Property Management - a job for professionals





09.12.2009 09:12
Unlike Russia, which began the development of commercial property management market since the early 1990's, in Ukraine this area began its development in the second half of the 90's, when mainly from Europe began arriving management companies.
Since mid 2000, this trend was the rapid development due to the active construction of commercial real estate. Gradually, the idea of ??professional management of real estate begins to interest many developers' organization.

The essence of and approaches to managing real estate.


In the West, there are four concepts that characterize the approach to property management: Facility Management, Property Management, Building Management and Asset Management.
Facility Management - is the management of building infrastructure - engineering and technical operation, maintenance of infrastructure, providing everything you need for comfort - from buying furniture to organizations of all types of repairs.
Property Management - a service on the selection of tenants, working with them, keeping agreements, the disposition of assets of the company, accounting, etc.
Building Management - management of design object construction, recycling, demolition, consulting on the choice of engineering systems, developing a common system of technical operation.
Asset Management - a service that virtually demanded while in Ukraine, indicating the management of financial flows, the property owner.
"The essence of the real estate management is reduced to solving the issue of effective use of the property in order to obtain optimum benefit from its use", - said Igor Balaka, CEO of Crown ".
"The task of the management company is the maximum optimization of all resources of the object with the goals and objectives of the owner, as well as individual properties and qualities of the object", - said Vladimir Chekalov, director of leasing and managing commercial real estate company "Crown".

Market realities.

It should be noted that professional property management company must have a number of narrowly professional managers in the ideal, of course, certified, because it is on the professionalism of managers to the success of the project.
"Today, in Ukraine are only some courses that qualify you for a certified manager of real estate (CPM) and they are the direct participation of IREM (Institute of Real Estate Management) USA. Which experts are trying to adapt the experience and European standards to the realities of the Ukrainian market ", - said Vladimir Chekalov.
"Unfortunately, many property owners are trying to decide whether management of the facility itself, without resorting to professional help by creating this structure, often staffed by professionals who do not have sufficient qualifications and experience. This is understandable, underdeveloped areas of the market, lack of trust from the owner to the management companies, as well as a desire to save what could ultimately prove to be quite impractical, and sometimes short-sighted. Experience and expertise of existing management companies can multiply the results qualitatively effective management of the facility, "- says Igor Balaka.
Real estate management from the perspective of multi-functional approach should include such areas as financial analysis, forecasting and accounting, crisis management, marketing, consulting, valuation, brokerage.
Ideally, the involvement of the management company to the project should be at the stage of selecting a site under building or on the same stage of project preparation, documentation, if you are redesigning an existing object. Largely defined by the fact that the management company needs time to practice, 1 - 3 months, to determine the wishes of the owner, often the owner does not represent the extent of necessary change and can not decide on the desired end result.

Benefits management companies.

Professional property management company, at the request of the owner, may conduct a comprehensive and detailed study of the facility, including physical and technical expertise of the facility, its design and engineering systems, assessing the market value of the object at the time of the study, market analysis. Management company will develop several options for the possible and most efficient use of the object and calculates them from a financial point of view.
After you have identified the most promising options for the facility, the owner makes the final decision on which of the proposed projects will be implemented.
As noted Chekalov Vladimir - "In the interest of the owner, management company will carry out the selection of tenants in accordance with the chosen concept of property and certain rents, paying particular attention to the business reputation of the tenants, because a well-established companies are likely to be able to provide regular payments and not create problems in managing the project. "
"It focuses on the relationship of the management company with the owners of those companies that rent space - their ability to pay, reviews of market experts, information management and owners of the company and it is a great asset management companies in comparison with conventional salaried managers", - says Igor Balaka.
In addition, as a rule, each professional management company has its accumulated database, which significantly reduces the time of the search, selection and fill tenant commercial real estate.
If we talk about management, lease, then this process is now harder than ever, which makes the "manual control" ineffective, so the professional management companies, the standardization of lease documentation, simplify paperwork, and implement records management program, make the management process leases more efficient and simple.
Document management system simplifies management of all paper work with clients is the lease agreements, correspondence customers, plans for tenant improvements, amendments and letters of credit.
As noted by Igor Balak - "A significant advantage of professional management company, is its direct interest in increasing the income of the owner. Because of the total income depends directly on the company's earnings, as opposed to employees with a fixed rate that can not defend the interests of the owner ... "

Cost control.

The amount of remuneration of the management company in each case is determined individually, in many respects this will depend on the amount of work for which the company involved. This may be as a percentage of gross turnover, and a certain fixed amount.
Consider an example where a company takes control of the mall. In this case, the management company services may include: control of the process of construction, technical operation of the building, finding tenants and renting "premises, conclusion and renewal of leases, the involvement of contractors for the implementation of the object, its harvesting, the provision of additional services to tenants . In this case, the remuneration of the management company may be paid as follows - in the construction phase - a certain fixed amount, depending on the company's involvement in the project and after the object is put into operation and begins to fill with tenants are billed on the basis of monthly gross income, as typically 5-15 percent.
Of course, the cost of the services of foreign asset management companies can cost significantly more expensive, which eventually may lead to an increase in payback time, and already the owner to choose whether to involve foreign firms or to contact local specialists.
According, Chekalova Vladimir - "Quite a serious problem that significantly hinders the development of market-based property management in Ukraine is not prepared and even distrust of the owner to the management companies. As a rule, the owner does not represent that it is possible more effective use of his property, which allows to increase its profitability and market value. "

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