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| The consulting companies minimize risks of investments. |
| Property Times #10(30) |
Necessity of attraction of consulting services has arisen practically with the beginning of privatization process, in other words, from the beginning of implementation rules of market economy in the sphere of real estate. But as a whole, considering not only realty market, this need appeared just after declaration of independence of Ukraine or after the beginning of so-called "transit period".
We can mention two stages of this process. The first one is connected with the coming of foreign investors to Ukraine. In definite sense they using common for them practice of attraction of consulting services have imparted culture of consulting as such in Ukraine. The second stage is caused by the output on Ukrainian realty market the real native investors, who desired to run the investment process as a correct business.
It is caused by two key moments. First of all, it was strategically important to attract the large foreign capital to bring out the country from the crisis, and, secondly, it was important to create minimal conditions for its attraction. With appearance of first foreign investments, in Kiev began their activity companies, which rendered different sorts of consulting benefits (marketing, realtor, juridical, and first of all auditing). For example, one of the first marketing companies in this market was "AC Nielson", whose services were used by almost all large foreign investors. At the same time on Ukrainian market company "Gooioord", which was interested in investments, lead to opening company "DTZ" - one of largest international consulting companies in questions of realty, by its activity.
Although international investors to a greater extent were interested in forecasts of development of market as a whole, but at the same time not less important was the level of political stability in Ukraine for them.
In any investment project (irrespective of branch), if investor wants to raise the level of reliability of his investment and to minimize the risk, the consulting companies must be attracted. Attraction of one or another consulting company depends on which stage of realization the project is.
If we talk about the sources of investment flows, than first of all, we must talk about foreign investors, and especially, Russian, which in latter years more and more actively began to invest in Ukraine. In comparison with foreign the part of the Ukrainian investments is small enough, though increases every year. It is necessary to note, that among Ukrainian and Russian investors appears tendency to run more transparent business with minimization of all possible risks, to run correct tax policy, and also, which is not less important, to relay the part of responsibility on the third part.
The Ukrainian market at the whole became more developed and structured, strengthened competition, appeared clear specialization and formed real investment flows, which need the right direction, with minimalization the risk of realization projects at the same time.
If we talk about necessity of mutual relations between the investment and consulting companies all depends on where you want to invest the capital, in which branch of the market: stocks, residential and commercial or other kinds of realty, land, etc. First of all you should ascertain the percent of yield of investment in different segments of the market, including realty. If it is realty, than you should make the analysis of the market and the investor with the help of consulters chooses one or another currents, which are more interesting for him, such as short-time or long-time investments. In long-time investments usually take part large foreign investors and those, who are consolidated in this business already. They need long-time, stable yield. In such investment, if there is need, may also take part world banks and funds.
It is expected, that in the nearest time will also appear the Ukrainian group of investors, who will publically take part in long-time investments. Usually, in all transparent investments, and there are less of them today, the role of consulting companies (marketing, realtor, finance-auditing, juridical and project management-engineering) is clear and definite. In rare instances one company carries out full spectrum of these services. Russian, Ukrainian and Kazakhstan investors become familiar with this practice, but unfortunately, in slow rate.
Practice shows that the result of realization of investments is in the direct relation from primordially created strategy and structure of realization, possibilities of not only the investors, but also their political and finance support, and also from bringing in companies to projects, who specialize on project management, and their ability to create high-professionalized command responsible for realization of every concrete project.
Large building companies usually suffer from lack of qualified cadres in top management, and this fact extra growth the role of absolutely independent project management-engineering companies rendering to investors benefits on managing projects.
At our point of view exactly the exterior independent Managing company, possessing organization independence from Customer and accordingly enough self-independence, works on the result of project objectively. In case when managing project is realized by investor's own developing sub-unit, there exists a risk of excessive corporative control, subjective maintenance of investor's momentary needs that finally will negatively reflect on the result of project.
The project's success in many respects is defined by the level of rendered Managing company, qualification of its personal, time of activity of this company on the constructing investments market and accordingly by its experience and reliability.
Interview to Milan M. Pajevic
General Manager of "Slav-Invest"
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