classification of real estate.

When appraising real estate that is to be bought or sold on the open market, the market value or realizable value is used as the valuation base for all classes and categories of real estate. At the same time, for specialized real estate, in most cases, the determining method of calculating the cost will be the cost method based on market data.

When evaluating real estate for sale for a limited period of time, when real estate is put on the open market for sale in a period significantly shorter than the adequate marketing period for this type of real estate, the cost of limited sales is used as the basis for the valuation for all classes and categories of real estate.

For the selection of an appropriate valuation base, the purpose of the valuation work and the characteristics of the property being valued are of decisive importance.

In general, the classification of the main purposes for which real estate is appraised is as follows:

1. Appraisal for buying or selling;

2. Appraisal for sale for a limited period of time;

3. Valuation of land and buildings for their use as secured loan obligations;

4. Assessment for the preparation of accounting and financial statements;

5. Evaluation for inclusion in the prospectuses of Funds, stock exchanges;

6. Assessment to resolve issues in the merger and acquisition of the company;

7. Score for pension funds, insurance companies, real estate management trust funds.

In practice, there may be other valuation goals, while their formulations and, accordingly, possible valuation bases must be agreed by the client and the appraiser.

After clarifying the purpose of the appraisal, it is necessary to establish to which class and category the appraised property belongs.

For valuation purposes, two classes of property are distinguished:

Specialized

· Non-specialized

Specialized property is one that, due to its special nature, is rarely, if ever, sold on the open market to continue its existing use by a single owner, unless it is sold as part of its using business.

Examples of specialized property are:

1. Museums, libraries and other similar premises that belong to the public sector;

2. Hospitals, specialized medical facilities and leisure centers for which there is no competitive market demand from other organizations wishing to use these types of properties in the area;

3. Schools, colleges, universities and research institutes for which there is no market competitive demand from other organizations;

4. Standard property in special geographic areas and in locations remote from the main centers of business, located there for the purpose of manufacturing or conducting business.

Non-specialized property is all property other than that which falls under the definition of specialized property. In other words, it is one for which there is general demand, with or without possible modernization, and which is usually bought, sold or leased on the open market in order to use it for existing or similar purposes, or as unoccupied property for a single holding, or (whether it is busy or free) as an investment or for development.

When appraising real estate occupied by the owner for use in the activities of the enterprise (business), the following is used as the basis for appraisal:

· Market value at present use - for non-specialized real estate, including real estate, valued on the basis of its commercial potential.

· Residual replacement value - for specialized real estate.

Non-specialized and specialized properties, in turn, are classified into categories depending on the purpose of ownership. A similar classification principle is used for both valuation and other purposes.

2.5 Influence of environmental factors on cost.

Environmental factors, both unfavorable and favorable, are included in a set of factors usually considered in making assessments. Several factors have an impact on a particular type of property and will directly affect the estimates of the appraiser, where they should be taken into account in relation to market data obtained on comparable and unaffected by such factors real estate. In other cases, all real estate in a given region will be affected by these factors.

Relevant environmental and pollution factors generally include the following categories:

· Natural factors such as radon or methane, air pollution or noise;

· Technogenic factors of pollution as a result of production activities in the past or present on this land, or as a result of ingress from neighboring areas;

· Pollution factors in the form of electromagnetic and other fields;

· Pollution factors when using materials from secondary raw materials.

All classes of real estate are susceptible to the impact of environmental factors on value, but properties offered for sale or as collateral for loans are especially sensitive to these factors.

The scope of works on real estate appraisal does not include works on environmental audit of real estate. In cases where the appraiser has reason to believe that environmental factors can significantly affect the cost, he should inform the client about the need to engage a professional environmental expert.

The evaluator should inform the environmental expert of the context of his research, including the current and potential future use of the site, which will translate into value based on best and most efficient use. In general, an environmental expert should answer the following questions:

· Whether the source of pollution or hazard can be successfully and economically eliminated;

· If the pollution or hazard cannot be completely eliminated, can they be isolated or closed to make the property suitable for a given use for a certain, even limited period;

· Is it possible to mitigate the effects of pollution or hazards in any way;

· What is the most effective means of pollution control and means of its regulation;

Where it is possible to eliminate the source or eliminate the effects of pollution, an assessment can be made taking into account the corresponding estimated costs of such disposal or elimination.

III Practical part.

3.1 Practical application of the comparative sales method.

At the end of 2000, cottage construction began in the Podolsk region. Low-rise residential complexes- rows of semi-detached cottages with common walls with neighboring houses of the same type. The word "condominium", which denotes property created and developed by the labors of like-minded neighbors, is not very popular. Therefore, to designate exotic dwellings for us, built on the principle of "common walls and a roof - your yard", the English word "town house" has taken root in Russian everyday life.

Yet, for example, the market value of a cottage using the comparative sales method.

The total area is 120 sq.m., the cottage has 6 rooms, 3 bedrooms, a bathroom, a shower room, a finished basement. No garage available at the date of appraisal. Land area - 1000 sq.m.

For the analysis, we will use data on five sales of comparable properties in the same area.

Table # 1.

		Object number 1	Object number 2	Object no. 3		Object no. 4	Object no. 5
Selling price	65000		78000	56000		70000	54000
Ownership	complete		complete	complete		complete	complete
Terms of financial nancing	non-market, overpriced by 3000		non-market, overpriced by 8000	market		market	market
Terms of sale	market		market	market		market	market
Market conditions (time)	2 weeks		6 weeks		1 year	1 year	1 year
House area	120 sq.m.		145 sq.m.		120 sq.m.	145 sq.m.	120 sq.m.
Land area	10000 sq.m		12000 sq.m		10000 sq.m	12000 sq.m	10000 sq.m
Number of rooms	6		7		6	7	6
Of bedrooms	3		3		3	3	3
Bath	1		1		1	1	1
Shower	1		1		1	1	1
Basement	not finished		not finished		not finished	not finished	finished
Garage	there is		there is		there is	there is	No

As can be seen from the initial data, the objects of comparison differ from those estimated by the terms of financing, time of sale and physical characteristics.

The amount of the adjustment for financing terms is determined by comparing the selling price of objects with market and non-market financing. At the same time, loan payments are discounted at the market% rate. In our example, the adjustment values ​​are defined at 3000 for object # 1 and 8000 for object # 2.

Since all comparable properties have market conditions of sale, no adjustment for the terms of sale is required.

To adjust for market conditions (time of sale), it is necessary to select objects that differ only in this element. In our case, object No. 1 and No. 3 differ only in terms of financing and time of sale. By adjusting the selling price

object No. 1 for the terms of financing, you can define an adjustment for the time of sale:

(62000 - 56000) / 156000 = 0.1, i.e. over the year, market prices will rise by 10%.

Thus, all comparable objects are brought into the same conditions in terms of financing and time of sale, which creates a single base for making adjustments to the rest of the comparison elements.

In a number of objects of comparison, differences in size are represented by a different number of rooms and a different area of ​​the house and plot. Moreover, the plot has an area of ​​12000sq.m. corresponds to a house with an area of ​​145sq.m. with 7 rooms, and a plot of 10000sq.m. corresponds to a house with an area of ​​120sq.m. with 6 rooms. Hence, the size adjustment from the comparison of objects # 1 and # 2 is as follows:

70000 – 62000 = 8000.

The correction for the presence of a garage is deduced from the comparison of objects No. 3 and No. 5:

61600 – 59400 = 2200.

The correction for the finished basement is determined by comparing objects No. 2 and No. 4:

77000 – 70000 = 7000.

The results of the performed adjustments are shown in table No. 2

Table No. 2.

	Object number 1	Object number 2	Object no. 3	Object no. 4	Object number 5
Selling price	65000	78000	56000	70000	54000
Transfer of ownership tendencies	complete	complete	complete	complete	complete
Correction of the rule of law.	65000	78000	56000	70000	54000
Financing conditions.	not market	not market	not market	not market	market
Adjustment for financing conditions.	- 3000	- 8000	0	0	0
Adjusted price	62000	70000	56000	70000	54000
Terms of a transaction	commercial	commercial	commercial	commercial	commercial
Correction on the terms of the deal	0	0	0	0	0
Adjusted price in market conditions	2 weeks	6 weeks	1 year	1 year	1 year
Market adjustments	+10 %	+10 %	+10 %	+10 %	+10 %
Adjusted price	62000	70000	61600	77000	59400
Location	similar	similar	similar	similar	similar
The size	120sq.m.	145sq.m.	120sq.m.	145sq.m.	120sq.m.
Correction for size	0	- 8000	0	- 8000	0
Garage	there is	there is	there is	there is	No
Correction for the presence of a garage	- 2200	- 2200	- 2200	- 2200	0
Finished basement	No	No	No	Yes	No
Basement correction	+ 7000	+ 7000	+ 7000	0	+ 7000
Adjusted price	66800	66800	66400	66800	66400
Total net correction	1800	11200	10400	3200	12400
The same in%	3	14	19	5	23
From the selling price, the total gross correction	11200	25200	14800	17200	12400
From the selling price	19	32	26	25	23

An adjusted price is obtained for each comparison object. In accordance with the conditions of the problem, it is required to derive the value of the market value based on the data of the adjusted sales prices.

The rationale for the conclusion of a single indicator of the market value is to give each member a number of adjusted sales prices of the weighting coefficient, taking into account the degree of difference between the objects of comparison and the objects of assessment. In this case, it should be taken in

Attention is the range of variation in sales prices, the total% of adjustments taken in absolute terms, the total% of adjustments, defined as the difference between positive and negative adjustments, and any other data.

In this example, we have a practically very narrow range of sales prices - from 66400 to 66800. However, the sales price with smaller adjustments is assigned a higher specific weight - for object No. 5, the number of adjustments = 2. In addition, the sum of the total gross adjustment for object No. 5 is also almost the smallest. Therefore, the selling price of object No. 5 - 66400 was taken as the market value of the object of comparison.

3.2 Investment risks and statistics of real estate markets.

Real estate market statistics usually contain information about rental rates and profitability indicators. For the sake of comparability of data, the information refers only to first-class properties. It is believed that such objects meet the highest requirements for location, equipment, communications, planning solutions, etc., and rental rates are determined in the same standards for measuring and distributing costs between the owner and the tenant for maintenance, repairs, insurance, etc. ...

Information on rental rates is considered available. For its unification, only the verification of the mentioned adequacy is required. The information on the indicators of profitability is more difficult to prepare. Since there are not so many sales and purchase transactions, they take into account previously completed transactions, integrate data on various objects, take into account time gaps, inflation and other processes. The indicators of profitability also contain information about regional risks, and here the expert principle prevails. Therefore, statistics is one of the specializations in the real estate markets.

The revitalization of business and investment in the region is necessarily accompanied by a revitalization in the office market, an increase in demand, occupancy and rental rates. At the same time, new construction and modernization of offices are stimulated, followed by service services, shopping malls, leisure centers, etc. Such processes today are typical for the largest business centers: the traditional financial capitals of America and the Old World, the booming capitals of Southeast Asia, China and India. An analysis of the rental business statistics indicates a number of interesting phenomena. For example:

Rental rate data is significantly more dynamic than yield data; the dynamics of rental rates is characterized by a certain fluctuation, reflecting (albeit with shifts) the general processes of ups and downs; changes in office and retail real estate indicators may not coincide in time and size; improvements in the market situation are reflected in an increase in rental rates and, less often, in a decrease in profitability indicators (due to their noticeably less dynamism); an asymmetric picture also occurs when the market situation deteriorates;

The values ​​of profitability indicators are the better (lower), the more reliable and stable the regional economy and social situation. The stable rental business leaders are London, Paris and Frankfurt, where the area of ​​change in profitability indicators is in the 5-6% region;

Changes in indicators for Eastern European capitals are less dynamic; this can be explained by both smaller volumes of markets, fewer transactions, and, apparently, less interest of Western experts and business circles in these markets; profitability indicators for Eastern European capitals are stable - 2-3 times higher than those for Western capitals. And in the period after the August 1998 crisis, profitability indicators in Moscow were worse by 4 or more times. And this happened not only because of the real drop in the value of real estate, but, rather, as a result of an expert assessment of the state of instability and increasing business risks in the region;

Additional analytical information is proposed to be obtained using the estimated specific capitalized cost (UCV) - as an estimate of the cost of a certain average unit of commercial space of the leased facility.

Such an assessment, along with a prompt response to fluctuations in rental rates, carries expert opinions on the success and risks of the business.

Basic information - rental statistics for European cities - can be found in Western publications (for example, in the monthly "EuroProperty"). We will choose as representative objects: Frankfurt, London and Paris - the centers of the most stable business, St. Petersburg, Prague and Warsaw - the centers of the transition economy with the most risky (in Europe) indicators of the rental business.

Rental office business.

The observation period 01.99-08.00 for the western capitals showed overall progress in the rental office business. Note the absolute stability of the yield for London (5.00-5.50%) and the improvement in the yield for Frankfurt (from 5.75 to 4.90-5.50%) and Paris (from 6.25-6.75 to 5.50-6.00%). For the Eastern European capitals, the same period is characterized by a deterioration in performance. The analysis of the calculated data of the UKS allowed, in addition, to bring into line the external discrepancy in the logic of rental rates (their excess in St. Petersburg and Warsaw until mid-1999 over the rates in Paris and Frankfurt). As a result, the low rates of the UKS at high rental rates do not allow us to expect an increase in investment with optimism.

Rental trade business.

The observation period 05.99-08.00 for the western capitals is characterized by a general deterioration of indicators (which can be clearly seen with the help of the UKS). This suggests that there may be quite long periods of market activity, after which the sale of the acquired retail space will not bring any real income at all.

For Eastern European capitals, the observation period 05.99-08.00 is associated with the passage of a period of prolonged stagnation and, possibly, the beginning of an exit from it (an improvement in the dynamics of indicators is noted, although the gap in the indicators of the UKS in comparison with Western capitals seems to be gigantic - almost an order of magnitude). Therefore, for now, one should confine ourselves to the assertion that there may be quite long periods in the markets of retail premises, when investments in the purchase of retail real estate in Eastern European capitals can bring a noticeable positive effect, including during periods of downturns in Western markets. This can serve as a good argument when looking for ways to "interregional" diversification of the real estate portfolio.

Conclusion.

The end of the formation period of the real estate market is characterized by the transition from extensive to intensive development. It is obvious that in the near future the market will not see such a rapid growth in the number of transactions as in the first half of the 90s. Moreover, during a certain period in the housing market, only the stabilization of the number of transactions is possible. It is also quite possible that the price level will rise, primarily in the secondary market. But at the same time, prices for elite housing not only did not decrease, but also increased, which indicates the prospects for new high-quality housing construction. The heads of firms also note the aggravation of competitive struggle on the market. Most of them are inclined to believe that if 1995 was characterized by a moderate degree of competition, then in 2001 it became high and will remain so.

The stabilization of the number of transactions and prices in the secondary housing market is a consequence, first of all, of macroeconomic factors, the main of which is the preservation of a low level of income among the bulk of the population. The initial rapid growth in demand in the market, as a result of the emergence of a layer of people with high incomes in the country, is now almost over. And today, within this stratum, a new differentiation is taking place - the separation of a stratum with ultra-high incomes. Due to this differentiation, the demand for elite housing has increased. However, in absolute terms, the potential of this layer is very limited. A serious expansion of demand is possible either by increasing the level of income and the formation of a broad middle stratum capable of becoming the main supplier of buyers, or by actively stimulating demand, both by the state and by professional participants in the real estate market themselves. At the same time, a slight increase in demand in the future is quite possible under the influence of the inevitable injection of money into the economy in the coming months to resolve the crisis of non-payments and in connection with the repayment of debts on wages and arrears on government orders... Some of this money will also come to the real estate market, but it will obviously not fundamentally change the situation, although the number of purchase orders will rise by several points under the influence of this factor.

It can also be assumed that due to the inevitable and significant increase in tariffs for public Utilities it is quite possible to increase the supply in the secondary housing market.

Moreover, if the surge in supply in the secondary market in 1991-1993. was caused by the rapid rise in prices, now sellers will proceed not so much from the possibility of a very significant increase in income through the sale of housing, but from the need to reduce the cost of its maintenance, and hence agree to lower prices. This, in turn, can also slightly raise demand, and hence the turnover of real estate firms.

At the same time, this stabilization will not remove the general problem - the residential real estate market in the foreseeable future will experience a shortage of demand, which can significantly reduce revenues from the traditional for real estate firms activities to provide services for the purchase and sale of real estate.

In these conditions, it is necessary to significantly expand the range of services provided by the company to the client: bank payments, transport services, notary services, the possibility of repair work, the provision of installment payments, etc., increased attention to advertising, possibly a decrease in commissions. All of these funds can play a significant role in attracting customers, but their options are still limited. If for individual firms these methods are able to provide the required volume of turnover, then, obviously, in general they will not solve the problem of developing the real estate business. Only the expansion of demand in the market will radically solve this problem, and in modern conditions this is possible only due to the active participation of the state through the creation of a system of mortgage lending - the creation of federal and regional agencies for mortgage lending, support of the secondary mortgage market, provision of state guarantees to banks when they issue mortgage loans.

The consistent development of the real estate market in Russia naturally led to the next stage, characterized by an abrupt increase in requirements for the quality of justification of investment decisions. Both abroad and in Russia, real estate market participants come to understand that the reliability of business plans, investment projects, etc., which are, in fact, a standard set of simple formulas, entirely depends on the validity of market research, the results of which are used in the formulas ... In other words, the most significant and significant indicator of solvency investment project in the real estate market is the consistency of market research, on the basis of which this decision is made.

Bibliography:

1. Balabanov I.T. "Economics of Real Estate", St. Petersburg 2000.

2.Goremykin V.A. Real Estate Economics: A Textbook. - 2nd ed., Rev. And add. - M .: Publishing and bookselling center "Marketing", 2002

3. Kupchin A.N., Novikov B.D. real estate market: state and development trends. - Tutorial. Moscow: 1995.

4. Maksimov S.N. "Fundamentals of entrepreneurial activity in the real estate market", St. Petersburg. 2000.

5.Novikov B.D. Market and real estate appraisal in Russia. - M .: "Exam", 2000.

6. Khamin D., Yurkov D. "The real estate market through the eyes of realtors" // Economy and Life, 1997

Other materials

Part of the above proposal, it seems insufficiently reasoned, its second part is about the legal disappearance of the building as an object of civil rights, since the original immovable thing was not just a thing, but a composite thing with a more complex systemic level and type of elementary ...




Russia until 2005. // http: www.sbrf.ru/concept/2005 c 00.htm Review of thesis

INTRODUCTION

One of the most important resources of enterprises and organizations requiring effective management is real estate - land plots, buildings, structures and premises.

Real estate, on the one hand, is taxed, on the other hand, it can bring significant profits due to its efficient use. It is no exaggeration to say that real estate can both contribute to the prosperity of an enterprise, and vice versa, its ineffective use leads to decline. In this regard, the development of the real estate management system in order to meet the needs of owners in obtaining maximum income from the assets they own or in achieving other positive effect. To achieve a positive result, it is necessary to constantly monitor the use of real estate and find the most effective ways to manage it.

Effective property management is essential for the development of both the real estate market and the economy as a whole. In a market economy, real estate is an asset that binds the huge financial resources of market participants and ways to achieve the desired results.

To make decisions on the effective management of real estate, an enterprise must be based on a well-thought-out system of accounting and use of real estate, based on reliable and easily accessible information presented in various ways.

The relevance of the research topic lies in the fact that the real estate market in Russia is not yet fully formed and does not have a strictly structured legislative and legal framework. An efficient system real estate management will maximize the satisfaction of market needs, maximize budget revenues, increase liquidity and market value of objects.

The purpose of this work is to assess the effectiveness of real estate management in the city of Kazan and to develop measures to improve it.

Consider the classification of real estate markets;

Explain the essence and economic role of property management;

Consider indicators for assessing the effectiveness of real estate management;

Assess the effectiveness of the management of residential and office real estate;

Make proposals for improving the assessment of the effectiveness of real estate management.

The object of the research is the real estate market of the city of Kazan.

The subject of the research is a system for assessing the effectiveness of real estate management.

The basis for writing this work is the legislative and regulatory documents in force in the territory of the Russian Federation, as well as special literature on the research topic of the work of domestic and foreign economists studying the issues of assessing the effectiveness of real estate management, legislation of the Russian Federation, textbooks and literature of such authors as A. Kharlamov. S., Buryak V.Yu., Raizberg B.A., Grinenko S.V., as well as materials of the actual research carried out in Kazan for 2013-2014.

The first chapter examines the theory and practice of assessing the effectiveness of real estate management. The second chapter evaluates and analyzes the effectiveness of real estate management using the example of residential and office real estate and formulates proposals for improving the assessment of the effectiveness of real estate management.

1. THEORETICAL AND MOTODOLOGICAL ASPECTS OF ESTIMATION OF THE EFFICIENCY OF REAL ESTATE MANAGEMENT

1.1 REAL ESTATE MARKET CLASSIFICATION

There are many definitions of the real estate market. All of them to one degree or another reflect the essence of the real estate market, however, some have striking differences from each other. In this thesis, the most simple, understandable and complete definitions, according to the author, are selected.

The real estate market is a system of organizational measures by which buyers and sellers are brought together to determine the specific price at which a specific commodity such as real estate can be exchanged.

The real estate market is the sphere of capital investment in real estate objects and the system economic relations arising from real estate transactions. These relations appear between investors when buying and selling real estate, mortgages, leasing real estate objects in a trust, rent, or lease.

The real estate market is a mechanism by which the interests and rights of buyers and sellers are combined, and real estate prices are set.

The real estate market and the level of its development can be characterized through the development of the national economy. In the development of the Russian real estate market, it is customary to distinguish several following stages.

The first, and most turbulent period of development, the real estate market experienced in the early 90s. The opening and development of enterprises took place due to the fact that demand was much ahead of supply, and as a result, incomes were very high. The starting point of this stage can be considered the permission to privatize apartments and, accordingly, the opportunity for people to sell and buy apartments on their own. It was then that a significant number of businessmen and wealthy people appeared who wanted to improve their living conditions in a new way. That is, not by waiting for free municipal housing, not by complex exchange schemes, but simply by the direct purchase of apartments, of which relatively few were privatized at that time. There were few selling apartments, but there were already enough buyers.

At the second stage, the law introduces its corrections to the problem, namely, the first regulations appear that regulate real estate activity in Russia. This period is characterized by the provision of significant benefits, which, while maintaining a good market environment, made it possible to receive good incomes, and attracted new entrepreneurs to this market segment. Housing prices began to rise, but in contrast to this, the sale of apartments became much more difficult, and buyers became more finicky. In particular, the sale with payment by installments and the provision of loans on collateral appeared and began to spread widely. Some firms began to work under non-standard contracts, taking on the obligation to sell the client's apartment within a certain period of time.

The third stage is characterized again by the excess of demand over supply, tightening legislative framework, intense competition in the market, which together led to a drop in the income of sellers. Small enterprises simply go bankrupt, medium and even large ones are on the verge of ruin. By the beginning of 1996, a natural decline in the cost of apartments began. The number of apartments offered for sale was increasing, while the number of potential buyers, on the contrary, went down.

Since the second half of 1999, a new stage in the development of the real estate market in Russia has begun after the August 1998 crisis - the stage of stopping the decline in prices, the beginning of stabilization and some recovery. This happened against the background of favorable development of macroeconomic indicators in the country and, in particular, low (compared to the fall of 1998) inflation rates, smooth and limited devaluation of the ruble against the dollar.

Consequently, the real estate market, as follows from the theory of the market economy, is cyclical, therefore, it passed the stage of recession, entered stabilization, and a new rise was expected ahead, including a certain rise in prices.

Immovable property occupies a central place in any social structure, performing simultaneously two important functions: means of production and an item of personal consumption for living, recreation, cultural leisure, etc. Economic and legal regulation by the state of various spheres of social life and material production is closely connected with real estate objects, hence the following features of the real estate market.

Table 1.1.1 Features of the real estate market

	Characteristic
Localization	Absolute immobility High price dependence on location
Competition type	Imperfect, oligopoly Few buyers and sellers The uniqueness of each object Price controls are limited Entering the market requires significant capital
Elasticity of proposals	Low, with an increase in demand and prices, supply increases little Demand can be very volatile
Degree of openness	Transactions are private Public information, often incomplete and inaccurate
Competitiveness of goods	It is largely determined by the surrounding external environment, the influence of the neighborhood Specificity of individual preferences of buyers
Zoning conditions	Regulated by civil and land legislation, taking into account water, forest, environmental and other special law Greater interdependence of private and other forms of ownership
Registration of transactions	Legal difficulties, Limitations and conditions
Price	includes the cost of the object and associated rights

Regional real estate markets can be very different from each other. This is due to many subjective reasons, such as economic or natural conditions, as well as the regional legal framework, which is formed by local governments.

The real estate market has a branched structure and can be divided according to various criteria, for example, according to those presented in table 1.1.2.

Table 1.1.2 Classification of real estate markets

Classification attribute	Types of markets
Object type	Land, buildings, structures, enterprises, premises, perennial plantings, property rights, and other objects
Geographic (territorial)	Local, Urban, Regional, National, World
Functional purpose	Industrial premises, residential, non-industrial buildings and premises
Operational readiness	Existing facilities, construction in progress, new construction
Participant type	Individual sellers and buyers, resellers, municipalities, commercial organizations
Type of transactions	Purchase and sale, lease, mortgage, property rights
Industry affiliation	Industrial facilities, agricultural facilities, public buildings, others
Type of ownership	State and municipal facilities, private
Method of transactions	Primary and secondary, organized and unorganized, exchange and over-the-counter, traditional and computerized

As we can see from table 1.1.2, there are many types of real estate markets, the segmentation of which depends on the requested criterion.

For example, depending on the structure, the real estate market is subdivided into:

Housing market;

Commercial real estate market;

Land market.

Each of the market segments can be further subdivided into specialized submarkets. So, the industrial real estate market can be subdivided into the markets of industrial enterprises, the building of research institutes, or the housing market into primary and secondary housing, with or without decoration, from the owners and from the state, and so on.

The differentiation of real estate markets is also associated with many economic, environmental, social and state factors, and, directly, with the functions that it performs:

Establishing equilibrium prices at which effective demand corresponds to the volume of real estate supply;

Regulatory function, with the help of which resources are distributed among the spheres of the economy, its effective structure is formed, and public interests are satisfied;

Commercial function, which consists in organizing the movement of capital and making a profit;

The function of sanitation, which is expressed in cleansing the economy of weak, uncompetitive and ineffective elements;

A stimulating function, consisting in the development of competition and the use of scientific, technical and managerial innovations in the pursuit of profit in the creation and use of real estate;

Social function, manifested in the growth of the population's activity, striving to become the owners of apartments, as well as other capital and prestigious objects.

Conclusion: real estate is the most durable product of all existing, ensuring the reliability of investments, although its value over time can both increase and decrease, under the influence of various factors. The real estate market received an impetus to develop, in line with the development of the country's national economy. It is subdivided into segments based on the purpose of real estate and its attractiveness for various market participants. Also, each independent segment is subdivided into many more submarkets, thus, it is difficult to identify and generalize the most significant signs for classification, since each market participant has its own, most acceptable criteria for choosing a segment within which he is interested in entering into market relations.

1.2 ESSENCE AND ECONOMIC ROLE OF REAL ESTATE MANAGEMENT

Real estate is property (immovable property), according to the management of which the following levels can be structured:

Federal Property Management;

Real estate management of the constituent entities of the Russian Federation;

Municipal Property Management;

Real estate management of enterprises and organizations;

Management of individual real estate objects.

The concept of "real estate management" is interpreted in two senses: broad and narrow.

In a broad sense, real estate management, as a rule, is understood as entrepreneurial activity to perform all work related to the execution of any legal powers of the owner of real estate allowed by civil law. For example, in accordance with the life cycle of real estate, owners are allowed the following rights:

1. concept;

2. design;

3. manufacturing (erection, construction);

4. appeal;

5. use (service);

6. service, operation, repair;

7. major repairs, modernization, reconstruction and restoration;

8. re-profiling;

9. disposal.

A narrow interpretation of real estate management reads as follows: "Real estate management is the implementation of a complex of operations for the operation of buildings and structures (maintaining them in working order, repairs, providing service, determining the conditions for renting out areas, collecting rent, and so on) for the most efficient use real estate ".

Real estate is also understood as real estate, namely, we are talking about property management, that is, real estate management includes the management of all the resulting rights to real estate. The property under management is presented as a unity of legal, economic and physical characteristics.

In our opinion, it follows from this that management is primarily intended to ensure the maximum efficiency of the use of real estate in accordance with the interests of the owner.

Real estate management is an activity in its field related to the definition of goals and the setting of tasks for planning, organizing, executing and monitoring the useful, efficient use of real estate.

We believe that management activities in their essence and nature are multifaceted, harmonizing the goals and objectives of owners, users, service companies and all entities related to real estate in one way or another.

In a market economy, real estate management is carried out in accordance with the law of supply and demand.

In addition to the market situation, the factors governing property management and the activities of various official bodies and institutions are tangible factors in real estate management.

Property management can be internal or external:

Internal real estate management is the activity of a subject of the real estate market, regulated by its own regulatory documents (code, charter, regulations, rules, contracts, instructions, etc.).

External property management is an activity state structures aimed at creating a regulatory framework, and monitoring compliance by all subjects of the real estate market with established rules and regulations.

Real estate management activities are carried out primarily in the three most significant aspects - legal, economic and technical. The legal aspect of real estate management is the most rational use, distribution and combination of rights to real estate.

The economic aspect of real estate management is implemented through the management of income and expenses generated during the operation of real estate. In other words, the manager has the right to fully and independently, within the framework of the law, control and regulate the income and expenditure side of real estate ownership, as well as operate it at his own discretion.

The technical aspect of control consists in maintaining the control object in an operable state in accordance with its functional purpose.

Real estate management is an integrated approach to improving and maintaining the condition of an object, organizing and predicting its development, using a method of operation in accordance with its intended purpose. The concept of real estate management also includes, first of all, such actions as leasing and managing office buildings, that is, property management as a means of attracting investment. On the other hand, property management can be viewed as an investment itself. Based on the above, we have identified the following objectives for managing the real estate market:

Implementation of the constitutional rights of citizens to immovable property and obligations related to its ownership;

Establishment on the market of a certain order and conditions for the work of its participants;

Protection of participants from bad faith, fraud and criminal organizations and individuals;

Providing free pricing for real estate in accordance with supply and demand;

Creation of conditions for investments that stimulate entrepreneurial activity in the field of production;

Fair taxation of real estate and real estate market participants.

To achieve these goals, in our opinion, it is necessary:

1.form a complete register state real estate(real estate balance) containing quantitative, cost, technical and legal characteristics of real estate objects;

2. clearly delineate and coordinate the powers of all government agencies the authorities involved in the property management process;

3. to form management objects, excluding the possibility of disposing of one part of the object without another in cases where they form a single whole (as a rule, these are land plots and buildings and structures located on them);

4. to ensure the unconditional application of the market valuation mechanism when using real estate;

5. create conditions for attracting investments in the real sector of the economy by maximizing the involvement of real estate in civil circulation;

6. to settle the issues of the acquisition of real estate objects by the state, including defining the goals for the achievement of which the acquisition of these objects is carried out;

7. use for the effective management of real estate a mechanism for reimbursing the costs of real estate management (including inventory and appraisal), similar to civil law, since the state, when using its real estate, participates in civil circulation on an equal basis with its other participants;

8. change the existing mechanism for the sale of real estate, as it allows the acquisition of objects at low prices;

9. to establish for all constituent entities of the Russian Federation a unified procedure for making decisions on the use of federal real estate (primarily in relation to objects leased out), which ensures prompt decision-making;

10. to provide professional training for civil servants who manage federal real estate.

A management object in the field of real estate is an immovable thing or a set of immovable things, considered as a single object from the point of view of organizing the most effective management of them, taking into account the costs of maintenance and management.

Summing up the above, we can say that real estate management is undoubtedly a complex and multifaceted process that includes many different factors and aspects. The management mechanism contains not only the rights and obligations of the owner of real estate, but is also subject to government intervention, including the reinforcement of the management of the legislative framework.

1.3 REAL ESTATE MANAGEMENT PERFORMANCE INDICATORS

To implement the procedure for assessing the effectiveness of real estate management, various approaches and indicators are used. In theory, there are no clearly defined indicators by which it is possible to determine the degree of effectiveness of real estate management, since in practice any selected indicator may not be effective both for a single enterprise, and the experience of a single enterprise may not be applicable for a more widespread dissemination.

However, the traditional approach to assessing the effectiveness of financial performance... Indeed, if a company is the owner, for example, of an administrative premises and its business consists in renting out premises, then this approach will not be difficult, since all the necessary information is at hand, whether on the one hand the costs of staff, repairs and equipment buildings, maintenance of communications in good condition, and on the other hand, the amount of payments received from tenants is clearly defined.

Table 1.3.1 Analysis of the main technical and economic indicators of the enterprise NKF "Audit and Appraisal"

Indicators			Absolute deviation, thousand rubles	Growth rate, %
Net revenue, thousand rubles
Cost of services, thousand rubles
Gross profit, thousand rubles
Selling and administrative expenses, thousand rubles
Profit from sales, thousand rubles
Profit before tax, thousand rubles
Net profit, thousand rubles
Average annual cost of fixed assets, thousand rubles
Average number of employees, people
Labor productivity, thousand, rub / person
Production profitability,%			3 percentage points
Return on sales,%			4 percentage points
Return on assets per RUB 1

But if the company is a large owner of industrial real estate, the problem arises of obtaining the full information required to assess the effectiveness of real estate management. The financial statements do not reflect such factors as:

Promotion of a new product to the market;

Potential opportunities of the company;

The employees' interest in the company's success;

Customer loyalty, etc.

Although such non-material indicators are reflected and rightfully occupy their niche in assessing the effectiveness of real estate management.

From the point of view of economics, the fundamental principle of "efficiency - the ratio of results to costs" does not always allow for a correct assessment of efficiency. This is due to several factors:

Features of the information age, namely, its essential features - the increasing role and value of the information resource, intangible assets;

The complication of economic life - an increase in the degree of its openness, globalization, competition;

Change in the content of results and costs, and, accordingly, difficulty in determining their values;

The rapid development of the value system and, consequently, the change in the system of indicators, characteristics and indicators, collectively reflecting the effectiveness of activities.

B.A. Reisberg and V.Yu. Buryak, considering issues of efficiency in relation to state property, note that “a specific methodology for assessing the economic, social, functional efficiency of management of a certain class, group of property objects of state property, performance indicators. But these indicators do not have a universal character, to a large extent depend on the object of assessment, the purpose and nature of the application of this object. " As a result, the conclusion is drawn "it should be recognized that it is impossible to create a unified universal methodology for assessing efficiency."

With the exception of the traditional approach, among modern approaches, the balanced scorecard (BSC) developed by R. Kaplan and D. Norton is also distinguished as the most promising. They identified the four most important components in assessing efficiency: financial activities, relations with consumers, organization of internal business processes, training and development of personnel. The essence of the BSC is to achieve a balance between the number of internal and external, objective and subjective indicators. Another advantage of this approach is that this system, according to the authors, is quite flexible and “creative” regarding its implementation in any production.

Taking into account the provisions of the general concept and strategy, which the company adheres to, the accumulated experience of methodological support of performance assessment, it can determine specific performance indicators for assessing real estate management based on the MTP (see Appendix 1).

The most important detail for creating a BSC is, as in the traditional approach, two financial results: cost savings and increased income. Based on this, we can include in the BSC such indicators, which, provided they are consistently achieved, allow the most complete assessment of the effectiveness. We can enter such indicators at any level within the BSC.

Based on Appendix 1, we can distinguish several indicators of the effectiveness of real estate management. These indicators include each separately of four components. All indicators are considered, comments are given to them in the tables below.

Table 1.3.2 Criteria for the effectiveness of real estate management (financial component)

Table 1.3.3 Criteria for the effectiveness of real estate management (client component)

Strategic Initiatives	Performance indicators
Provision of additional services	1. The program for determining the demand for additional services and their relevance;
	2. Organization of contractual work in order to provide additional services; 3. Development of criteria for assessing the quality of services provided
Improving customer service	1.Storage existing customers and ensure their interest in continuing cooperation; 2. Development of a mechanism for high-quality and prompt study of incoming proposals for various projects.
Formation of the image of a "corporate citizen"	1.Program for media coverage of the company's social role (social programs, paid taxes, etc.) 2. A program aimed at developing in the minds of people an understanding of the importance of the activities performed by the company, their interest in this activity; 3. Carrying out activities aimed at improving the environmental situation at the company's facilities

Table 1.3.4 Criteria for the effectiveness of real estate management (component of business processes)

Strategic Initiatives	Performance indicators
Orientation in the use of real estate to combine the interests of the company and clients	1.Providing a great deal for clients; 2. Conducting survey activities to find out what changes the dealers would like in the company's activities; 3. Definition of services and goods "sold" to end consumers; 4. The program for monitoring and meeting consumer demand, their wishes.
Improvement of the actual management activities	1. Change and optimization of the internal structure of the company; 2. Program of social development; 3.Improving accounting forms
Intensification of the use of real estate	1. Active introduction of saving technologies; 2. Determination of real estate objects to be repaired; 3. Determination of the costs of the company for the maintenance of real estate; 4.Program for streamlining real estate maintenance costs and reducing them
Real Estate Management Innovation	1.Providing operational use
	ness of promising innovations; 2. The program for the operational study of innovations in the field of real estate, determination of their effectiveness and feasibility of implementation

Below is a description of the criteria for the effectiveness of real estate management that make up the block of growth and learning.

Table 1.3.5 Criteria for the effectiveness of real estate management (training and growth)

Strategic Initiatives	Performance indicators
Personnel training in modern management techniques	1. Correspondence of the level of knowledge of the employee to the work performed; 2. Determination of knowledge and specialties that employees should be trained in; 3.Program for further monitoring of the level of knowledge of employees
Access to information resources	1. Introduction of new technologies; 2. Creation in departments of places of visual information about the achieved results and new tasks
Creation of conditions for staff activity	1. Active participation of each employee in the activities of the company; 2.Program of social protection of workers
Incentive system for achieving set goals	1.Establishment of the dependence of remuneration on performance results; 2. Determination of performance indicators for departments and individual employees 3. Informing the team about the achievements of colleagues.

In other words, analyzing Appendix 1, in our opinion, we can say that the real estate management system is:

The degree to which the goals of the company are achieved using various limited resources, including real estate;

The degree to which the goals of real estate management are achieved as a business process with the lowest cost;

The ability of the real estate management system to meet the evolving needs for real estate, taking into account its rational and economical use;

The ability of management influences to ensure the reproduction of the consumer properties of real estate of the required quality at the lowest cost.

Within the framework of individual corporations, the following properties are assigned to the control of assessing the effectiveness of property management:

1. Stability of the strategic direction of operation;

2. A clear vision of the future;

3. Diversification of management decisions;

4. The effect of interrelated actions;

5. Constancy and variety of changes;

6. Ability to perceive innovative technologies.

On the other hand, in our country they almost do not comply with the criteria and recommendations highlighted in the tables above.

So, summarizing the above, we can say that there are no generally accepted indicators for assessing the effectiveness of the use of real estate, however, there are several generalized approaches to solving this issue. One of the approaches is based only on the financial result of the activities of an enterprise, organization, corporation, while the second includes several stages, at each of which certain criteria are selected to assess the effectiveness. On the other hand, the head of any organization is relatively free in making decisions on evaluating the effectiveness and can himself draw up a certain system of indicators by which he will be guided to achieve certain goals of the corporation.

residential office property appraisal

2. ANALYSIS OF THE EFFICIENCY OF REAL ESTATE MANAGEMENT IN KAZAN

2.1 EVALUATION OF THE EFFICIENCY OF RESIDENTIAL REAL ESTATE MANAGEMENT

To assess the effectiveness of residential real estate management, the author identified the following, the most significant indicators and criteria in his opinion:

The total area of ​​residential premises commissioned in 2014;

Residential property price;

Estimated dynamics of selling prices;

Impact of external factors on residential real estate

The first half of 2014 was marked by important events in the country's economy, which were also reflected in the housing market of the Republic of Tatarstan: the depreciation of the ruble, the imposition of Western sanctions and socio-demographic factors, on the one hand, and a large selection of offers from developers along with a decrease in mortgage rates. with another.

In the wake of the increased demand, developers were actively building housing. So, at the beginning of July in Tatarstan, more than 1.2 million square meters were commissioned. m of housing - almost 51% of the annual assignment. By the end of the first half of the year, Kazan took first place among the cities of the Volga Federal District in terms of the volume of housing commissioned: more than 508 thousand square meters were commissioned in total. m.

In 2014, the percentage of purchases of apartments in new buildings increased - about 40% of transactions in Kazan are carried out with the attraction of mortgage funds. Mortgages are usually taken on a long term basis, so borrowers are reasonably choosing a newer home.

Rosreestr data for the Republic of Tatarstan indicate: for the six months of 2014, 45.3 thousand contracts were registered in the republic, which is 11% more than in the same period last year. Of these, 65% are housing, 22% are land plots, 13% are non-residential premises.

The increased demand also spurred prices on the market: in the first half of the year, real estate prices in the city grew faster than usual (within 6-8% in the first six months on the primary market).

According to the "Server of Kazan and the Republic of Tatarstan", the average cost per square meter by July 2014 amounted to 67.5 thousand rubles in the secondary housing market, 50.7 thousand rubles in the primary market, and in particular in the current situation on the real estate market of Kazan, the leading developers are Unistroy, YIT Kazan, Ak Bars Real Estate, Tatstroyinvest, and they put forward the following prices for their real estate:

Table 2.1.1 Comparative analysis of housing projects in Kazan for the second half of 2014

	Developer	Deadline	Apartment area	Price, RUB mln
Residential complex "Emerald City" (Privolzhsky district)	"Unistroy"	1st half of 2014
Residential complex "Sovremennik" (Novo-Savinovsky district)	"YIT Kazan"	IV quarter 2014
Residential complex "Light Valley" (Sovetsky district)	"Ak Bars Real Estate"	IV quarter 2014
RC "Raduzhny" (Kirovsky district)	"Tatstroyinvest"	III quarter of 2014

The cost of apartments, as a rule, is influenced by the location: the so-called Khrushchev in the Vakhitovsky district will be much more expensive than the same apartment in the Aviastroitelny or Kirovsky district. In addition, the cost is influenced by the general condition of the apartment, the number of storeys and the material from which the house is built. In remote areas of the city, stalinki and gostinki can stand idle for months in anticipation of their buyer.

One-room Khrushchev buildings with an area of ​​32 sq. m in Kazan today cost from 1.9 million to 2.25 million rubles., Leningrad women (34 sq. m.) - from 2.2 to 2.8 million. - from 2.15 to 2.35 million

Two-room Khrushchev (43 sq. M.) Is estimated at 2.2-2.7 million rubles, Leningrad (51 sq. M.) - from 3 to 3.5 million, the Moscow project - from 2.4 to 3 million. three-room apartments prices are: Khrushchev (56 sq. m.) - 2.7-3.3 million rubles, Leningrad (65 sq. m.) - 3.4-3.8 million.

It should also be noted that the housing stock of the republic at the end of 2014. totaled 1,618 thousand apartments (including houses that are privately owned by citizens), of which 1,130.9 thousand apartments (69.9%) are located in apartment buildings... The average size of one apartment is 56.5 square meters of total area. The overwhelming majority of the general housing stock is invariably privately owned.

The residential market in 2014 was actively developing in the sector of purchasing housing with the help of mortgages. Mortgage lending accounted for about half of the registered real estate transactions, which gave impetus to the intensive development of the residential construction branch, which some developers did not hesitate to take advantage of.

In order to predict the development of the residential premises market in Kazan for 2015, let us consider the dynamics of prices for rent and purchase of housing.

Table 2.1.2 Dynamics of prices for renting a one-room apartment in Kazan, 2011-2014

Based on the above tables, the author compiled three forecasts for the development of the residential market: optimistic, moderate and pessimistic. The forecast was optimistic given that rental inflation would be comparable to consumer inflation predicted at 10% in 2015. On this basis, we assume that the level of growth in the cost of renting apartments will be at the level of 10% per year.

Moderate forecast is the average growth rate between optimistic and pessimistic forecasts, by which the cost of rent and purchase of an apartment in 2015 will decrease by 10% per year.

The pessimistic forecast is based on the reasoning that if we take into account the crisis of 2008-2009, when similar processes took place (the factor of the cost of money and their influence on the price of residential real estate, as well as the fall of the ruble), the cost of renting and buying an apartment fell by 30%.

Table 2.1.4 Moderate forecast for rent and purchase of an apartment using mortgage lending in Kazan for 2015

		Forecast (-10%)			Forecast (-10%)

The moderate forecast suggests that the rent and purchase of an apartment with the help of mortgage lending will fall by an average of 10% from the previous year.

Table 2.1.5 Optimistic forecast for rent and purchase of an apartment using mortgage lending in Kazan for 2015

	RUB / kW m			RUB / sq. M
		Forecast (+ 10%)			Forecast (+ 10%)

The optimistic forecast assumes a 10% rise in rent and mortgage payments, adjusted for inflation.

Table 2.1.6 Pessimistic forecast for rent and purchase of an apartment using mortgage lending in Kazan for 2015

		Forecast (-30%)			Forecast (-30%)

According to the pessimistic forecast, rent and mortgage lending are expected to decline by 30% next year.

Based on the forecasts and tables made, as well as the considered dynamics of the purchase price and the dynamics of the rental price, we can say that prices on the rental market in the next year will be extremely unstable and will presumably vary from 12,700 thousand rubles to 15 600 thousand rubles, and in the market for purchases with the help of mortgage lending from 45,000 thousand rubles. up to 70,576 thousand rubles.

According to the author, the most likely scenario is a pessimistic forecast, since From the above comparative analysis, it can be seen that prices in the housing market are extremely volatile due to the following reasons:

1.) the impact of Western sanctions;

Western sanctions came into effect at a time when Russia had the highest rate and volume of housing construction, the largest number of taken individuals mortgage loans and the most affordable interest rates on them.

The consequences of sanctions on the real estate market can be roughly divided into two categories: what happened and what was expected.

Among the events, it is worth noting:

1. Foreign investors postponing the implementation of development projects in Russia (in various market segments) until the situation in Ukraine is resolved.

2. Banks are more thoroughly analyzing incoming new development projects.

3. Real estate as an asset (especially residential real estate - apartments in the primary and secondary markets) has increased its attractiveness for private investors. "

With regard to the expected consequences of the sanctions on the real estate market, we can say the following:

1. Banks are expected to raise interest rates on consumer and mortgage loans due to the growth in the cost of funds in the market. At the same time, a number of banks can independently limit the activity of mortgage borrowers by setting artificially high interest rates.

2. Decrease in the volume of financing of investment development projects by banks may cause a decrease in the volume of new construction in 2015.

3. The rental housing market may lose an audience consisting of foreigners working in Russia on a contract basis or in Western companies, whose activity may significantly decrease during the period of the sanctions. (The author will also note that at the same time, the opposite processes can occur in the rental housing market: if the value of real estate falls, then banks will have to increase interest rates on mortgage loans. This will significantly reduce the purchasing power of citizens, which will entail an increase in the number of tenants).

4. The largest Russian banks are more likely to continue lending to development projects that are at the active / final stage of construction readiness. "

2.) the influence of the currency factor;

The first approach: the impact of the exchange rate on the residential market.

An important element of economic relations related to the purchase of housing is the exchange rate. The exchange rate affects various indicators that link the buyer and seller in the housing market. The exchange rate is the ratio of two monetary units in the foreign exchange market, which is formed depending on the supply and demand of a particular currency, as well as on a number of other factors.

Depending on the ratio of supply and demand of a particular currency, the exchange rate is most often determined, which is why it cannot be a constant value, since supply and demand in the foreign exchange market are constantly changing.

Second approach: the impact of residential property prices on the national currency.

There is a direct relationship between the price of real estate and the exchange rate of the national currency; when the value of real estate falls, the exchange rate of the national currency also depreciates. This dependence is due to the fact that, as a rule, a decrease in the cost of housing indicates unfavorable processes in the economy - an increase in the unemployment rate, a decrease in purchasing power population. All this leads to a decrease in demand for real estate.

Based on the above, in the current real estate market conditions, the first approach will be more reflected. The second is the most probable in case of stable economic development.

3.) the influence of socio-demographic factors.

It is generally accepted that the formation of needs in the market cannot be controlled. However, needs arise and change according to certain patterns, an important part of which is the mentality, way of life of the population. Of these, we will consider in more detail the following most important, in the opinion of the author, factors:

1. Number of inhabitants settlement has a significant impact on the structure of consumption, primarily due to more high level income in large settlements.

2. Situational criteria also influence consumer behavior. Currently, these include the work of the state aimed at stimulating the development of housing construction by increasing the availability of various social programs, in particular:

Maternity capital (program valid until 2016 inclusive);

Military mortgage;

Social mortgage;

Mortgage under the "Young Family" program, etc.

3. In the summer of 2014, the state amended the rules for mortgage lending. On July 25, Law No. 169-FZ "On Amendments to Articles 31 and 61 Federal law"On the mortgage (mortgage of real estate)". The changes in the law contain two important points. First, banks will be able to insure their financial risks in case they need to foreclose on the collateral and its value turns out to be less than the amount of the debt. The second - the presence of such insurance (from the bank or from the borrower) exempts the borrower from subsequent payments on the loan. The same happens in the event of the bankruptcy of the insurer that issued such insurance.

Summing up the above, we believe we can say that the imposition of sanctions will undoubtedly have a negative impact on all spheres of the Russian economy. Regarding the housing market, it should be noted that due to the sanctions, mortgage lending rates are increasing and this segment of the residential market will lose a significant number of consumers. But against this background, the rental market, on the contrary, is able to expand its area of ​​distribution. So, that part of the population that previously planned to purchase housing on a mortgage may abandon this idea in favor of a rental mechanism, i.e. It will be more profitable to rent housing at relatively stable prices (the predicted rental price is from 10,000 to 15,600 rubles / month, depending on the nature of the forecast) than to issue a mortgage in conditions of currency instability (for example, on 03.24.2015, the ratio of the dollar to the ruble is 1/58, 28, and on 03/14/2015 it was 1 / 61.32)

Now there is a sharp rise in the entire housing market as a whole, this is due to the fact that, due to the rise in the dollar exchange rate, people are striving to realize their money in real estate, but this trend cannot be long-term and promising, because such actions of consumers are forced by constant tension regarding the exchange rate, which in the end can lead to inflation or, moreover, to the collapse of the Russian monetary system.

The socio-demographic factor, of course, does not have such a big impact on the real estate market as, for example, the currency factor, but without them the housing market, in principle, cannot exist as such, since the speed, construction volumes, mortgages, rent, etc. are determined precisely on the basis of the analysis of various mainly non-economic factors. The birth rate, the number of the population, the average income of a person, the number of young families and other social indicators - these are the most general ideas about the real estate market and the country's development potential.

In general, the residential real estate market is a combination of many, both economic and non-economic factors, which, either individually or collectively, give an idea of ​​the economic situation in a particular market segment.

The three forecasts presented by the author reflect economic essence the influence of various factors on the mechanisms for acquiring housing. In the context of an unstable economic situation in the country, it is impossible to speak with full confidence about the effectiveness or inefficiency of real estate management, however, as the studies show, the segment of the real estate market - the residential market, remains the most fundamental in relation to other elements of the economy and, due to attracted funds, can be relatively smoothly maneuver between the changing external environment.

2.2 ASSESSMENT OF THE EFFICIENCY OF OFFICE REAL ESTATE MANAGEMENT

In the commercial real estate market, namely in the office real estate segment, in our opinion, three directional sectors have emerged:

The first sector - includes prestigious offices that meet international standards for administrative premises. From this we can conclude that the rent in such premises is often very high. This is the main reason why some Russian entrepreneurs are renting first-class offices abroad at more affordable prices.

In the second sector, we included offices that are located in well-finished and equipped premises, and recently the practice of buying out large-sized apartments with subsequent high-quality repairs has become popular. Here, lease payments are quite acceptable for successful companies. There is a constant strong demand in this sector.

As a third sector, we identified premises in buildings of municipal and departmental non-residential buildings, state enterprises (mainly scientific institutions), cooperative and private enterprises. These are premises without finishing and repair, and other related services. Rental rates here are usually not high at all.

In our opinion, the freedom of entrepreneurship leads to the creation of more and more entrepreneurial structures, which, first of all, will need premises for their functioning, which means that the office space market bears more than a good development prospect.

Rice. 2.2.1 The ratio of classes of business centers in Kazan at the end of 2014

In the office real estate market of Kazan, there are high-quality business centers of all three classes: A, B and C. The indicator of the city's provision with high-quality office real estate at the end of 2014 is 183 sq. m per 1,000 inhabitants.

Offices belonging to category B are similar in most of their characteristics to class A premises, however, they are not so prestigious, have a less favorable location, and not as wide a range of services as class A offices. Practice shows - in the category of class B, sometimes the offices of the highest category go. This happens, for example, after several years of intensive use. The factor of quality standards also plays an important role here. Technologies are in constant dynamics, so what used to seem to be “newest” is gradually moving into the category of “new”.

The total supply of office space in the city of Kazan is more than 410 thousand square meters. Of these, about 210 thousand sq. m refers to a quality offer.

As it is correct, in big cities, the demand for high-quality office space remains stable. The overwhelming majority of class "A" business centers in Kazan have almost 100% occupancy, namely such business centers as: "BC Suvar Plaza", "Korston", "Business Park Idea". Objects of class "B" also have a fairly high occupancy rate, it ranges from 85% to 90%. Speaking about the demand for office space, one should mention the fact that recently there has been a tendency to shift business activity to the outskirts of Kazan. This is most influenced by such factors as: insufficient transport accessibility(traffic jams), lack of parking spaces or their payment.

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