The operation mode of commercial real estate is 1, divided lease.
Developers plan and divide commercial real estate in a unified way and rent it out in the form of long-term rent.
Due to the lack of unified planning and orderly management, this approach often leads to the risk of unsuccessful investment promotion and no commercial profit in commercial real estate. Finally, developers are forced to lease commercial real estate, and then attract investment through leaseback.
Step 2 Divide and sell
As a mode of commercial real estate development and operation, split sales can help developers to withdraw funds quickly and reduce the pressure on funds. However, if there is no overall planning and effective management, it will often bury hidden dangers for future operations.
Once the commercial real estate is divided and sold, it means that the ownership and management rights of a complete commercial facility are completely separated, and there are a large number of property owners. This will affect the operational efficiency of commercial real estate, and the actual return may be far from the expected return.
3. After-sale leaseback
The split sale mode completely separates the ownership and management rights of complete commercial facilities. In order to make up for the deficiency of this model and solve the possible problems in the operation of commercial real estate, developers put forward the so-called sale-leaseback model, that is, unified leaseback and unified investment management after commercial real estate is sold.
There are many forms of leaseback after sale, including leaseback return, sales with rent, profit sharing, guaranteed dividend and so on. The purpose is to attract buyers by selling first and then renting back, and at the same time give a certain percentage of rental return. At the same time, because the leaseback must be attached to the lease behavior, it generally appears in the sales process of shops, office buildings and commercial houses (such as hotel-style apartments and commercial and residential buildings).
4. Synchronous coexistence mode of real estate development and commercial operation.
The coexistence of real estate development and commercial operation is a relatively new mode in commercial real estate development and operation. Before developing commercial real estate, real estate developers formed a strategic alliance with well-known commercial enterprises. After getting the land, real estate developers should fully consider the market demand of the project business circle and determine the cooperative relationship with one or several commercial enterprises that are suitable for it before planning. In the development process, these commercial enterprises participate in related work, which ultimately makes the whole development and operation more reasonable and scientific in investment estimation, business circle analysis, market positioning, business combination, operating income, risk control and so on. Compared with the traditional mode of building before inviting investment, this mode has many advantages, which can not only attract investors' attention and purchase confidence, but also ensure the commercial value-added space of real estate to a greater extent and adapt to the changing market environment.
5. Professional guarantee companies set foot in the field of investment real estate.
Investors who don't know much about the business model of commercial real estate, especially hotels, don't look at whether the developers have the ability to operate and guarantee in the early stage, nor do they look at whether the management companies have the ability to operate and manage in the later stage. They just buy blindly as long as they see high returns. In recent years, there have been some examples of investment risks.
The investment risk of property-based hotels makes more and more investors realize that property-based hotels don't just make money but don't lose money. For this reason, there has been a sales model that property-based hotels add insurance to real estate investors and introduce professional guarantee. Professional guarantee companies intervene in the field of investment real estate to provide certain conditions for investors' income.
Operation mode and risk prevention of commercial real estate I. Concept of commercial real estate
Commercial real estate refers to the real estate forms used for various retail, catering, entertainment, fitness services, leisure and other business purposes, which are different from ordinary houses, apartments, office buildings, villas and other real estate forms in terms of business model, function and use.
Commercial real estate is a comprehensive industry with triple characteristics of real estate, commerce and investment. It has three characteristics of real estate, commerce and investment, which is different from pure investment, commerce and traditional real estate industry.
Commercial real estate development projects can be roughly classified into the following categories according to business forms: commercial squares, shoppingmall, commercial streets, large shops, shopping centers, leisure squares, pedestrian streets, professional markets, community business centers and so on.
Second, the common mode of commercial real estate operation
1, only for sale, not for rent, transfer of property rights. Using this model can quickly recover the investment, and many developers have adopted the way of lowering the threshold of home ownership to solve the problem of supermarket area digestion. Most of them are under the attractive slogan of sale and leaseback, creating many concepts of high-return rent and repurchase after several years. With its potential appreciation space, shops have become a new investment hotspot for some urban residents after stocks and houses. In recent years, the property right type shop market has become the mainstream of the shop market. Real estate developers, as property developers, require small owners (investors) to sign contracts with developers with the same lease term as big businesses, laying the foundation for developers to sign overall lease contracts with big businesses on the premise of dividing their shopping malls into units with different areas for sale and ensuring that small owners can get a certain rate of return every year after purchasing shops. This kind of sales model, which is rented by large merchants as a whole and rented by developers for a long time, is called property-based shops in the market. So far, this marketing model has been widely used and trusted by investors.
2. Only rent and not sell. The advantage is that property rights are in the hands of developers, which can be mortgaged and refinanced, sold after appreciation, and even commercial properties can be put into capital operation. Through the complete control of investment rights, developers can control the types of settled formats and form their own business characteristics.
3. Rent and sell at the same time, some rent and some sell, and the rented part plays an exemplary role; Or rent for sale, rent and sale simultaneously; You can also do business without renting or selling yourself, and earn investment and development profits and commercial operation profits at the same time; Can also be combined with enterprises, with property as share capital, the establishment of professional commercial companies, cooperation or partnership; There is another clever way, that is, to set up a commercial management company with property owners and others to specialize in the commercial properties they develop, and rent his commercial properties from them in the form of leasing, enjoying three kinds of income: rental income, partnership income and property appreciation.
4. Merchants and real estate developers form a strategic alliance. The most eye-catching thing now is the Wanda model. Dalian Wanda Group has established a close strategic alliance with internationally renowned commercial chain enterprises such as Wal-Mart and Obeid, and most of the commercial projects it has built have been decided to be leased to international commercial predators before the start of construction, so it is called order real estate. The advantage of Wanda Group is to obtain stable cash flow through rent. Obeid saves the time and opportunity cost of site selection and avoids the huge initial investment in new store construction.
Third, commercial real estate operation management
Operation management is the core of commercial real estate operation and the source of commercial real estate income and property value promotion. The essence of modern commercial real estate management and operation is to unify loose business units and diverse consumption patterns into a business theme and information platform. Commercial real estate projects that can't be managed in a unified way will gradually change from commercial management to property management, and eventually completely lose their commercial core competitiveness.
Unified operation management is the key to the success of commercial real estate. The unification of operation and management means that developers and settled shops cooperate sincerely and carry out unified operation and management under the guidance of the same theme. This operation management can be subdivided into advertising, publicity, promotion, merchant sales management, merchant operation management, customer service, safety management, fire protection management and facilities and equipment maintenance management.
Although it is a comprehensive compound commercial facility, its management can present a sense of unity and coordination like a single store.
Unified operation generally includes four aspects: unified investment management (based on long-term) and unified marketing (advertising). ), unified service supervision and unified property management. Among them, unified investment management is the basis and origin of the last three unified tasks. The success or failure of this work not only determines the success of the developer's early planning, but also determines the success of the commercial operation and management of commercial real estate projects in the later period.
Although operation management is the key to the success of a project, before operation management, to ensure the perfect and smooth development and progress of a project is entirely due to scientific and rigorous market research, planning and site selection, accurate positioning and long-term orderly and good investment promotion. Therefore, they are the basis for the smooth operation of a successful commercial project in the later period.
Fourthly, legal risk prevention in commercial real estate operation.
Combined with the difference between commercial real estate and residential real estate, it can be seen that residential real estate is based on residents' occupancy, while commercial real estate is composed of multi-party commercial value chain, which requires the joint efforts of developers, investors, operators and property management to win. The operation of commercial real estate mainly includes development, sales, investment promotion, operation and management. Each of these links is closely related and will be different from ordinary real estate in legal sense. Commercial real estate development process will generally encounter the following risks:
1, the risk of macro-control
Macro-control refers to the method of intervening some overheated markets by administrative or economic means. Common administrative measures include trade restrictions and industry access. In response to the craze for shops, the Shanghai Municipal Government issued the Notice on the Division and Transfer of Shopping Mall and Office Building. The notice clearly prohibits unauthorized division and transfer of shopping malls and office buildings without closed, permanent and fixed maintenance structures, and stipulates that the sale of shops can only be carried out after obtaining property rights certificates and approval from relevant competent departments. "Notice" regulates the business behavior of developers by administrative means.
2, the risk of planning mistakes
Planning is an administrative arrangement or plan for the industry, population and transportation in a certain area, which belongs to the category of laws and regulations and is mandatory. If the planning is wrong, it will also lead to the depreciation of shops. At the same time, developers should be familiar with relevant administrative regulations and rules as much as possible in the development of shops, so as to avoid mistakes in the direction. A successful planning depends more on commercial activities such as market research, but it is also useful to understand the policy tendency of urban development from a legal perspective.
3. Risk of rent difference
After the developer sells the store, consumers and small owners entrust the developer to operate the store, while the developer rents it to big businesses for unified operation, and the rent is relatively low, which will inevitably lead to a gap in the rate of return provided by businesses to small owners, making developers have to subsidize certain funds to support higher returns; To avoid such risks, developers must set the selling price and rate of return of shops according to market rules, and can't be divorced from the market and blindly raise the selling price and rate of return. At the same time, due to the high rent tax, ordinary buyers are not very clear, so buyers think that it is very common for developers to have fraudulent acts to cause disputes, which requires developers to have correct guidance before selling.
4. Risks caused by poor management of large enterprises.
If large businesses are not well managed during the long-term lease period, they can't continue to operate and can't pay the rent to the developers, which will lead to the developers' failure to pay a fixed rate of return to the small owners. Therefore, when considering leasing, developers should not only choose tenants from the perspective of rent, but also consider the tenants' industry, qualifications, background and performance ability, and try to choose some high-quality big business tenants to obtain long-term guaranteed leasing and ensure a stable, sustained and healthy rate of return to the owners. This mainly depends on the special link of attracting investment. Some developers, in pursuit of high occupancy rate, ignore factors such as business form and corporate reputation, resulting in unreasonable business layout, or because of poor business management, they withdraw their rents after opening, which has a more serious impact than extending investment time.
5. Risks caused by after-sale charter.
After-sale charter involves two legal relationships: one is the buying and selling relationship between buyers and developers; The second is the entrusted lease relationship between the buyer and the third party. At present, some developers adopt the mode of entrusted operation and contracting to ensure the investment income. That is to say, in addition to signing the purchase contract with the developer, the developer or the management company provided by the developer generally has to sign the entrusted operation contract with the purchaser. Developers should pay special attention to the entrusted operation contract, because it is a legal document to protect investment income.
6. Risks caused by decentralization of property rights
The contradiction between decentralized property rights and unified management brought by the division of store sales by developers has always been the main problem that puzzles store marketing. Developers can suggest that small owners set up an owners' committee in advance, and the owners' committee will make overall arrangements for the future lease and management rights of shopping malls. The specific operation can determine the distribution right of all the owners through the size of the owners' investment, and the owners' committee can realize the unified operation of the shopping mall by operating itself or entrusting professional commercial organizations to manage or rent it on behalf of them. This effectively avoids the possibility of disputes after the expiration of the leaseback.
7. Risks in property management
It is unlikely and difficult for commercial properties (especially shops) to set up owners' committees independently, and the property management of shops is complex, involving the collection, deployment, use and management of water, electricity, gas and formats. Once the management and service are poor, it will easily lead to high operating costs in the later period of the property, which is precisely one of the most controversial and complicated links between operators and property developers and managers. Many consumers (investors) and different business forms face different cost standards, which greatly increases the probability of disputes.
In addition, the pool area of shops, neighboring rights, environmental changes, the relationship between supply and demand, improper site selection, weak project execution ability of developers, changes in business formats, changes in business districts and other issues all make developers face many risks in the operation of commercial real estate, and it is necessary to hire professional lawyers to evade and prevent them by law.
Choice of operation mode of commercial real estate In recent years, investment in commercial real estate development has maintained a sustained growth. In 2007, the total investment in commercial housing in China was 277.556 billion yuan, up by 17.9% year-on-year, and remained at around 17% for three consecutive years. At the same time, the current tight monetary policy has increasingly suppressed the hot real estate market in the early stage. In this case, commercial real estate has become a good haven for real estate investment because of its high profits and mature market. However, a considerable number of commercial real estate have problems in attracting investment in the early stage or operating in the later stage after completion. In addition to the differences in operational capacity, improper selection of project operation mode is the crux of the above problems. Therefore, the operation of commercial real estate can never be as simple as that of residence, which requires considerable resource integration ability, that is, accurate commercial development positioning ability and post-operation ability. In other words, for specific commercial real estate, it is very important to choose the appropriate operation mode. This paper discusses the choice of operation mode of commercial real estate, aiming at providing reference for choosing the right time and adopting a reasonable operation mode when investing in commercial real estate.
At present, there is no consistent definition of commercial real estate around the world. The Statistical Yearbook of China Real Estate refers to the business premises such as commercial retail or providing paid services to the public as commercial business premises, which is a widely used concept of commercial real estate in China. The commercial real estate discussed in this paper refers to the real estate forms used for retail, catering, entertainment, fitness services, leisure facilities and other commercial purposes, and its business model, functions and uses are different from ordinary houses, apartments, office buildings and villas.
First, the main operating modes of commercial real estate
After the development of commercial real estate, the following three modes are usually adopted for operation:
First, property rights holding. This model has certain requirements for developers' investment promotion and commercial operation ability. For less regional projects, it is more necessary to work hard on format positioning and planning and layout. This method is divided into two modes: binary mode and ternary mode. It has formed a dual property right holding pattern in which the developer is the property owner+lessor+manager and the operator is the lessee. Developers as property owners+lessors, professional commercial operating companies as managers, and operators as lessees form a ternary pattern of property rights holding. Because commercial operation is often not the strength of developers, ternary mode is often adopted.
Second, rent and sell simultaneously. Before developing this model, we should first determine the main target businesses and attract small and medium-sized businesses with them as the leader, thus forming a cluster effect. Because big brands in the industry are usually chosen as the main target businesses, this method has strong guarantee significance and appreciation guarantee for the long-term stable operation of commercial real estate in the future. This method is in the ascendant at present and has a certain market prospect.
Third, the sale of property rights. In fact, it includes overall sales and small unit sales. Because the biggest advantage of this model for developers is that they can quickly withdraw funds, obtain cash flow and carry out rolling development. But at the same time, developers also lost the opportunity to get long-term returns. This is reflected in the four-yuan pattern, that is, the developer is the seller, the small owner is the buyer, the commercial management company is the manager, and the tenant is the operator/lessee. However, in the way of selling small units, the role of commercial management companies is sometimes omitted. This kind of breach of contract often leads to the lack of unified management of commercial real estate, which reduces the commercial quality and increases the risk of operators.
Second, choose the appropriate mode.
The above three methods should be combined with the specific situation of commercial real estate and enterprise management.
The first mode of holding property rights has high requirements for developers' financial strength, business operation and brand. This model is that the developer manages the investment himself, or the developer entrusts a professional commercial operation company to manage the investment. Whether the whole business can form scale effect is the premise of bringing good cash flow to developers in the future. Therefore, in this model, the developer's own brand and ability actually occupy a great weight. At the same time, it takes a long time for commercial real estate to attract investment, operate to prosperity, and even bring sustained and good operating income, which requires developers to have considerable financial strength. In this way, if there is a problem in the operation process, it will often have a strong negative effect on the operating income and even the appreciation of the real estate itself. In fact, in the market, we can often see the following vicious circle of some projects: poor management, merchants withdrawing their shops, difficult leasing, damaged property management income and declining property value. Therefore, only large real estate enterprises or investment enterprises with strong financial strength and excellent management talents will adopt this model.
The most typical example of this model is the Xintiandi model in Shanghai. Shanghai New World is built by the developer and will be leased out and managed in a unified way. This enables all businesses to face consumers with a unified social image, while businesses operate their own products and fully display their unique brand image and management style. This model is to attract professional companies to invest, which can separate managers from operators and improve management level. The excellent theme of this model, specialty stores, is very important for the successful operation of commercial centers. But many well-known brands demand lower rents. It should be noted that the commercial return of developers has declined, but developers can still make high profits in the development and sales of commercial residential real estate.
The second mode of renting and selling at the same time still requires high financial strength of developers, and it is often necessary to improve the market reputation and centripetal force of commercial real estate development with the help of the industry appeal that the main target merchants already have, so as to ensure the success of future commercial projects. However, because the main target business belongs to the type of large-scale leasing, the leasing income in previous years was not high, even far below the market. However, due to the excellent operation of commercial real estate, the appreciation of the property itself can offset the lack of operating income. This model can quickly establish the market position of commercial real estate projects and improve their popularity. Through the way of order development between developers and brand merchants, the advantages of both sides can fully interact, and the property appreciation rate will be very fast.
The most typical example of this model is Dalian Wanda model. This operation mode is that the main store introduces a well-known commercial brand company. Renting most shops to the head office at a lower price can bring a lot of people and business opportunities. Then, the developer sells the shops with good bottom location to small owners. Driven by the main shops, the bottom businesses can sell higher prices and recover part of their investment, and small owners can invest and operate independently.
The third mode of property right sale is to achieve the purpose of rapid sale and rapid return through whole or broken sale. Sales often start from the pre-sale stage, which can reduce the financial pressure of developers to the greatest extent and form a cycle of rapid development-rapid sales-rapid payment-redevelopment. This model is relatively suitable for small and medium-sized developers. Because these developers are often more sensitive to funds. The sales price that this model can achieve is generally limited, far from being comparable to mature businesses. At the same time, the uncertainty of commercial operation and the uncertainty of the integrity of commercial management companies make the owners who choose this model have certain risks for investors.
Third, the comparison of the three modes.
Hold, lease and sell property rights, and sell property rights at the same time.
Mode of operation: The developer holds the property and rents it out by himself or to a professional commercial operation company. Developers will lease most of their business to large main stores, and sell a small part to small owners, so as to realize the profit of the project in a short time. Developers quickly sell commercial units and quickly withdraw funds through overall or piecemeal sales.
superiority
1, which facilitates unified business positioning and management, better controls business formats and grades, and reduces business risks;
2. The property rent is increasing year by year, and the profit source is stable;
3. Real estate can be mortgaged for financing, waiting for appreciation.
4. The format is controllable, and the structure of large tenants and small owners keeps the project with high recurring income;
Selling some properties can shorten the payback period of investment.
6, the head office makes the real estate value-added fast.
7. It can pay off in a short time.
8. The overall sales cycle is longer and there are fewer customers;
Disadvantages: 1 Professional commercial operating companies have strong bargaining power, and sometimes the rental return of developers is not as good as the operating return of operators;
2. Long payback period;
3. Initial investment pressure.
4. The investment attraction ability of the main stores is extremely high;
5. Long payback period;
6. Initial investment pressure.
7. There may be a lack of unified management and planning in the later period, and the business risks of small owners are high;
8. Do not enjoy the benefits of property appreciation.
Applicable conditions
1. Developers take commercial real estate as long-term operating assets;
2. Strong financial strength;
3. Have excellent management talents.
4. Short profit cycle;
5. Strong financial strength;
6. Ask for a return in the short term;
7. Lack of financial strength;
8. Lack of talents.
To sum up, commercial real estate operation mode should grasp the following three key issues. The first problem is that developers or investors should first consider whether they have economic strength. Their own economic strength is insufficient, and the selected operation mode will be difficult to control. Developers or investors decide whether to sell, lease or adopt other suitable operating modes according to their economic strength. The second question is whether developers or investors consider whether there are professional teams and talents to operate commercial real estate. If these professional teams and talents lack the concept of managing commercial real estate and simply apply the habitual thinking of residential development, they will not be profitable, but will lead to the failure of investment. The third problem is to adjust the distribution of interests among developers, operators and operators. Only by striving for a win-win situation can the whole value chain of commercial real estate run for a long time. Thus, under the premise of sufficient funds, it is not the best choice to sell commercial real estate projects after they are developed. If you continue to hold commercial real estate after the completion of development, developers or investors can enjoy the operating income and appreciation of the property, and can also operate the project with capital. If we must sell commercial real estate, then the best time should not be in the pre-sale stage, but after the commercial real estate operation is relatively mature, so as to obtain a higher return on investment.