Practice of after-sales service of real estate developers

The real estate investment process is actually the whole process of real estate project development and operation. Real estate investment has a long cycle and many links, which is a rather complicated process. In this regard, it has been elaborated in the chapter "Real Estate Development". The real estate investment process is similar to the development process, but the emphasis is different. Generally speaking, the process of real estate investment can be divided into four stages: investment analysis, obtaining land development rights, real estate production and development, and real estate sales and operation.

1, investment analysis

Real estate economic activity is a process of a large number of capital movements. Once the investment decision is made, capital investment is an irreversible and continuous process. Accurate investment decision is the key to ensure the success of the whole development project. On the other hand, mistakes in investment decisions will lead to huge losses. Therefore, prudent decision-making is a necessary prerequisite for real estate development and operation. To ensure the success of investment decision, we must do a good job in feasibility analysis and research on the basis of market analysis and financial analysis.

(1) market analysis.

The focus of market analysis is to estimate the demand intensity and competitive environment of the real estate products to be developed in the investment plan. The research on the market is helpful to correctly estimate the future real estate income, and then help investors to correctly calculate the future cash flow in financial analysis.

(2) Financial analysis.

Investors estimate future real estate income through market analysis, and then estimate future cash flow. Therefore, the main purpose of financial analysis is to calculate the expected rate of return through the estimation of cash flow, and compare the obtained results with the required rate of return to determine whether the investment is feasible. In addition, the financial analysis and estimation of investment risks are carried out to determine whether the risks and expected returns are within the acceptable range of investors.

(3) Feasibility analysis.

Feasibility analysis is a comprehensive step. Investors should not only use the results of the above market analysis and financial analysis, but also study and judge its feasibility, and also study the relevant laws and regulations of construction and land use to understand whether the investment plan is feasible in terms of laws and regulations, the current form of property rights and the acquisition are feasible. Moreover, it is also an important key point to obtain a huge source of funds for real estate development.

Therefore, only after the feasibility analysis in the planning stage is determined can the whole planning be put into practice and the next investment procedure be continued. Investors must understand that in the process of plan evaluation, some changes may be made due to their restrictions. Therefore, investors can't treat the feasibility analysis as a simple process of acceptance or rejection, but actually include the function of re-evaluation and correction. Usually, in some large-scale projects, in order to ensure the success of investment decision-making, the feasibility analysis should be studied repeatedly. Before making a formal decision, the feasibility study can be carried out to ensure the accuracy of investment decision-making.

2. Acquisition of land development rights

This process includes the acquisition of land use rights or property rights and bargaining procedures. When the investment plan is feasible during the planning period, the acquisition form of land use right is the focus of investors' next consideration, such as complete buyout, cooperative development, partial use right (such as superficies) or long-term lease.

While determining the form of property rights, it is necessary to carry out the procedures of acquiring land and bargaining with the landowner to determine the acquisition cost of property rights. In this process, whether to take land from the primary market or buy land from the secondary market through leasing, the specific legal procedures are different, and each link should be clear to avoid unnecessary disputes. In addition, because real estate is a good collateral, its acquisition cost is usually very huge. Most investors use financial leverage to acquire real estate property rights, that is, to obtain funds from financial institutions. Different financial institutions have different credit costs and financing conditions, so when carrying out financing activities, it is necessary to evaluate investment plans and various financing opportunities in detail to choose the most favorable financing method.

3. Real estate construction and development

Real estate development, first of all, must obtain the permission of government project establishment and planning. Project establishment and planning involves capital operation and various supporting conditions such as water, electricity, coal and roads, which is a very complicated but very important work. In the whole process of real estate development, together with investment decision-making and land use right acquisition, it is also called pre-development work period.

After the above preliminary work is completed, we can enter the substantive construction and development stage. The future work is to design according to the planning and development requirements, and then find a builder to build it. In the whole construction process, investors must carry out necessary supervision or entrust a supervision company to carry out construction supervision. Because the funds needed for development are quite huge, in most cases, investors still have to raise funds from financial institutions to obtain funds. At this time, fund-raising activities have become an important task. How to obtain and choose favorable financing opportunities and financing conditions to ensure the progress and timely completion of construction and development has become the main goal of financing activities at this time.

4. Real estate sales and management

The main tasks of the real estate sales stage include:

First, we must have a sound marketing plan.

Including determining the buyers in the target market, formulating appropriate marketing strategies and marketing organizations in order to sell smoothly.

Second, the actual sales activities,

Including various promotion methods according to market conditions and possible conditions, as well as specific procedures such as signing contracts, collecting deposits, and transferring registration.

The third is financing activities.

Due to the huge amount of real estate, in the promotion process, it is often necessary to arrange favorable financing schemes for buyers to attract buyers. Therefore, financing, especially housing mortgage loans and various installment activities will also become an important work at this stage.

At this stage, some developed buildings can also be operated as properties, that is, for profit, if they are not for the purpose of sales or because the sales conditions are not ideal. The forms of management are mainly divided into two categories:

One is to rent the property to others and collect rent regularly to get income. In this form of leasing operation, investors bear low management cost, fixed income and low risk, but generally speaking, the return may be low.

The second is that investors manage themselves. At this time, investors may get higher returns, but they have to bear the risks of operation and the returns are unstable. The developed real estate should adopt different management activities according to different business forms, such as maintenance, renewal, preservation, payment of various fees and taxes, collection of various incomes and necessary management activities in actual operation.

In addition, because real estate is a special commodity with high price and durability, its maintenance property management is not only necessary for after-sales service of real estate commodities, but also an indispensable part of the overall development of real estate. Therefore, what kind of property management mode to adopt and how to do it well are also issues that must be seriously considered in the whole investment process of real estate.

The way of real estate investment

Generally speaking, investors invest in real estate in two ways and four ways.

1. Two modes refer to: capital construction mode and real estate development mode.

These four modes refer to: the basic construction mode in the basic construction mode; Buying a house, cooperative development and stock acquisition are the ways of real estate development.

Of course, for real estate projects under construction with capital construction, we can also adopt the methods of purchase, cooperation or equity acquisition, but it is not typical to adopt these methods for real estate projects or buildings of this nature. If we do this, most of us will change the nature of these real estate projects or buildings, that is, turn to real estate development or make them enter the real estate market. Therefore, comprehensive comparison, under the framework of existing laws and regulations, there are generally four ways to invest in real estate:

Mode 1: Infrastructure.

The capital construction mentioned here refers to the construction of real estate projects for personal use by applying for construction in accordance with the capital construction procedures. Scheme evaluation: This construction method is the main way of real estate project construction before the marketization of real estate development. After the marketization of real estate development, national laws and local regulations have strict conditions for the development of real estate projects for capital construction. These conditions mainly include three aspects:

The first is the restriction of investors.

Generally, it should be a state organ, institution or enterprise owned by the whole people;

The second is the limitation of the nature and use of the project.

Generally speaking, it should be a self-use and public welfare real estate project that does not enter the real estate market. Such as public utility projects invested by the state. And the housing construction projects of the above-mentioned organs and institutions that are purely for personal use and public welfare;

Third, all localities have stopped handling the procedures for the transfer of state-owned land use rights agreements for operating projects (hereinafter referred to as the "Regulations on the Transfer of State-owned Land Use Rights Agreements").

Unless certain conditions are met or specially approved by the government, it is impossible to obtain the state-owned land use right of operating projects through agreement transfer.

Method 2: building purchase.

The specific method is: the investor inspects the qualification of a real estate developer, the legal status of the building developed by the real estate developer, and the geographical location and architectural style of the office building. If it is considered to be in line with the investor's intention, the investor establishes a legal relationship with the real estate developer on the sale of commercial housing, and obtains all the rights of the building through the commercial housing sale procedure.

Scheme evaluation: This method is the simplest. It is equivalent to a comprehensive investigation of the unsold real estate projects under construction in a specific area, and an analysis and demonstration from the legal, economic and technical aspects. On this basis, select the projects developed by powerful developers that meet the wishes of investors, and negotiate with them to reach a purchase contract. The shortcomings are: the project where the property to be purchased has passed the relevant legal procedures for examination and approval, and its planning, construction and other matters have been difficult to change. For the current situation of completed projects, we can only choose in the existing market, and we can't design and build the required buildings according to our own wishes. For unfinished real estate projects, there is a risk of pre-purchasing commercial housing.

Mode 3: cooperative development.

The specific approach is: if the investor does not have the qualification of real estate development and related business scope, then choose a real estate developer with corresponding qualification, strength and resources to cooperate. This kind of cooperation can be either the establishment of a joint venture or cooperative real estate development project company, or it can be agreed through a cooperation agreement. The partners with real estate development qualifications recover the initial investment and get the due profits, while the investors get all the property rights of the real estate project buildings jointly developed by both parties. Both sides have their own positions.

Scheme evaluation: the essence of cooperative development is to buy the building of the joint development project. The main advantage of this way, which is different from building purchase, is that the controllability of investors has increased. Building and purchasing means buying finished products, and at most it is customization. In the cooperative development mode, investors directly enter the process of project development, and can control the cooperative real estate projects to varying degrees according to different cooperative development modes. Through cooperative development, investors can create the cost, design concept, construction style and architectural function of cooperative real estate projects according to their own wishes. Disadvantages are: cooperative development of real estate projects involves cooperation with each other, and the legal relationship and cooperation ratio are more complicated than buying a house. If cooperative development is carried out, investors will invest a lot of manpower, material resources and financial resources. In addition, there are two ways of cooperative development of real estate: cooperative development without a project company and cooperative development with a project company. If the latter cooperative development mode is adopted, it will be an obstacle to prevent the agreement on the transfer of state-owned land use rights.

Mode 4: purchase equity.

The specific way is: the investor or the affiliated company of the investor fully purchases the equity of the existing or planned real estate company. By acquiring the equity of a real estate company, we can realize the right to possess, use, benefit and dispose of the real estate projects or buildings developed, constructed or owned by the company.

Scheme evaluation: Compared with the first two methods, the biggest advantage of this method is that when investing in the equity of a real estate company, investors do not have to pay the taxes and fees for buying a house or buying a real estate because they purchase the real estate right directly or through cooperation. There are three disadvantages:

First, the investor's right to buy the real estate of the equity is indirect;

Second, the acquisition of a company's equity requires investors to join hands with another affiliated company, and the relationship between investors and affiliated companies will have a certain impact on the use and disposal of real estate indirectly purchased by investors;

Thirdly, if we don't buy the existing real estate company's equity, but set up a project company to buy its equity, it will also constitute an obstacle to stop the agreement on the transfer of state-owned land use rights.