what are the operational links in the feasibility study report of real estate projects? The following is the article I shared about the operation link of the feasibility study report of real estate projects. Welcome to visit the official website of fresh graduates!
Table of Contents:
Operation 1: Successfully Take the First Step of Investment
Operation 2: Misunderstandings in Feasibility Study and Corresponding Countermeasures
Operation 3: Strategic Analysis of Real Estate Feasibility Study
Operation 4: Designing Successful Feasibility Study Process
Operation 5: Writing Excellent Feasibility Study Report
Operation 6: How to coordinate the investment budget of the feasibility study
Operation 7: Conduct the feasibility study from the overall situation
Guide to use
Feasibility study is usually a game of pointing where to hit, first shooting an arrow, and then drawing a bull's eye. The phased limitation of China's real estate development leads to many uncertain factors in the market, and there is also a lot of room for manoeuvre for the success or failure of the project. So, the most dangerous thing is that the feasibility study has only become a piece of rhetoric. The Practical Operation Manual of Real Estate Feasibility Study summarizes the main points and procedures of real estate feasibility study from a practical point of view and incorporates them into the overall strategic design.
the first operation link: the first step to successfully approach the investment
1. Perspective on the feasibility study of private real estate
The feasibility study of real estate development project is a comprehensive and systematic investigation and analysis of the project to be developed before the investment decision, and a series of evaluation indexes are obtained by using scientific technical evaluation methods to finally determine whether the project is feasible.
Generally speaking, the feasibility study is based on market supply and demand, limited by resource input, with scientific methods as the means and a series of evaluation indicators as the results. It usually has to deal with two problems:
The first is to determine whether the project can be implemented technically;
the second is how to get the best benefits (mainly economic benefits).
judging from the actual situation of real estate project development, there is generally no major difficulty that can't be broken for a while from the construction technology alone. Whether it is a long-span bridge or a super-high-rise building, such as Yangpu and nanpu bridge, Jinmao Tower with a height of 42 meters and 88 floors and Oriental Pearl Tower with a height of 468 meters, it is a good proof. It can be seen that the key lies in the return on investment, that is, whether the best economic benefits can be achieved, and both social benefits and environmental benefits can be taken into account.
2. The first magic weapon for project investment
Before a real estate project is implemented, an investment feasibility analysis must be carried out. At this stage, the feasibility analysis is to solve the possibility of success of a specific project. Of course, an investment plan is likely to succeed, or it is feasible, which does not mean that the project is suitable. -Under normal circumstances, the feasibility analysis should study not only one scheme, but also several schemes at the same time. Sometimes several schemes may be feasible and attractive. In order to select the best scheme from a number of feasible schemes, researchers can only comprehensively consider the market, funds, risks and other issues on the basis of feasibility analysis and comprehensively evaluate the reasonable choice. Feasibility study, at least, can accurately answer three questions:
a, is this project feasible or not
b, if it is feasible, to what extent
c, if you invest, what is the worst possible situation, What should you do about this?
Mistakes in the feasibility study of the second operation link and corresponding countermeasures
2. Common Mistakes
Mistakes 1: A standard benefit analysis
If your project feasibility study report tells you with certainty how much money you can earn in the future, it will never be a realistic report. A professional and serious project feasibility study report cannot be just a benefit standard. In the feasibility study, we encountered too many uncertain factors. These uncertain factors make the future price and sales process of the project in a relative uncertainty. Therefore, the feasibility study? Benefit analysis? It can't be very certain, but it can only be a reasonable forecast, and these forecasts need to assume the premise, that is, the expected value. The feasibility study gives different expected benefit forecasts according to different expected values.
Myth 2: Prejudice Feasibility Study
The author has inspected more than ten failed large-scale real estate investments, and found that most of them were caused by some foreseeable factors. These factors include: the high-class villa is located in a large industrial zone, resulting in the destruction of the villa environment, and no one cares about the villa; the development of high-rise apartments in a township many kilometers away from the urban area, the result is no one cares; Preparing to live in a residential area for farmers whose planning is out of control, and the result is cheap? Fund-raising house? Give up halfway under the impact of; At the same time, the supply of similar buildings in the same city is too large, resulting in a shortage of demand; The construction cost far exceeds the budget, resulting in the failure of funds; A newly-built viaduct passes through the waist, which invalidates the advantages of Meilou shops; The original commercial land was demolished on a large scale due to subway construction and became? A corner that people look forward to? Wait a minute. When communicating with the developers of these projects, they usually lament the difficulties they encounter? What a surprise? However, it should have been thought of. Look at these projects again? Feasibility study poverty report? Almost all of them are in the same tune: quoting classics to describe the bright future of this project investment from all angles, but it is just that the unfavorable factors of this project investment are not mentioned. Like this? Feasibility study? From beginning to end, it was proved that the project was feasible for 7, guilty? Prejudice? The big taboo.
*** The preconceived feasibility study is usually caused by the following reasons
The subjective will of the leaders of real estate investment enterprises is at work. Often because? Sir, will? As for the impact on the project, the project researchers are worried that finding fault with the project will offend the boss, so they learn to observe the face and observe the color and demonstrate everything around the meaning of the leader. Therefore, in order to avoid the development of this situation, the company leaders should give more support and less intervention, so that the research group can lay down their burdens and investigate and analyze in a scientific way.
the professional level of the research team members is not enough. The feasibility study of some projects is not given to experts who are really good at it, but to find some college teachers or people in our company to complete it. In doing so, the intelligence and ability structure of the research group is very unreasonable, and it is impossible to expect them to produce a truly credible feasibility study report.
Some developers entrust the feasibility study to some architectural consulting organizations, which have a hard scientific research strength, but because the project means business for them, it is unlikely to maintain a neutral research attitude unless the developer declares in advance that the units participating in the feasibility study cannot undertake the engineering consulting business of this project.
some developers try to save trouble and let the other party who cooperates with them provide the feasibility study report. This is at the time of intentional contact. It is necessary, but it should be clear that the feasibility study made by the other party is only based on its own investment behavior and is not suitable for the current developers; Sometimes, in order to win others to invest, the other party may unilaterally exaggerate the investment value of the project, and such a feasibility study cannot be neutral.
3. corresponding countermeasures
a speeding up the specialization and market cultivation and promoting the scale and specialization of the industry are the fundamental guarantee for improving the level of feasibility study, ensuring its accuracy, depth and controlling errors. At present, the market is gradually becoming standardized and mature, and the increasingly fierce market competition has become the external driving force for enterprises to strengthen feasibility study. B improve the quality of employees. This is the basic guarantee to control the feasibility error. In a sense, a feasibility researcher should be? All-rounder , must have considerable professional knowledge in engineering technology, economy, real estate development and management, laws and regulations, taxation, finance and so on.
c establish a feasibility study database. At present, the transparency of the domestic real estate market is not high, and it is often difficult for feasibility researchers to collect complete and accurate market information (in Hong Kong, surveyors can obtain information from the Hong Kong Land Registry when analyzing? 1. It is equivalent to the Mainland Bureau of Land and Housing Management, which refers to recent transaction cases and relevant information of previous properties). The lack or error of information may bring huge errors to the feasibility analysis. In this case, it is even more necessary for feasibility analysts to strengthen the collection and collation of information: through the process of removing the rough and selecting the fine, removing the false and retaining the true, the scattered information in the market will be collated into usable data. In addition, qualified enterprises can also strengthen post-project evaluation, extract useful information through analysis and comparison, and further improve the practicability of feasibility study.
third operation link: strategic analysis of real estate feasibility study
analysis angle 1: the impact of social and economic environmental protection on the real estate market
the real estate industry is not an isolated industry, and this book emphasizes in many places that the real estate industry is regarded as the national economy? Nozzle industry? It is wrong to look at it. This is not just a matter of saying, but a basic understanding question: Is the real estate industry driving the development of the national economy or is the growth of the national economy driving the development of the real estate industry? If this problem is turned upside down, there will be fundamental mistakes in judging the situation. Both the government and enterprises will lead to. Ancestors first? Decision-making tendency. For example, in Hainan, Huizhou, Beihai and other places in the early 199 s, the abnormal expansion and ups and downs of the real estate industry were the consequences of ignoring the development of the local national economy, reversing the primary and secondary, and not putting the real estate industry in a correct position.
analysis angle 2: the impact of local government administrative actions on the market
the urban planning and planning control level of some local governments have a direct impact on local real estate development. As we all know, in Zhangjiagang City and Jiangyin City, where urban planning and management are better, real estate development has been in a relatively stable state. Advanced and scientific planning, effective scale control and strict planning management have prevented the real estate development in these two cities from being blind and rushing to the crowd. Based on the principle of supporting, developing and managing one piece, there is basically no oversupply in the residential market here, and the pre-sale results of all real estates are very good. In contrast, the scale of land grant in many cities is seriously out of control, and the management of the real estate market is chaotic, resulting in serious land speculation, excessive supply of commercial housing, dramatic ups and downs of market prices, and improper planning and management by local governments, which has brought great risks to developers.
Analysis Angle 3: Impact of block environment on real estate marketing
Gubei New District is not downtown Shanghai, so why is the property price so expensive? It turns out that the first Shanghai foreign trade zone was first developed in the 198s? Hongqiao development zone, with more and more foreign businessmen working in the office, the neighboring Gubei New District has naturally become the main target for foreign businessmen to buy or rent houses. The area is full of luxury houses, and most of the residents are compatriots from Hong Kong and Taiwan and foreigners, so it has become the only one in Shanghai. A veritable residential area for foreigners. This has made Gubei New District enjoy a high reputation, and naturally formed a unique social circle and living community. The quality of buildings in the area is not bad, and there are many demanders who are willing to spend a lot of money. Therefore, the price and rent have been rising steadily. After entering 1996, although the house price in this community has declined, it is still the most expensive place in China.
As can be seen from the example of Gubei New District, the value of real estate does not seem to depend entirely on the grade and quality of the building itself, but also on the surrounding neighborhood environment. It is precisely because of the development of Hongqiao Development Zone that there is a demand for noble houses in Gubei New District, and there is obviously a functional complementary relationship between Hongqiao Development Zone and Gubei New District. Block function is the external motivation to realize the market value of real estate.
**** An investigation of the investors' own conditions
1. An investigation of your experience
It is difficult to buy cattle across the mountains. It is impossible for any company to invest in areas that it doesn't know at all, and so is real estate investment. Even if it is an enterprise with certain qualifications in the real estate industry, if the company used to develop office buildings in the city and now the target investment object is suburban villas, can it be considered? That depends on whether there are talents with villa development experience in the management of the company, otherwise it is better to be cautious. Of course, things are not absolute, when you think? Experience? When the risk is worth taking, there is no need to think more about it.
2. Examine your investment method
Due to different enterprise backgrounds and strengths, the project investment methods of real estate investment enterprises are also different. Maybe your enterprise will never rent a building to get long-term returns, but build some and sell some, or even develop it by pre-selling, so you should think twice about those projects suitable for long-term development and areas suitable for long-term investment. Sometimes a good project becomes smelly shit in the hands of some real estate enterprises, and you can't throw it away if you want.
3. Examine your financing ability
The development of every real estate project will encounter problems of borrowing and financing. The question is whether your lending channels and financing channels are reliable. If the project is built halfway and your follow-up funds are not provided, it will kill you. I have seen many such things: a half-built project has been shut down for two or three years because there is no follow-up funds, and the initial cost has risen by half, so even if it is built, there is no profit at all, which is obviously a loss-making business. Analysis angle 4: the influence of investors' own conditions on marketing? Too expensive and self-aware? . It is impossible for real estate developers to analyze their own conditions when conducting project analysis. It is impossible for a company to develop all kinds of projects and take all kinds of risks. Therefore, when examining whether a region or a project is worth investing in, we must also weigh whether the company is suitable for investing in that region or not.
Feasibility study process for successful design of the fourth operation link
Step A Personnel arrangement and combination
Registered real estate appraisers, cost engineers, market research and analysts, economic analysts, producers, sociology, Experts in environment
Step b: Market analysis
a, Macro factor analysis
When a real estate developer plans to invest in a certain area of a country, the first thing to consider is the macro factors of the country, such as politics, economy, culture, geography, customs and religious beliefs, and the possibility of regional conflicts or wars.
b, analysis of regional factors
Generally speaking, the development between the domestic and regional areas where the project is located is unbalanced, and differences always exist to varying degrees. It is not enough to study its macro factors only, but also to understand the project location.