) of the appraisal object before the date of the transaction with it ... "

Source:

Government of the Russian Federation dated July 6, 2001 N 519 (as amended on December 14, 2006) "On Approval of Valuation Standards"

Official terminology. Akademik.ru. 2012 .

See what the "Exposure period of the object of assessment" is in other dictionaries:

Exposition period of the object of assessment- (clause 10 of the Standards) the period of time starting from the date of presentation on the open market (public offer) of the object of assessment until the date of the transaction with it ...

Object exposition time- Exposition term of an object (exposition term) The exposition term of an object in terms of its sale is calculated from the date of presentation on the open market (public offer) of the object of assessment until the date of the transaction with it (FSO No. 1, clause 12) ...

G) the liquidation value of the appraised object the value of the appraised object if the appraised object must be alienated within a period less than the usual exposure time for similar objects; ... Source: Decree of the Government of the Russian Federation of 07/06/2001 N 519 ... ... Official terminology

Property valuation- Real estate valuation is the process of determining the market value of an object or individual rights in relation to the property being valued. Real estate valuation includes: determining the value of property rights or other rights, ... ... Wikipedia

Balance (balance) Balance of foreign trade Balance state budget Trade balance, see External balance... Economic and Mathematical Dictionary

Market value- (market value) the most likely selling price of any real estate interest (property rights, inheritance rights, etc.) on the free market. Market value may be greater than, equal to or less than the value of the property. Here … Glossary of terms for the examination and management of real estate

Real estate market- (Real estate market) The concept of the real estate market, the structure and functions of the market Information about the concept of the real estate market, the structure and functions of the market, the features of the real estate market Contents Contents Definition of the term Market real estate… … Encyclopedia of the investor

Real estate value- is: 1. The amount of money, goods or services for which real estate can be exchanged; 2. The present value of future rights to income or benefits from real estate. Forms of value: value of the object of appraisal with a limited market value of the object ... ... Glossary of terms for the examination and management of real estate

liquidation value- 1. The value that can be obtained from the liquidation of the asset. 2. The liquidation value of the appraised object is the value of the appraised object if the appraised object must be alienated within a period less than the usual exposure period ... ... Technical Translator's Handbook

Point of view

How to reduce the exposure time of an object commercial real estate?

Dmitry Mikhailov, development director of the crowdfunding platform AKTIVO

It is no secret that the sale of a commercial property is not an easy task and requires quite a lot of time. And the more expensive the object, the longer the period of its exposure. Based on my own experience, I can say that, as a rule, a high-quality object worth up to 100 million rubles. can be sold in 1-3 months, objects worth 300-600 million rubles. - for a year and a half, and the sale of a building at a price of 600 million rubles. may take years. Such statistics about exposure times, of course, are something like the average temperature in a hospital. Situations when everything seems to be in order with the object, but the transaction does not take place in any way, is also not uncommon. What are the possible reasons why a quality property is not for sale, and how to reduce the time of its exposition?

Reason one: negotiations with the buyer become a theatrical stage

Unfortunately, some sellers of objects of commercial unattainability still live in pre-crisis realities, when there were many buyers on the market, but few premises. The seller understands that his goal is to get more money for the object and avoid unnecessary questions from buyers (after all, buildings and premises in perfect condition, as a rule, do not exist). Such a seller with a buyer begins to behave arrogantly, haughtily, demonstrates that he is a very serious, busy person, but the buyer who came to meet him raises doubts. With all his appearance, he demonstrates that he is a "Businessman" with a capital letter, so it is not a fact that he will talk with such a buyer and generally sell his object to him. The owner says that “it is possible that he will not sell it,” provoking the buyer to prove his worth and persuade him to sell the building or premises. However, this "one-man theatre" usually does not work for today's buyers. “You don’t want to sell, why did you call for a meeting?” They ask themselves and don’t call back anymore. From this way of doing business in the current market situation, it is better to refuse.

Inflating the price of the object, you should also not say that today 5 more buyers will come to you, and your building has caused a real stir in the market. Buyers of commercial real estate, in turn, are sure of the opposite, they know that there is a crisis in the country and there are no buyers besides them (even if they actually have competitors, and they still have to take part in the auction).

Reason two: lack of information about the object

Wanting to sell an object quickly and expensively, the seller often praises it. He tells how dear this property is to him, how much is connected with it, and how well the tenants are doing here. Such a position for the seller is quite logical. You just need to understand that today's buyer is not at all the same as before. If, say, in the 90s (when the owner himself acquired the object), transactions took place “on a conceptual” level, and buyers evaluated objects according to the criteria “like it or not”, “good building or bad”, but now times have changed. Most buyers in the commercial real estate market are professionals. They don't care about emotions, they need detailed information about the object.

To sell a building or premises, you need to prepare for a meeting with a buyer and know how to answer questions about the taxation of the object, its technical standing, tenants and their financial capabilities, maintenance costs, etc. If there is no such information, the owner often says that he will find it later or refuses to answer questions, and this does not suit the buyer. For him, the acquisition of an object is a business, and it is pleasant to work with a professional. Understanding that you will not receive information from the owner, and you will have to unravel the tangle of problems at the facility yourself, gives you another reason to look for another property or to postpone the purchase.

Reason three: intentional suppression of the shortcomings of the object

Often, when selling real estate, sellers prefer to withhold information about the cost of objects. They willingly report the income they receive from tenants, but they prefer not to tell the potential buyer about the costs. In their opinion, this kind of data can scare him away. In reality, everything turns out just the opposite. The buyer understands perfectly well that there is a cost part in the rental business, and wants to know what it is at this facility. The lack of information leads to the fact that a potential buyer is in no hurry to acquire a “pig in a poke”, because the money will have to be paid rather big.

Reason four: inertia or ignorance current trends market

The investment market in Russia is constantly evolving. And one of the current market trends is the development of crowdfunding in real estate. Crowdfunding involves the participation in the transaction of a large number of investors - individuals. This is the advantage of crowdfunding, because the financial possibilities of such a project are wider than those of an individual private investor or legal entity. Negotiating a price with a pool of investors can be easier. At the same time, the very structure of a transaction with a crowdfunding project can differ significantly from the usual one. It makes no sense to refuse such offers immediately. It is better to consult with a knowledgeable lawyer or study the issue in detail yourself.

For example, the last transaction of our site for the purchase of a retail property in Dolgoprudny (the anchor tenant is the Victoria supermarket) involved the sale of the property to site investors through a closed-end mutual fund. The owner of the object transferred the property to the balance of a closed-end investment fund, receiving in return 100% of the shares of such a fund. Private investors entered the project by buying shares from the owner. As a rule, such purchase and sale transactions can be closed within two to three months. The terms for the repurchase of the object can be prescribed in the contract, and the transaction itself, in case of problems with the repurchase of the premises, can be terminated. At the same time, the intermediary in the person of the crowdfunding platform is not interested in slowing down the process (as buyers often do, asking for installments and delaying the next tranche) and not buying out the whole object, because the profit of the site is the percentage from the sale of shares in commercial real estate. Participation in such investment project allows the owner to sell the object faster.

08.11.2012

The beautiful term "exposition" is probably already known not only to market professionals, but also to consumers. And yet let us explain - by the words "exposure of the apartment" experts mean the location of the object on the real estate market. Every owner who is really interested in selling his apartment always wants the exposure period to be as short as possible. The best realtor of the month based on the results of work in October, an expert in real estate operations at the Khamovniki branch, Elena Tsareva, tells about what influences the duration and success of the exposition. *

The exposition of an apartment begins from the moment information about your housing enters the database, and ends when you have decided on a buyer. This is a difficult and responsible period. Your native apartment, where every little thing is connected with memories, is meticulously considered by strangers as a commodity, sorting out all its advantages and disadvantages. Most likely, you want all this to end as soon as possible, you can breathe a sigh of relief and calmly prepare for the deal. And everyone wants their home to be appreciated.

Influencing factors

- The term of exposure of the apartment depends on several components, - says our expert Elena Tsareva. - One of the main factors is the so-called liquidity housing: how popular are similar apartments in this area. Of course, the high demand allows you to sell the property in a shorter time.

The second point is the price, or rather, its adequacy. As you know, any seller wants to sell his apartment at a higher price, while any buyer wants to buy cheaper. And so that the apartment does not freeze, it is necessary to find a compromise.

- There is a concept average price, which corresponds to the most common prices for housing of this type. If your goal is to sell as quickly as possible, the price should be either in the middle range or slightly lower. If you list an object at a price above average, then your apartment should have clear advantages: for example, renovation, convenient transport interchange, a school or Kindergarten under windows. If there are no significant advantages, it is better to stop at a more acceptable amount for a potential buyer. Judge for yourself: will it be possible to quickly sell two-room apartment for 8 million 800 thousand rubles, if, to put it mildly, it is in its normal state, and its “red price” is not more than eight million? Of course, if the client insists on his inflated price, the real estate specialist will look for a buyer, and there is even a chance that he will find it. The whole question is how long it will take. Most likely, you will have to wait for months, while it is not known whether it will be possible to bail out just that much.

The type of house (brick, panel, block, monolithic), as well as the floor on which the apartment is located, is of particular importance. For example, an apartment on the ground floor is always sold a little cheaper.

- This trend has its everyday reasons, - Elena explains. - Residents of the first floor, as a rule, are waiting for the closing front door with a roar, from which, besides, it blows all the time, and, possibly, unpleasant smells coming from the basement. In addition, you will definitely have to put bars on the windows to protect your home from thieves. There was a period when apartments on the first floor were bought very willingly, especially if the house is located near a bus stop or metro station, on the so-called "red line". Many people bought them in order to later convert them into an office, shop, hairdresser, etc. However, now the situation has changed. First, the rules for the transfer of residential premises to non-residential premises have been tightened. Secondly, in today's market there is a good selection of ready-made non-residential premises, which do not need to be converted, spending a lot of time and nerves. And business representatives most often prefer them.

When comparing primary and secondary market housing, then apartments in new buildings are in higher demand (and therefore sold faster).

- In addition to the obvious advantages of newly built housing, it is worth noting one more thing. The apartment, which already belonged to someone, is decorated in the taste of the previous owner. A potential buyer may not like the repair and even the redevelopment that is convenient at first glance. And remodeling, as you know, is more difficult than doing from scratch. A new building in this sense is like a blank sheet of paper, and does not present any such difficulties, - Elena believes.

So, among the factors influencing the exposition of housing, one can note its liquidity, price adequacy, type and location of both the house and the apartment.

- However, in addition to these parameters, the duration of the exposure period of the apartment is also affected by the degree of readiness of the documents and the availability of the title documents themselves: contracts of sale, donation, exchange, certificate of the right to inheritance by will or by law, court decision, certificate of full payment share, etc., -Elena notes. - Considering each housing option, experts real estate company evaluate possible risk, based on the availability of title documents of the owner. And if the risk is too high, we advise you to continue the search, although the choice always remains with the buyer.

Depends on us

According to the expert, we are unable to change many factors that affect the duration and success of the housing exposition, no matter how much we want to. It is not in our power to move the house closer to the bus stop and the school. The same can be said about the material from which the house is built, the number of floors, and, finally, about the market situation. However, there are other success factors that depend on us. For example, we are quite able to collect a set of documents on time. As well as adequately prepare the apartment for viewing.

In particular, if the apartment is in a state that is popularly referred to as "killed", then it would be better to make a small cosmetic repair.

- Nobody urges you to spend a lot of money, you can just glue the wallpaper, lay instead of the old worn out linoleum, even if inexpensive, but new - this will give the apartment a more well-groomed look and will certainly play a role. About general cleaning, and not only in the rooms, but also in the kitchen and in the bathroom, it’s even unnecessary to talk. In addition, you need to pay attention to smells - they act on a person more strongly than we think. We also usually advise sellers to thoroughly wash the windows, move curtains and curtains to let more light into the apartment. In general, there are no unnecessary trifles in preparing an apartment for viewing, because you will not have a second opportunity to make a good first impression on the buyer, - our expert sums up.

In addition, when showing an apartment, professionals advise minimizing distractions. It is desirable that as few people as possible be present during the show (and if there are animals in the house, it is better to remove them from view). This will enable the potential buyer to calmly look at and evaluate the apartment, imagine himself as the owner.

And finally one more important advice. Let the agent negotiate: be friendly and polite, but don't interfere with the agent-buyer negotiations. Try to give exhaustive answers, but only to those questions that are asked. Your agent knows best what is important to the buyer and can handle any situation with ease.

According to experts, all of the above tips will help you sell an apartment for optimal price and at the optimum time.

* Elena Tsareva has been working for Reskor for more than a year, she is distinguished by an absolute sense of responsibility and the ability to properly build relationships with clients. Perhaps that is why in their reviews they note her individual approach, responsiveness, and a complete understanding of their requirements, sometimes even at an intuitive level.

The research department of Cushman & Wakefield analyzed the impact of exposure time for office space in Moscow on the successful leasing of a property.

The data accumulated over 13 years of observations suggest that the exposure office space subject to a single law, under which 80% of all offices are rented within one year. The probability of renting out an office block is reduced by a factor of three in every subsequent 6 months.

Traditionally, the share of vacant space in the Moscow market has been the main indicator of well-being. Many developers believed that only with a low share of vacancies can we talk about the growth of the market. However last years showed that even at 3 million square meters free office space, the market provides an annual turnover of over 1 million sq.m. This means that even in conditions of excess space, successful leasing is quite possible.

Moreover, the high vacancy was not even an obstacle to the growth of rental rates, as was the case in 2011-2013.

Cushman & Wakefield experts believe that targeting the exposition period of an object is a success factor for working in the "low" market. The share of transactions with an exposure of less than six months is about 50%.

In the office market of the capital, since 2014, there have been virtually no pre-lease transactions. The high share of transactions with premises exhibited for more than a year in 2016 is explained by high turbulence and massive repricing of illiquid office space.

The exposure time of an object is a factor competitive advantage. Restarting the marketing campaign is a necessary part of the rental policy. Based on the data on the terms of exposition of objects based on the analysis of lease transactions for class “A” and class “B” offices in Moscow for the period 2004-2017 (more than 50,000 records), 63% of all office space in Moscow is leased within six months, 80 % is rented within a year.

The share of vacant space in the market ceases to be a significant factor. It influences the success or failure of the rental campaign to a lesser extent.

The data accumulated over 13 years of observations allow us to assert that the exposition of office space is subject to a single law. The probability of renting out an office block is reduced by a factor of three in every subsequent 6 months.

Market conditions affect the slope of the exposure curve. The most characteristic year is 2008, when more than half of the office transactions were pre-lease transactions.

As expected, the most "fast" years were 2005-2007, when more than 80% were leased within six months.

2009 was the slowest, but, nevertheless, more than 50% were commissioned in six months. 2015 almost repeated the pattern of 2009.

Curiously, the three quarters of 2017 show dynamics similar to 2005-2007, with a large share of the "fast" market and highly liquid premises.

Cushman & Wakefield experts believe that this may be a signal for the market to warm up even with a high level of vacant offices.

Geographical differences in terms of exposure are insignificant. 30% of office space vacant as of mid-October 2017 is low liquidity.

Despite the fact that Moscow-City MIBC has the highest vacancy, the exposition periods for concluded deals with office space differ slightly.

For open vacancies, the picture is similar, but the market is divided into two distinct groups: a highly liquid market (premises exhibited for less than a year) and a low-liquid one.

Only about 70% of the areas belong to the highly liquid market.

Therefore, the question is not how much office space is free on the market, but what needs to be done in order to rent out the premises during the year.

The share of vacant space on the market ceases to be a significant factor; it influences the success or failure of a rental campaign to a lesser extent:

• 30% of office space exhibited on the market are classified as low-liquid. This means that the effective share of free space for Moscow is at the level of 11-12%.
• Every next six months, the exposition reduces the probability of renting office space in the next period by a factor of three.
• In terms of exposure, geographic and office class differences are minimal.

Review prepared by Cushman & Wakefield Research

10. Exposition period of the appraised object - the period of time from the date of presentation on the open market (public offer) of the appraised object to the date of the transaction with it

Source: Government Decree Russian Federation No. 519 of July 6, 2001 (as amended on December 14, 2006) "On Approval of Valuation Standards"

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