Effective management of real estate

09.12.2009 10:04
The real estate market in Ukraine began to take shape during the privatization period. Then the industrial, commercial, utilities and other enterprises were privatized for vouchers and certificates. Thus, the first owners, who could dispose of the property at its discretion, including sell it on the market.

This period is characterized by the fact that the owners were groups of shareholders - former employees and employees of these enterprises. Not having experience in the enterprise management market, they suffered heavy losses, which led to the need for the sale of assets of enterprises, but as real estate. Nevertheless, the real estate market until 2002, demand exceeded supply, but the price of real estate was undervalued.

This real estate market has led to a change in the structure of property owners. Number of collective ownership of real estate dropped sharply. The property was acquired from them by separate legal entities or individuals either remained formally in collective ownership, but a controlling stake went to a limited number of individuals, often to several former managers of the enterprise.

This state of the real estate market remained until the present time, except for sverhvostrebovannoy estate in big cities.

Offered and sold on the market facility - this is mainly due reprofiling premises industrial orientation in the past or unfinished construction. The owners of these sites are mainly controlling shareholders of different types of joint stock companies or individuals who bought out the objects of collective ownership before, during mass sales.

Common to all these owners is one thing - the inability or unwillingness to effectively manage real property owned by them, why they expose it for sale.

The reason for this phenomenon - the absence in the market for supply management of commercial property that is provided by the owner of the property management services, servicing, maintenance, repair, conversion, etc.

An example of how effective management can change the status of the property itself, is a trading conglomerate Petrivka in Kiev. Slightly off from each other, within a radius of 2 km from a number of industrial plants (factories Promsvyaz "," Mayak ", medical equipment, etc.).

Inefficient management of the property is not unique to lay-owners who are the owners of real estate, but for those owners who are not novices in the business, but by acquiring or building a real estate business brought in funds by one or another reason have neglected important aspects of real estate management . Such example was opened in 2004 in Odessa complex "Athena".

In the absence of market services of a professional third-party owner of the complex is controlled in design, construction and distribution. He handed the attractive part of the facility (ground floor of the parking complex) is market leader supermarkets in Odessa, the company Tavria V ". This was to lead to the discovery of areas of the complex large-format supermarket - anchors the whole complex. Store could be an attractive link, which would make the whole object as visited and would enhance the attractiveness to tenants and buyers of the rest of the property. However, the owner decided in the interests of only their business, and instead of a large supermarket opened on the premises owned by him integrated fast-food establishment. Due to the fact that customers of fast food - it's mostly young and middle-income, area Tavria V "did not become a magnet for the development of commercial business to the next floor of the building.

Thus, in connection with an unprofessional approach to property management, facility, which could become a trading business event, has become a commonplace commercial enterprise, which are abundant in Odessa.

What should constitute such a management structure and how does it differ from conventional consulting or real estate companies?

I think the main difference between the management structure of the consultancy is not the development of recommendation proposals and submitting them to the customer, and direct management of the property under contract with the owner in full transparent reporting. The owner of the property passes to the control of the management structure for a certain period, under specific conditions. Such conditions may include:

1) the organization of repair, alteration, profiling an object within a budget;
2) populate the tenants with a specific profile of activity;
3) bringing the transfer of control of the object to profitability in the agreed framework, the conditions outlined payback period;
4) Support and increase profitability and market value;
5) brand building.

Upscale development companies are not willing to share the above tasks, do not want to allocate them apart.
World experience shows that tomorrow transmit control functions of commercial real estate developer, specialized companies start and Ukrainian owners.

Approximate structure of developed real estate development company that could solve complex problems is very similar to the structure of industrial and commercial enterprise.

Do I need to provide real estate development as a special kind of market activity? My opinion is clear: development - it is not only the ability to repurpose, build, refine the object of development, but also to create demand in the market complex, which has long exclusive competitive advantage, to organize an effective administration.

To achieve these objectives the development company must constantly be on the crest of innovation, since the success of the companies signed in:
- Using the latest technologies in construction, trade and production;
- The effective management of resources of all stakeholders, the ability of diverse approaches to the mechanisms of resource mobilization,
- The ability to find hidden advantages for existing and create advantages newly constructed facilities,
- Precise knowledge of the market and prospects
- Intuition, prediction, vision.

There are many other aspects that are owned by professional managers of real estate. Services of such specialists are not cheap. However, the benefits that can receive a property owner in the process of long-term use, is incomparably greater.


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