The assessment procedures consist of stages. Main stages of the assessment process. Identification of property rights to be assessed

INTRODUCTION

Among the elements of a market economy, a special place is occupied by real estate, which acts as a means of production and an item or object of consumption. Real estate is the basis of personal existence for citizens and serves as the basis for economic activity and the development of enterprises and organizations of all forms of ownership. In Russia, there is an active formation and development of the real estate market and an increasing number of citizens, enterprises and organizations are participating in real estate transactions.

Real estate is the main subject of discussion during the privatization of state and municipal property, when renting non-residential premises, and when buying and selling residential premises. Therefore, the process of appraising a property requires high qualifications and professional training of the appraiser and is a complex, labor-intensive and creative work, consisting of certain stages.

REAL ESTATE ASSESSMENT PROCESS

Real estate appraisal is one of the most common types of appraisal. Often, the value of real estate is obvious to its owners or prospective buyers, however, as a result of a professional assessment by the appraiser of all factors relating to the property, its value can be significantly adjusted relative to the original presentation.

Typically, the following real estate properties are subject to assessment:

Land;

Residential real estate (apartments, individual houses);

Commercial real estate (office premises, hotels, retail and warehouse space);

Property valuation

industrial real estate objects;

structures;

engineering Communication;

objects, unfinished construction;

air, sea and river vessels.

Real estate valuation is the most common type of valuation activity and includes determining the value of an object or individual rights in relation to the object being valued, for example, lease rights, use rights, etc. To obtain the most accurate results when assessing real estate, experts must use all three assessment approaches - cost, profit and comparative. These approaches complement each other, each of them is based on the use of certain properties of the object and evaluative principles.

The real estate valuation process requires the appraiser to analyze a large number of factors, which ultimately determine the estimated value.

A qualified and reasonable conclusion about the cost characteristics of the valuation object is possible only on the basis of systematized and confirmed in one way or another initial data, which can also be verified by any interested party, including government authorities.

The process of assessing real estate begins with its examination and negotiations with managers and owners. When visiting the property being assessed, the appraiser will inspect it. Before the inspection begins, the appraiser will familiarize himself with the available technical documentation for the facility, and will also talk with representatives of the technical services responsible for its operation. When reviewing the technical documentation, the appraiser will determine what major changes were made to the project, whether reconstruction was carried out, and the dates of current and major repairs.

2. MAIN STAGES OF THE PROCESS OF REAL ESTATE ASSESSMENT

The real estate valuation process includes the following steps:

1st stage. Setting the task for assessment.

1.1. Purpose of the assessment.

12 . Type of value determined.

1.3. Establishment of assessed property rights.

1.4. Date of assessment.

2nd stage. Drawing up a plan and contract for the assessment.

2.1. Assessment work schedule.

2.2. Information sources.

2.3. Selection of assessment methods.

2.4. Costs of conducting the assessment.

2.5. Monetary reward for conducting the assessment.

2.6. Drawing up an assessment agreement.

3rd stage. Collection and analysis of information.

3.1. Inspection of the facility and surrounding area.

3.2. Legal description of the property.

3.3. physical characteristics and location.

3.4. Economic information.

3.5. Checking the accuracy of the collected information.

3.6. Analysis and processing of information.

4th stage. Analysis of the best and most effective use.

4.1. Analysis of the land plot as conditionally free.

4.2. Analysis of land with improvements.

5th stage. Calculation of the estimated value of a property based on three approaches.

5.1. Valuation based on the income approach.

5.2. Cost estimation based on a comparative approach.

5.3. Cost estimation based on the cost approach.

6th stage. Coordination of the results obtained and derivation of the final value of the value of the property.

6.1. Checking the received data on the value of the cost.

6.2. Assumptions and limiting conditions conditioned by the completeness and reliability of the information used.

6.3. Deriving the final value of the cost.

7th stage. Preparation of an assessment report.

Setting the task for assessment.

Setting up an assessment task is the initial stage at which the basic parameters of the assessment task are determined and formulated. A clear statement of the problem is necessary for a full and unambiguous interpretation of the nature of the assessment task, the choice of assessment methods and the interpretation of the results reflected in the report. The most important components of an assessment task include:

Identification of the property;

Identification of property rights to be assessed;

Purpose (scope of application) of the assessment results;

Selection and determination of the type of cost;

Clarification of the date of the assessment;

Description of the scope of the assessment;

Clarification of other restrictions.

Property Identification includes a description of such characteristics as address, full legal description, exact location and boundaries of the property.

Identification of a property represents its precise legal description, which should be compiled on the basis of information provided by the customer. The necessary information can be obtained from the state register of land survey data in accordance with local and state legislation.

A correct legal description must take into account the specific regional system of surveying and describing land plots, which consists of a description of their boundaries, state system surveys, as well as procedures for describing and mapping sites and neighborhoods.

Identification of property rights to be assessed.

A feature of real estate valuation is an integrated approach that simultaneously considers real estate both as a really existing physical object and as a set of rights of individuals or legal entities that they may have or claim on the property, as well as the use of land plots and buildings.

The object of assessment may be real estate with full or partial property rights due to the separation or division of property rights. In the process of determining market value The real estate appraiser considers property rights restrictions such as leases, easements, liens, title claims, and air or land rights.

Scope or purpose of assessment results– this is an economic procedure subsequently carried out by the customer on the basis of the value result obtained by the appraiser.

Real estate valuation is carried out in order to determine:

Purchase and sale prices;

Amounts of collateral for lending;

Tax bases;

Terms of the lease agreement;

Costs of buildings and structures in financial statements;

Bases of fair compensation for alienation of property rights;

Bases of the insurance contract.

Finding out how to subsequently use the resulting valuation result is necessary to select the optimal valuation procedure - from collecting and analyzing the necessary information to applying the most effective valuation methods and principles for harmonizing the results. If the client does not provide information about the scope of use of the results of the appraisal report, the appraiser, on his own initiative, should discuss this issue with him and ensure that the client adequately understands the problem. This procedure will save the appraiser from possible misunderstandings and the need to redo the work.

Selection and determination of the type of cost.

The purpose of the assessment is to determine the value of real estate, which, in accordance with current international and Russian valuation standards, is manifested in various forms. The type of value of the appraisal object is dictated by a number of factors, which include the property rights being assessed associated with it, the scope of application or purpose of the appraisal results, and the volume of the appraisal task.

In accordance with current Russian valuation standards, the following types of value can be used:

Market price;

The value of the subject of assessment with a limited market;

Replacement cost;

Cost of reproduction;

Cost for existing use;

Value for tax purposes;

Investment cost;

Liquidation value;

Disposal cost.

Special value, including insurance, collateral and other types of value not included in these standards, but stipulated by regulatory legal acts.

The type of value selected by the appraiser in agreement with the customer and third parties, users of the report, must be indicated in the appraisal assignment. In addition, it is necessary to provide a definition (wording) of the specified value in writing in the assessment report, which should not contradict the standards accepted in the assessment.

The type of value used in the process of assessing a specific valuation object influences the content of individual stages within the framework of the universal assessment model. The type of cost determines the composition, collection, preparation and analysis of information for valuation purposes. The choice of approaches and methods for real estate valuation is dependent on the type of value being determined; for example, when determining the insurance value, it is inappropriate to use income approach methods. The type of cost determines the logic and validity of agreeing on the final assessment results.

The process of assessing the value of real estate includes a system of sequential actions of the appraiser - from setting up an assessment task to handing over to the customer a written assessment report containing the property expressed in monetary units.

The real estate valuation process includes the following steps:

1st stage. Setting the task for assessment.

1.1 Purpose of the assessment.

1 2 Type of value determined.

1.3 Establishment of assessed property rights.

1.4. Date of assessment.

2nd stage. Drawing up a plan and contract for the assessment.

2.1. Assessment work schedule.

2.2. Information sources.

2.3. Selection of assessment methods.

2.4. Costs of conducting the assessment.

2.5. Monetary reward for conducting the assessment.

2.6. Drawing up an assessment agreement.

3rd stage. Collection and analysis of information.

3.1. Inspection of the facility and surrounding area.

3.2. Legal description of the property.

3.3. Physical characteristics and location.

3.4. Economic information.

3.5. Checking the accuracy of the collected information.

3.6. Analysis and processing of information.

4th stage. Analysis of the best and most effective use.

4.1. Analysis of the land plot as conditionally free.

4.2. Analysis of land with improvements.

5th stage. Calculation of the estimated value of a property based on three approaches.

5.1. Valuation based on the income approach.

5.2. Cost estimation based on a comparative approach.

5.3. Cost estimation based on the cost approach.

6th stage. Coordination of the results obtained and derivation of the final value of the property.

6.1. Checking the received data on the value of the cost.

6.2. Assumptions and limiting conditions conditioned by the completeness and reliability of the information used.

6.3. Deriving the final value of the cost.

7th stage. Preparation of an assessment report.

1. Setting the task for assessment is initial stage, on which the basic parameters of the assessment task are determined and formulated. A clear statement of the problem is necessary for a full and unambiguous interpretation of the nature of the assessment task, the choice of assessment methods and the interpretation of the results reflected in the report.

2. Drawing up a plan and agreement for the assessment.

Depending on the type of object and the scope of work, the assessment can be carried out by one appraiser or a group of specialists. The appraiser's work plan is built in accordance with the structure of the future appraisal report and the time required to complete each stage.

3. Collection and analysis of information

The composition and volume of required information, the procedure for its processing and analysis, the number of appraisers involved, including specialists involved, as well as the time required for data processing, depend on the task assigned, the type of real estate being appraised and the selected valuation methods.

4. Analysis of the best and most effective use of real estate is carried out in order to adequately assess the existing option for using the object being assessed, developing recommendations for its optimal use in order to determine the maximum possible cost.

5. Calculation of the estimated value of a property based on three approaches.

Each assessment approach includes a number of methods. Appraiser, depending on the type of value, characteristics of the property being appraised, information on the property being appraised and similar real estate, etc. selects one or more assessment methods within each approach. The choice of assessment methods must be justified and described in the assessment report.

6. Coordination of preliminary assessment results and derivation of the final value.

Coordination of the results obtained on the basis of various approaches and methods is the last stage in determining the value of the property being assessed. The final result of the assessment can be presented in the form of a single monetary value or a range of the most probable values ​​of value, represented by a minimum and maximum value.

7. Preparation of the assessment report.

At the last stage of the assessment, a written assessment report is transferred to the customer, which is documentary evidence of the proper performance of the appraiser’s duties. The assessment report has a detailed form. The report is personally signed by the appraiser and certified with his seal.

The final value recorded in the report is considered reliable and is recommended for making a transaction with the property.

In the process of assessing the value of a business, three main stages (and seven smaller ones) can be distinguished:

1. Preparatory stage.
2. Evaluation stage.
3. The final stage.

Preparatory stage

1. Selecting a cost standard and valuation methods

The first stage of business valuation is to determine the required value in accordance with existing business value standards. (See "Introduction to Business Valuation"). Then, when the necessary standard of business value is determined, the methods necessary for valuing the company are determined, which are most suitable in this particular case.

2. Preparing information for the assessment

In accordance with certain assessment methods, the set and volume of required information is determined. Information can be drawn from several sources, such as: the company being valued, the stock market, various statistical information, marketing research, etc. According to the BVS-III standard, this information should cover:

1. Characteristics of the enterprise, shareholders' interests in the capital of the enterprise or securities subject to valuation, including rights, privileges and conditions, quantitative characteristics, factors affecting control and agreements limiting sale or transfer.
2. General characteristics of the enterprise, its history and development prospects.
3. Financial information about the company for previous years.
4. Assets and liabilities of the enterprise.
5. General characteristics of industries that influence this enterprise; their current state.
6. Economic factors influencing this enterprise.
7. The state of the capital market as a source of necessary information, for example, on possible rates of return on alternative capital investments, on transactions with publicly traded shares, on mergers and acquisitions of companies.
8. Data on previous transactions involving the company being valued, shareholders' shares in the capital of the company or its shares.
9. Other information that the appraiser considers relevant to the assessment.

As can be seen from this, when assessing a business it is necessary to use retrospective accounting information ( financial statements) and current financial and economic indicators of the company. The timing of recording the data used and the moment of evaluation are not consistent with each other. Discrepancies in data over time create conditions for various types of distortions to appear in them. Among them are: changes in accounting standards for source data, denomination of monetary units, exchange rate fluctuations, structural changes in prices, etc. These inconsistencies give rise to the problem of adjusting all financial and accounting reports used in order to bring them to a common time standard, which is the moment assessments.

Adjustment and adjustment financial statements governed by the BVS-IX standard, this process may include:

1. Bringing financial information about the company being valued and peer companies to a unified basis.
2. Conversion of reporting values ​​into current ones.
3. Adjusting income and expense items so that they sufficiently fully characterize the company's performance over a long period of time.
4. Accounting for non-performing assets and liabilities, and related income and expenses.

Bringing financial reporting to a unified basis.

Within the state system accounting The company always has the freedom to choose accounting methods. This choice is fixed in the order “On the accounting policy of the enterprise” for a period of one year and may change over a number of years. The principle of preparing financial statements does not require reflecting the real market value of certain assets of the enterprise. In such a situation, companies prefer to use accounting methods that will minimize taxes.

Business valuation requires obtaining standardized data that reflects the real market and economic position of the company. As a result, the company’s financial statements used must be brought to a unified accounting standard.

Since Russian legislation does not provide standards for the preparation of this kind of financial documents, and Russian investors have not developed a single generally accepted standard for bringing enterprise reporting to reflect its market condition, then possible option is to bring reporting to IAS / GAAP / FRS standards.

Adjustment of information used for inflation.

The assessment of an enterprise should be based on real (cleared of the influence of inflation) values ​​of the indicators used. In conditions of significant price changes, the accounting values ​​of cost indicators differ significantly from their real values. Thus, the use of accounting data requires their adjustment taking into account price dynamics, i.e. inflation (or deflation) and structural changes in prices. However, in modern conditions The main influence of the Russian economy is the distorting influence of inflation.

In the theory of financial management, there are two alternative ways to adjust (clean) indicators for the impact of inflation:

1. direct adjustment of assets and monetary amounts to the values ​​of inflation indicators;
2. taking into account the impact of inflation on assets and monetary amounts by including inflation indicators in the discounting procedure.

The differences in the value of the outcome measures using these approaches are negligibly small in industrialized countries with established markets and normal inflation rates. In countries with high rates of inflation or hyperinflation, differences in the values ​​of the final indicators appear depending on the choice of one or another inflation adjustment approach. When conducting assessments in the Russian Federation, it is preferable to use methods based on direct adjustment of monetary amounts to the values ​​of inflation indicators.

Moreover, as shown in the work of St. Petersburg State Institute of Economics and Economics professor P. A. Vatnik, inflation has a different impact on flow type values ​​(revenue, profit, input of funds, etc.) and on stock type values ​​(assets of all types). In addition, the distortion of various indicators is associated with the differences in the conditions for their formation in the accounting system. In accordance with the results of the study, adjustment of accounting and design data various types necessary for financial and economic calculations and forecasts should be carried out separately.

The values ​​of inflation indicators, depending on the area of ​​operation of the company, can be: the price index of producer enterprises, the consumer price index, the devaluation values ​​of the main currency, or the price index can be calculated for a specific company.

3. Evaluation financial situation companies

In the process of assessing a business, there is a need to preliminary check its financial position. Such a check allows you to obtain important background information about the company being valued and calculate the values ​​of the adjustment indicators necessary to find the final value of the business.

To assess the financial position of a company, it is necessary to choose a model that allows:

1. take into account the chosen model for adjusting indicators for the impact of inflation;
2. reflect the financial position of the company at the time of assessment;
3. match financial condition requirements economic security companies;
4. determine surplus (deficit) working capital companies.

The methodology for assessing the financial position of a company for business valuation purposes can be based on one of three main approaches.

1. The first approach involves organizing differentiated accounting of all debt obligations according to their maturity dates. At the same time, the intensity of future cash receipts and their sufficiency is checked at individual points in time. This approach is based on the use of primary information on financial flows. Systematization of this information is very labor-intensive and is only really feasible in companies that manage financial flows.
2. The second approach is based on the use of a special liquidity balance, which allows one to establish the financial position of the company. When compiling a liquidity balance, all balance sheet items are regrouped depending on the speed of their turnover. By comparing parts of assets sold by a certain date with parts of liabilities that must be paid (repaid) by the same date, the value of the payment surplus or payment deficit at a certain moment is established.
3. The third approach is based on the use of indicators calculated based on a comparison of the volume of individual funds and sources existing at a specific point in time. These may be liquidity indicators, indicators of financial dependence or autonomy, indicators of financial stability, etc. The practical use of any version of indicators is associated with the establishment of a critical level that allows classifying the financial position of an enterprise from the point of view of solvency. Since indicators serve only as indicators and do not allow one to directly determine the degree of solvency, this method is not guaranteed against errors. However, in most cases, it allows one to obtain a correct diagnosis of the true financial position of the enterprise, which has sufficient accuracy for its inclusion in the subsequent procedure for assessing the enterprise. Also, the advantages of this method include a high degree of formalization.

4. Company risk assessment

For the purposes of business assessment, risk should be defined as the degree of uncertainty associated with obtaining expected future income, in other words, it is the danger of failure to achieve (deviation) the planned volume of expected future income or the risk of non-realization of the forecast.

Given a given level of expected future earnings, the market will pay more for a business if those earnings are more likely to occur. In other words, for a certain level of expected future profit (or cash flow, dividends, etc.), the lower the risk, the higher the current value of the business.

There are two approaches to interpreting risk elements when conducting an assessment:

1. making downward adjustments to expected future flows (profits, cash flow, dividends, etc.) to reflect this uncertainty;
2. accounting for risk by using a higher discount rate in estimating the expected flow so as to reflect the required return as a reward for the risk.

American scientists Birman and Schmidt have convincingly shown that a theoretically more correct option for taking into account the element of risk is to reduce expected future income to what they called a “certainty-adjusted equivalent.” They recommend adjusting the expected flow using a coefficient that reflects the probability of receiving a given flow. It is then possible to apply the same discount (a measure of the cost of capital) to evaluate all alternative investment decisions.

However, in practice, the approach to accounting for risk by using a higher discount rate is the most commonly used. The economic rationale for using an increase in the discount rate is to seek some additional income above the risk-free rate as compensation for the risk of owning these assets. This approach is represented by the two most common models, the CAPM/ART and the cumulative method.

Evaluation stage.

5. The necessary calculation procedures provided for by the selected business valuation methods are carried out

The final stage.

6. Cost adjustment

In any case, whether an attempt is made to forecast the future or based on historical data, business valuation is based on a number of key variables. Their relative importance may vary depending on the specific situation, but in many cases internal variables such as:

1. size of the assessed share (majority or minority);
2. having voting rights;
3. liquidity of the company (package);
4. provisions restricting property rights;
5. special privileges;
6. financial position of the assessed object;
7. and etc.

Moreover, it should be taken into account that the sum of the values ​​of all individual blocks of shares may differ from the value of the enterprise taken as a whole. In most cases, the sum of the values ​​of the individual packages is less than the value of the entire business as if it had been purchased by a single buyer. A company valued as a whole has a different value because the latter involves different rights and interests than the sum of all interests taken on a minority basis.

• Adjustment of company value to financial position

The key internal variable is the financial position of the subject being assessed. This is the most important qualitative indicator of the state of an enterprise (business), since it is obvious that an unprofitable business that is on the verge of bankruptcy cannot have a similar valuation to a profitable and solvent one.

For the purpose of accounting for the financial condition when assessing an enterprise, a quantitative indicator such as surplus (deficit) of working capital is used. The amount of working capital surplus (deficit) is calculated by comparing the required working capital and the available working capital.

If the analysis of the financial position of the enterprise reveals the presence of excess working capital, then it must be added to the resulting price of the enterprise, since this value expresses the available unclaimed highly liquid assets.

If a working capital deficit is identified, it must be subtracted from the received price of the enterprise, since this value represents cash, which the owner (investor) of the enterprise must invest in the enterprise in order to ensure its uninterrupted functioning in the future.

• Adjustment of the company's value by the assessed share. Degree of control.

One of the most important variables affecting the value of a business is the degree of control.

The value of control depends on the ability to exercise any or all of the rights typically associated with control of an enterprise. When assessing the impact of control, the presence or absence of various elements of control in a given case should be determined and the impact of each element on the cost of control should be taken into account. The following is a list of some of the most common control prerogatives:

1. elect directors and appoint management;
2. determine management remuneration and benefits;
3. adopt policies and make changes in the direction of the enterprise;
4. acquire or liquidate assets;
5. select people with whom business should be conducted and contracts will be concluded;
6. make decisions on the acquisition of other enterprises;
7. liquidate, dissolve, sell off or recapitalize the company;
8. sell or purchase your own shares in the company;
9. register company shares for public issue;
10. declare and pay dividends;
11. make changes to the statutory documents or internal regulations.

Based on the above list, it is clear that a person who owns a controlling stake in an enterprise has some very valuable rights that a shareholder who is not in a similar position does not have. Each specific case must be considered separately, taking into account the degree of control or its complete absence. In the event that any of the control elements are missing, the estimated value of the controlling interest must be reduced. If there is any significant element of control in the minority stake, then it should also be taken into account when assessing it.

There are three approaches to accounting for the value of a non-controlling interest in a business:

1. A proportionate share of the cost of the entire enterprise minus any applicable discounts.
2. Direct comparison with sales of other non-controlling interests.
3. Bottom-up approach. Starting from zero, all available elements of the value of the non-controlling interest are sequentially summed up.

• Adjustment of the company's value by the assessed share. Liquidity adjustment.

Suitability for quick sale (liquidity) definitely increases the value of a business and, on the contrary, the lack of liquidity reduces its value compared to a comparable, however, highly liquid business. In other words, the market pays a premium for liquidity and reduces the price when there is no liquidity.

Since shares of closed companies are not traded on a highly liquid market public companies, then a share in a closed company is usually worth less than packages of open companies that are comparable in other respects. The relative liquidity of different holdings is influenced by many factors. The size of the share can also be important. In some cases it is easier to sell a smaller share, in others it is the opposite. Over time, the importance of the liquidity factor in business valuation has become increasingly recognized. Numerous recommendations and facts indicate that unfitness for sale reduces the value of shares (or shares) of private companies compared to shares of public companies by an average of 35-50%.

The lack of liquidity of a package can be taken into account in one of three ways:

1. increasing the discount rate so that it takes into account the disadvantages associated with illiquidity;
2. a discount for illiquidity can be made separately;
3. The liquidity discount can be factored into the risk adjustment process.

• Key management personnel.

Perhaps the most significant quality characteristic of many closely held companies is their dependence on one or more key management personnel. In some cases, this factor may be so important that a separate special adjustment must be made for it when estimating the cost.

• Low diversification of production.

Many closely held companies have a very narrow range of products, which may increase their risks and/or limit their capabilities relative to other companies. The narrowness of the product range can limit both the categories of potential consumers and the number of potential consumers in each category. It can also increase the risks associated with a shortage of some basic types of raw materials or with the launch of new competitive products.

• Other factors.

Other factors that should be taken into account in various cases include the intensity and nature of a company's R&D efforts, its position in the industry, the size and quality of its assets relative to other companies, and its education and training programs.

7. Drawing up a business valuation report

The preparation of a business valuation report is governed by the BVS-VIII standard.

The identified objectives of the assessment report are to:

1. present the analysis and conclusion in a clear and convincing manner;
2. document assessment details for reference.

In most cases, the assessment report contains the following sections:

1. Introduction. (General information)
2. Macroeconomic information.
3. Industry information.
4. Description of the company.
5. Description of information sources.
6. Analysis of the financial and economic situation of the company.
7. Approaches to assessment and conclusion.

Carried out taking into account limiting conditions.

The methodology of the assessment procedure is, within which various assessment methods are used.

The cost assessment procedure, regardless of the specifics of the object being valued, consists of standardized stages:

1. formulation of the problem;
2. developing an assessment plan;
3. collection and verification of information;
4. selection and use of assessment approaches that correspond to the task assigned to the appraiser;
5. agreement on assessment results;
6. drawing up a report on the result of the cost assessment.

When setting the problem, special attention is paid to determining the object of assessment (its size and characteristics), the legal rights associated with it, which may represent an equity participation in the object being assessed. Here it is necessary to identify all the limiting conditions and time frames within which the cost estimate remains reliable.

Developing an evaluation plan includes determining information requirements, identifying appropriate methodology, estimating the evaluator's time and effort, and submitting proposals for engagement terms and fees.

Structuring the assessment has positive results when it begins with consideration common factors economic and social development at the macro level and regional level, affecting the cost. At the same time, the corresponding market or market segment, the existing relationship between supply and demand and the prospects for their changes in the short term are determined. Then, specific development factors at the micro level directly related to the object are analyzed.

To avoid unproductive costs and loss of time, determine the volume and structure of the information necessary for the assessment. They consider the possibility of using three traditional approaches to cost assessment and identify their positive and negative aspects. The most accurate estimate of the value of an object is obtained by comparing the estimated value, when different approaches are used. At this stage, a schedule of work is drawn up to conduct an assessment and determine the amount of costs (money and time) associated with collecting and verifying information, paying for consultants invited from outside. If the assessment requires the provision of a written report, the costs of drawing up charts and graphs are taken into account.

The appraisal proposal is submitted in writing; it serves to clarify the responsibilities of the client and the appraiser and helps to avoid misunderstandings in the future. The professional appraiser's fee proposal must also be submitted in writing; it takes into account the complexity of the task, overhead costs, legal risk associated with the work and the range of services provided.

Collection and verification of information includes checking the materiality and reliability of the collected information, identifying possible distortions and deviations of information on comparable transactions (unreliable or insignificant information will complicate or make it impossible to prepare a reasonable conclusion about the value).

The selection and use of approaches to assessment (comparative, income, cost), corresponding to the task assigned to the appraiser, is carried out depending on the characteristics of the object of assessment, the purposes of its implementation, the features of each approach, taking into account the specifics of assessment methods and techniques. (For example, the discounted cash flow method is applicable when valuing an investment, since the investor invests capital in an operating enterprise, taking into account the present value of future cash earnings. The cost approach is appropriate if the object being valued has significant tangible assets, or there is no historical data on profits, or there is no possibility reliably estimate future profits or cash flows).

Reconciliation of valuation results occurs through a process of logical reasoning and decision-making, including a review of factors in relation to the principles of valuation, consideration of statistical and probabilistic indicators, and a final proposal for an estimated value. During this process, the appraiser re-examines the validity of various measures of value and considers the possible range within which the property's assessed value lies. When preparing a report on the result of a valuation, the appraiser sets out his findings and conclusions and transmits the valuation report to the client.

Property valuation- this is the determination of the value of real estate in accordance with the goal, the assessment procedure and the ethical requirements of the appraiser.

Determining the purpose of real estate valuation is initially the basis for choosing valuation methods and, accordingly, has a significant impact on the result of the valuation.

Subsequently, the type of cost that is necessary in accordance with the goal is determined.
In market conditions there are different kinds property value:

• market - this is the most likely selling price of the property at a competitive and open market with conscious and rational actions in the interests of the buyer and seller, who are well informed and not under the pressure of emergency circumstances;
• consumer (in use) is the value of real estate for a specific consumer, the maximum amount that can be obtained from continued ownership and subsequent sale of the property;
• investment - this is the value of the property being valued for a specific investor; increase in the market value of a property as a result of investment;
• insurance - the market value of the object, determined for insurance purposes; This is usually replacement cost or replacement cost;
• replacement is the cost of a new property with identical functional properties, but using modern materials, design and equipment;
• replacement value is the cost of reproduction of a property, i.e. the amount of costs for the construction of an exact copy of the assessed object;
• collateral - calculated based on the market value for lending;
• liquidation value is the value in a forced sale; it is identical to the market value, but is limited by the timing of the assessment, marketing research and promotions necessary to obtain the best price;
• for taxation - the value of the assessed object, determined for calculation tax base and calculated in accordance with the provisions of regulatory legal acts - this is the market or replacement value depending on the property; in Russia, inventory value is used, based on replacement value;
• recycling - the cost of the valuation object, equal to the market value of the materials it includes, taking into account the costs of recycling the valuation object;
• operating enterprise - the cost of a single property complex, determined in accordance with the results of the functioning of the established production; in this case, the assessment of the value of individual objects of the enterprise consists in determining the contribution that these objects make as components of the operating enterprise;

Fact state registration the emergence and transfer of rights to real estate is certified by the issuance of a certificate, and a special inscription is made on the documents expressing the content of the transaction. The registration procedure itself comes down to recording information about the rights to each property and its parameters in the Unified State Register.

The date of the assessment is established - a calendar date, as of which the value of the assessment object is determined.

Limiting conditions are formulated - statements in the report that describe obstacles or circumstances that affect the assessment of the value of the property.

Stage 2. Drawing up a plan and agreement for real estate valuation
Sources of information, methods of real estate valuation are determined and then a work plan is drawn up.
The costs of conducting a real estate assessment are summed up and a monetary reward for conducting a real estate assessment is agreed upon.
A contract for real estate valuation is drawn up.

Stage 3. Collection and analysis of information about the property
Collection and processing of the following information and documentation:

• title documents, information about the encumbrance of the object of assessment with the rights of other persons;
• accounting and reporting data related to the subject of assessment;
• information on the technical and operational characteristics of the assessment object;
• information necessary to establish 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.

Inspection of the property and adjacent territory, description of the legal status of the property, physical and economic characteristics, location.

Analysis and processing of information.

Stage 4. Analysis of the best and most efficient use of real estate
Analysis of the best and most efficient use of both already developed and potentially vacant land.
Legal validity of the chosen use case, physical feasibility and financial feasibility.
Determining the highest value of real estate.

Stage 5. Calculation of the estimated value of a property based on three approaches

Valuation based on the income approach
The income approach is based on the fact that the value of the property in which capital is invested must correspond to a current assessment of the quality and quantity of income that this property is capable of generating.

Income capitalization is a process that determines the relationship between future income and the current value of an object.
The basic formula for the income approach is:

Where: C (V) - property value;
BH (I) - expected income from the property being assessed. Income usually refers to the net operating income that a property is capable of generating over a period;
K (R) - rate of return or profit - is a coefficient or capitalization rate.

Capitalization ratio is a rate of return that reflects the relationship between income and the value of the property being assessed.
The capitalization rate is the ratio of the market value of the property to the net income it generates.
Discount rate is a compound interest rate that is applied when recalculating at a certain point in time the value of cash flows arising from the use of property.

Income capitalization model

Stages of the income approach:
1. Calculation of gross income from the use of an object based on an analysis of current rates and tariffs in the rental market for comparable objects.
2. The assessment of losses from incomplete occupancy (renting) and uncollected rental payments is made on the basis of an analysis of the market and the nature of its dynamics in relation to the real estate being valued. The amount calculated in this way is subtracted from the gross income, and the resulting figure is the actual gross income.
3. Calculation of costs associated with the subject of assessment:

• operational (maintenance) - costs of operating the facility;
• fixed - costs of servicing accounts payable (interest on loans, depreciation, taxes, etc.);
• reserves - costs for the purchase (replacement) of accessories for the property.

The income approach estimates the current value of real estate as the present value of future cash flows, i.e. reflects:

• the quality and quantity of income that the property can generate over its life;
• risks specific to both the object being assessed and the region.
  The income approach is used to determine:
• investment value, since a potential investor will not pay more for an object than the current value of future income from this object;
• market value.

Conditions for applying the comparative approach to real estate valuation:

• the object does not have to be unique;
• information must be comprehensive, including the terms of transactions;
• factors influencing the cost of comparable analogues of the property being valued must be comparable.

• balance;
• supply and demand.

Comparable objects must belong to the same segment and transactions with them must be carried out on conditions typical for this segment:
exposure period. Exposure period - the time that the object is on the market
independence of the subjects of the transaction. Independence means that transactions are not concluded at a market price if the seller and buyer:

• are related;
• are representatives of the holding and an independent subsidiary
• have other interdependence and mutual interest transactions are carried out with objects burdened with collateral or other obligations
• engaged in the sale of real estate of deceased persons, etc.
  investment motivation, which is determined by:
• similar motives of investors;
• similar best and most efficient use of facilities;
• degree of wear and tear of the building.

Property rights
The title adjustment is the difference between market rent and contract rent, since full title is determined at market rent and current financing available;
terms of financing the transaction;
in case of atypical terms of financing a transaction, a thorough analysis is required, as a result of which an amendment is made;
terms of sale and time of sale;

• location;
• physical characteristics.

Percentage adjustments are made by multiplying the sales price of the analogous object or its unit of comparison by a coefficient reflecting the degree of differences in the characteristics of the analogous object and the object being valued.
If the valued object is better than a comparable analogue, then an increasing factor is added to the price of the latter; if worse, a decreasing factor is added.

Cost adjustments:
a) absolute amendments made to the unit of comparison change the price of the sold analogue object by a certain amount, which is estimated at the difference in the characteristics of the analogue object and the object being valued. A positive adjustment is made if the valued object is better than a comparable analogue, a negative adjustment if it is worse;
b) monetary adjustments made to the price of the sold analogue object as a whole change it by a certain amount, at which differences in characteristics are estimated.
Cumulative percentage adjustments are determined by multiplying all individual percentage adjustments.

An amendment in the form of a general grouping is usually used in a developed real estate market where there are a large number of sales.
The cumulative adjustment is made within the identified group of comparables.

Sequence of amendments:

Adjustment for financing terms;

• adjustment for special conditions sales;
• adjustment for time of sale;
• location correction;

• correction for physical characteristics.

• The final price reflects the opinion of typical sellers and buyers;
• Sales prices reflect changes in financial conditions and inflation;
• Adjustments are made for differences between the compared objects;
• Quite easy to use and gives reliable results.

• the difficulty of collecting information on practical sales prices;
• the difficulty of collecting information about the specific terms of the transaction;
• dependence on market activity;
• dependence on market stability;
• difficulty in reconciling data on significantly different sales.

Information required to apply the cost approach:

• level wages;
• the amount of overhead costs;
• equipment costs;
• profit margins for builders this region;
• market prices for building materials.

• physical wear and tear - wear associated with a decrease in the performance of an object as a result of natural physical aging and the influence of external unfavorable factors;
• functional wear - wear due to non-compliance with modern requirements for such objects;
• external wear - wear as a result of changes in external economic factors. Calculation of the cost of an object taking into account accumulated depreciation: Son = Свс-Сызн.
  Determination of the final cost of real estate: Sit= Sz+Son.

• technical and economic analysis of the cost of new construction;
• justification for the need to update the existing facility;
• assessment of special purpose buildings;
• when assessing objects in “passive” sectors of the market;
• analysis of land use efficiency;
• solving problems of object insurance;
• solving tax problems;
• when agreeing on the values ​​of a property obtained by other methods.

• costs are not always equivalent to market value;
• attempts to achieve a more accurate assessment result are accompanied by a rapid increase in labor costs;
• discrepancy between the costs of purchasing the property being valued and the costs of new construction of exactly the same property, because during the assessment process, accumulated depreciation is deducted from the construction cost;
• the difficulty of calculating the cost of reproduction of old buildings;
• the difficulty of determining the amount of accumulated wear and tear of old buildings and structures;

• separate assessment of the land plot from the buildings;
• the problematic nature of assessing land plots in Russia.

The final value of the property is derived based on a comparison of the results of applying different approaches to valuation.

The hierarchy analysis method (HAM) is used to harmonize the results obtained
using various approaches and assessment methods.

1. The first step of the MAI is to structure the problem, agreeing on the results in the form of a hierarchy. In its simplest form, a hierarchy is built from the top, which represents the goal of the problem, through intermediate levels, usually a criterion for comparison, to the lowest level, which in general is a set of alternatives.

2. After hierarchically reproducing the problem, a criterion comparison matrix is ​​constructed and the value of the criteria priorities is calculated. The matrix element - aij - represents the intensity of the element of hierarchy i relative to hierarchy j.

The intensity of the manifestation is usually assessed on an intensity scale of scores from 1 to 9:
1 - equal importance;
3 - moderate superiority of one over the other;
5 - significant superiority;
7 - significant superiority;
9 - very strong superiority;
2,4,6,8 - intermediate values.

If, when comparing the elements of the hierarchy ij, the result is aij = 5, then aji = 1/5.

The results obtained at the lower level are compared, i.e. a set of alternatives among themselves and for each selected criterion separately.

The final value of the weight of each alternative is determined by multiplying local priorities by the priority of matching the criterion at a higher level and further summing for each element in accordance with the criterion affected by the element.

Coordination of real estate valuation results

Structuring by hierarchy
A - the ability to reflect the actual intentions of the buyer and seller.
B - type, quality, breadth of data on the basis of which the analysis was carried out.
B - the ability of the parameters and methods used to take into account market fluctuations.
G - the ability of methods to take into account specific methods of assessing an object that affect its cost (size, location, etc.).
d.).

A matching matrix is ​​constructed and the values ​​of the criteria are calculated.

Criteria agreement matrix

After assessing each criterion (A, B, C, D), the final value of the weights of each method is calculated. The results are combined in a table.

Results Alignment Matrix

Thus, as a result of using three approaches to assessing a property and harmonizing the results obtained, the value of the property being assessed is obtained, which will be presented in the assessment report.

The conclusion of the final value of the cost must be accompanied by taking into account assumptions and limiting conditions determined by the completeness and reliability of the information used.

Stage 7. Compiling an assessment report
Preparation of a document containing the rationale for the appraiser’s opinion on the value of the property.

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