At the initial stage of assessment, the goal is determined. The main stages of the assessment. Progress of assessment: characteristics of stages

Estimating the value of an enterprise and business is a complex and time-consuming process, which includes the following assessment stage, which are then divided into assessment stages:

• Problem Definition
• Preliminary inspection of the enterprise and conclusion of an assessment agreement
• Collection and analysis of information
• Market analysis
• Land assessment
• Selection of assessment methods and their application to assess the analyzed object
• Reconciliation of results obtained using different approaches
• Preparation of the assessment report and conclusion
• Evaluation report

1. Definition of the problem.

This stage of assessing the value of an enterprise and business is divided into the following stages of assessment: identification of the enterprise, identification of the subject of assessment, determination of the date of assessment, formulation of the purposes and functions of the assessment, determination of the type of value, familiarization of the Customer with restrictive conditions. When identifying an enterprise, its full and abbreviated name, organizational and legal form, place of registration, location, industry, main types of products, etc. are indicated.

The subject of assessing the value of an enterprise and business is a type property rights, which evaluates the rights to the enterprise, rights to the material assets of the enterprise, rights to share capital joint stock company, a participant’s share in the authorized capital of an enterprise, rights to a block of shares in an enterprise or any other interest.

Determining the date of assessment or the point in time at which the assessment is carried out - the date of sale of the enterprise, its inspection, legal proceedings related to the division of the property complex, and other cases.

Determining the purpose of assessing the value of an enterprise and business (that is, what type of value needs to be determined) is an important stage on which the choice of assessment methodology depends. For example, the methods used to value a business for tax purposes may differ significantly from those used for liquidation purposes.

2. Preliminary inspection of the enterprise and conclusion of an assessment agreement.

This stage is divided into the following assessment stages: preliminary inspection enterprise and acquaintance with its administration, determining the initial information and sources of information, determining the composition of the group of expert appraisers, drawing up assignments for assessment and calendar plan, preparation and signing of an assessment agreement.

3. Collection and analysis of information.

This stage of assessing the value of an enterprise and business can be divided into the following stages of assessment: collection and systematization of general data, collection and analysis of special data, analysis of the best and most effective use.

The most common way of presenting general data is to break it down into subsections relating to the market sector in which the enterprise operates, the type of product and its prices, the location of the enterprise (i.e. data about the city, district where the enterprise is located), financial and technical -economic condition of the enterprise being assessed, etc. Advantage this method is that, having collected and systematized information once, it can later be used to conduct assessments of other enterprises.

In addition to general data, it is also necessary to collect special data, which includes data about the enterprise and comparable sales. Data about the enterprise includes information on documents certifying ownership, the composition of the participants of the enterprise, their shares in the authorized capital, information on the use of the land plot, buildings and structures located on this site, including financial, economic and specifications enterprises, physical characteristics buildings and structures, etc.

Currently in Russia the market associated with valuation activities is not developed, so collecting information for the valuation of an enterprise and business is the most labor-intensive part of the entire valuation process.

Having determined the types of data necessary to assess the value of an enterprise and business, it is important to identify the sources of their receipt.

4. Analysis of market conditions.

Market conditions (market conditions) - the situation on the market that has developed at the moment or over a certain period of time under the influence of a set of conditions. Constant factors of the market: the scientific and technological process, the influence of monopolies, government intervention, inflation, seasonality, etc. Non-permanent (natural) factors of the market: social conflicts, natural disasters, political crises, etc.

The most important element of the methodology for analyzing and forecasting market conditions is to establish the activity and nature of the action of cyclical factors, determine the phase of the cycle, the timing of the transition of the cycle to the next phase and its dynamics in the future. Market cyclicality - constant short-term and long-term market fluctuations associated with underlying economic and social processes. Economic cycle contains phases of expansion, high economic activity (boom), recession (recession) and low level of economic activity (depression). This cycle lasts from 3 to 5 years.

The assessment process can be divided into 7 stages:

1. Statement of the problem and conclusion of an agreement for the assessment of the object; development of an assessment plan.

2. Collection of data (general, special, comparative) and verification of information for completeness and reliability.

3. General and special market analysis.

4. Analysis of the most effective use of a specific property.

5. Selecting approaches and methods of assessment and directly carrying out assessment calculations using assessment methods: cost, comparison of sales, capitalization of income.

6. Harmonization of results obtained using different approaches...
and establishing the final cost.

7. Drawing up a report on the results of real estate assessment.

When using several calculation methods within one approach, one resulting value of value must be justified and obtained within the framework of this approach.

When summarizing the results of various valuation approaches into the final value of the object, the Appraiser must analyze the following characteristics of the approaches used:

Reliability and sufficiency of information used in calculations;

Compliance of the calculation methods used with the amount of available market information;

Compliance with the type of object and the nature of its use;

Compliance with the purpose and purpose of the assessment, as well as the type of value being determined;

Ability to take into account the actual intentions of the buyer and/or seller;

Ability to take into account market conditions;

Compliance of the result obtained by the approach with market analysis data.

Significant discrepancies in the results obtained from each assessment approach should be accompanied by an analysis of the possible reasons for this discrepancy. In general, if the result of one of the approaches differs significantly from the others (for example, more than twice) and there are no reasons that caused such a discrepancy, it is more correct to refuse to use the result of this approach rather than to include it in further calculations.

The Appraiser’s choice of the reconciliation (generalization) method, as well as all judgments and assumptions made must be justified.

In addition, during the assessment, the Appraiser must maintain relevant documentation to be stored in the Appraiser’s archives for the duration of the general limitation period, established by law Russian Federation.

The above list, and some other requirements and recommendations, are presented as an ordered sequence of assessment procedures. However, real estate valuation is a continuous process of collecting, analyzing and adjusting information.

Main stages of real estate valuation

The assessment process can be defined as the sequence of procedures used to obtain an assessment. The process typically culminates in an appraisal report, giving probative value to the value estimate.

Conducting an assessment includes six basic steps:

1. Conclusion of an assessment agreement with the customer. When concluding an appraisal agreement, the appraiser is obliged to provide the customer with information about the requirements of the legislation of the Russian Federation on appraisal activities, incl. about the responsibilities of the appraiser, the requirements for the appraisal agreement and the appraisal report, as well as appraisal standards. The fact of providing such information is recorded in the assessment agreement.

2. Establishment of quantitative and qualitative characteristics of the object of assessment. The appraiser collects and processes: title documents, information about the encumbrance of the object of assessment with the rights of other persons; data accounting and reporting related to the subject of assessment; information on the technical and operational characteristics of the assessment object; information that is extremely important for establishing the quantitative and qualitative characteristics of the valuation object in order to determine its value, as well as other information related to the valuation object.

3. Analysis of the market to which the valuation object belongs. The appraiser analyzes the market to which the valuation object belongs, its history, current conditions and trends, and also selects analogues of the valuation object and justifies their choice.

4. Selecting an assessment method (methods) within each of all possible approaches to assessment and performing the necessary calculations. When conducting an assessment, the appraiser is obliged to use (or justify the refusal to use) the following approaches:

costly approach based on definition Money necessary for the acquisition of a land plot and for creating an exact copy of the valuation object (taking into account wear and tear and the entrepreneur’s profit);

comparative approach, providing for the determination of the equilibrium price based on a comparison of the object with similar objects sold or offered on the local real estate market; income approach based on determining the current value of future income from the operation and resale of the property being assessed. The appraiser has the right to independently determine specific assessment methods within each assessment approach.

5. Generalization of the results obtained within the framework of each of the valuation approaches and determination of the final value of the value of the valuation object. The appraiser, on the basis of the results obtained within each approach to assessment, determines the final value of the value of the appraisal object. The final value of the valuation object must be expressed in rubles in the form of a single value, unless otherwise provided in the assessment agreement.

6. Drawing up and submitting an assessment report to the customer.

The main stages of real estate valuation - concept and types. Classification and features of the category "Main stages of real estate valuation" 2017, 2018.

1st stage – defining the assessment task (problem definition)

· purpose of assessment

· type of cost determined

· establishing the boundaries of the property being assessed (i.e. what exactly should be assessed and analyzed)

· establishment of appraised property rights

date of assessment

Stage 2 - drawing up a plan and agreement for the assessment

· assessment work schedule

· information sources

· choice of assessment methods

· assessment costs

· monetary reward for conducting the assessment

· drawing up an assessment agreement

Stage 1 - collection and analysis of information

· inspection of the facility and surrounding area

· legal description of the property

physical characteristics and location

economic information

· checking the accuracy of the collected information

· analysis and processing of information, and preparation of this information for recording in a report

Stage 1 - analysis of the best and most effective use

· analysis of the land plot as conditionally free

· analysis of land with improvements

· legal validity

· physical feasibility

· financial feasibility

· highest real estate value

Stage 1 - calculating the estimated value of the property based on three approaches

· profitable

· comparative

· expensive

Stage 1 - coordination of the results obtained and derivation of the final value of the property

· checking the received data on the value of the cost

· assumptions and limiting conditions due to the completeness and reliability of the information used

· derivation of the total value of the cost

Stage 1 - preparation of an assessment report

APPLYING THE INCOME APPROACH TO VALUATION

Income approach. Valuation of property by its profitability is a procedure for assessing value based on the expectations of the buyer-investor, focused on future benefits from its use and their current value in a certain amount of money. Another provision of profitability valuation is the principle of substitution, according to which a potential investor will not pay more for real estate than it would cost to purchase other real estate that can generate similar income.

The calculation of value can be carried out using the method of direct capitalization of income or discounted cash flow analysis. The essence of the income capitalization method is that the value of a real estate property is determined by converting the annual net operating income (NOI) into the current value. This method is used if the income streams are stable over a long period and are significant, and also if the income stream is growing at a steady pace. The discounted cash flow (DCF) method is more complex, detailed and allows you to evaluate an object in case of receiving unstable cash flows from it, modeling character traits their receipts.

The DCF method is used when:

§ it is assumed that future cash flows will differ significantly from current ones;

§ there is data to justify the size of future cash flows from real estate;

§ income and expense flows are seasonal;

§ the property being assessed is a large multifunctional commercial facility;

§ the property is under construction or has just been built and commissioned: (or put into operation).

APPLYING A COMPARATIVE APPROACH TO ASSESSMENT

Comparative approach is based on the premise that market entities carry out purchase and sale transactions by analogy, i.e. based on information about similar transactions. It follows that this approach is based on the principle of substitution. In other words, the approach is based on the assumption that a prudent buyer will pay no more for a property put up for sale than what a property of similar quality and suitability could be purchased for.

This approach involves collecting data on the sales market and offers for real estate properties similar to the one being evaluated. Prices for similar properties are then adjusted taking into account the parameters by which the properties differ from each other.

Once prices are adjusted, they are used to determine market value assessed property. If there is sufficient reliable information about recent sales of comparable properties, the sales comparison approach allows us to obtain a result that most closely reflects the market's attitude towards the subject of valuation.

The comparative approach uses the following assessment methods:

Sales comparison method;

Method based on the application of the gross rent multiplier;

APPLYING A CASE STUDY APPROACH TO EVALUATION

The basic principle on which the cost approach to valuation is based is the principle of substitution, which states that an informed buyer would never pay more for any property than the amount of money it would cost to acquire the land and construct buildings and buildings on it. structures similar in their consumer characteristics to the property being valued.

The main steps in applying this approach to determining cost are:

Determination of the market value of the right to use a land plot.

Calculation of costs for the construction of a new similar object and obtaining the full replacement cost of the object.

Determination of the amount of accumulated depreciation of fixed assets.

Reducing the replacement cost by the amount of depreciation to obtain the residual value (replacement cost).

Increasing the calculated residual value of the complex by the cost of the land plot.

FSO REQUIREMENTS FOR THE CONTENT AND PREPARATION OF AN ASSESSMENT REPORT

When preparing a valuation report, the appraiser must adhere to the following principles:

· the report must contain all information that is significant from the point of view of the value of the valuation object (principle of materiality);

· information provided in the assessment report, used or obtained as a result of calculations during the assessment, significant from the point of view of the value of the subject of assessment, must be confirmed (the principle of validity);

· the composition and sequence of materials presented in the assessment report and the description of the assessment process should allow the cost calculation to be completely reproduced and lead to similar results (the principle of verifiability);

· the assessment report should not contain information that is not used during the assessment to determine intermediate and final results, unless it is mandatory in accordance with the requirements of federal assessment standards and the standards and rules of assessment activities established by a self-regulatory organization, of which the appraiser who prepared the report is a member ( principle of sufficiency).

Requirements for the content of the assessment report

Regardless of the type of assessment object, the assessment report must contain the following sections:

a) basic facts and conclusions. The main facts and conclusions section should contain:

· general information, identifying the object of assessment;

· assessment results obtained by applying various approaches to assessment;

· the total value of the valuation object;

b) assignment for assessment in accordance with the requirements of federal assessment standards;

c) information about the customer of the assessment and the appraiser. The assessment report must contain the following information about the assessment customer and the appraiser.

Customer information:

about the customer - legal entity: organizational and legal form; full name; main state registration number (hereinafter referred to as OGRN), date of assignment of OGRN; location;

about the customer - individual: Full Name; series and number of the identity document, date of issue and authority that issued the document.

Appraiser information:

· about the appraiser working on the basis employment contract: last name, first name, patronymic of the appraiser, information about membership in self-regulatory organization appraisers, number and date of issue of the document confirming receipt professional knowledge in the field of appraisal activities

· about the appraiser carrying out appraisal activities independently, engaging private practice: Full Name; series and number of the identity document, date of issue and authority that issued the specified document;

· information about all organizations and specialists involved in the assessment and preparation of the assessment report, indicating their qualifications and the degree of their participation in the assessment of the subject of assessment;

d) assumptions and restrictive conditions used by the appraiser when conducting the assessment;

e) applied standards of valuation activities.

The assessment report must contain information on federal assessment standards, standards and rules of assessment activities used in the assessment of the subject of assessment;

f) description of the subject of assessment with references to documents establishing the quantitative and qualitative characteristics of the subject of assessment.

The assessment report must contain the following information about the subject of assessment:

quantitative and qualitative characteristics of the object of assessment.

This is an orderly process based on the principles discussed in the previous paragraphs. It is based on scientific method and is applicable to a wide range of assessment tasks. Market and other information is used to predict situations and adjust facts and assumptions.

The entire process of assessing a property consists of six stages, namely:

• 1) definition of the task,
• 2) drawing up an assessment plan,
• 3) collection and verification of information,
• 4) application of the most appropriate approaches to assessing the object and analysis of options for the best use,
• 5) coordination,
• 6) a report on the result of assessing the value of the object.

Let's look at each of these stages.

Stage 1. Definition of the problem.

The conditions of the task are certainly dictated by the client. He determines for what purpose the assessment is made. But the appraiser must very carefully and scrupulously clarify all the interests and intentions of the client, since the result will depend on the correct task. In this case, it is necessary and important to identify the real object and determine the legal rights associated with it.

This stage must necessarily include the following elements:

• - identification of the property;
• -establishment and clarification of legal rights;
• - date of assessment;
• -description of the purposes of the assessment;
• - determination of the type of cost;
• - determination of additional conditions.

Stage 2. Drawing up a plan for assessing the property.

After defining and understanding the problem, it is necessary to look for ways to solve it.

This is best done through structuring the assessment process, i.e. drawing up general scheme, providing for consideration first of all common factors, and then more specific ones. For example, from the regional level of cost of identical objects it is necessary to move (descend) to the cost at the level of the local market or its segment. At the lower level, an analysis of specific factors affecting the value of a given land plot and the buildings and structures located on it is carried out.

The sequence of procedures at this stage includes:

• 1) determination of information requirements;
• 2) identifying sources of its receipt;
• 3) identification of the most appropriate methodology;
• 4) determination of time and labor costs;
• 5) drawing up a work plan;
• 6) specification of proposals on the conditions for completing the task and the fee;
• 7) signing the contract.

It should be noted that the last points serve to clarify and increase the responsibility of both the appraiser and the client.

Stage 3. Collection and analysis of information.

It is obvious that a real assessment of the value of a property can be obtained if complete and reliable information is available, including both general and special data.

General data includes information of an economic, social, legal, environmental nature. Sources of such information are statistical reports, financial and economic publications and real estate valuation magazines. For a reliable assessment, it is also necessary to know the level of inflation, bank loan and reinvestment rates, purchasing power, price levels, employment, etc.

General information also includes information about the area where the property is being assessed.

Special data must contain information about the ownership of the object, general characteristics land plot and factors that improve the quality of the object.

The physical characteristics of the land plot must be complete and reflect its most important parameters:

• -area and shape (i.e. size, boundaries along the street, river, highway);
• - topographical and landscape-compositional features (relief, landscape, presence of reservoirs, vegetation);
• - description of the territory closest to the site (presence of roads, access roads, public transport stops, buildings), social infrastructure;
• -possible improvements on the site (development of elements of existing infrastructure).

It is also necessary to have information about the sales and profitability of similar objects, the costs of their creation, which will be required when valuing real estate using one method or another.

Step 4. Analyzing the best and most efficient use of real estate involves looking for opportunities to increase income from both land and buildings.

Stage 5. Agreement.

During this process (called the “examination of conscience”), the appraiser re-examines the accuracy of the information, the applicability of certain valuation principles, re-examines the value indicators and determines the final result.

Coordination provides for the following procedures:

• - review of cost factors in their connection with valuation principles;
• -re-checking statistical and probabilistic indicators;
• -logical reasoning and judgment based on common sense based on the indicators of the considered options;
• - final conclusion on the value of the assessed object after summing up the assessment indicators in the final table.

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