partiel

Question 1

CREAM

Answer 1

Corporate real estate asset management. property occupied by a company for it’s own (non property) business

Question 2

Property manager skills ?

Answer 2

TECHNICAL (construction tech, valuation)/ LEGAL (contract/landlord & tenant /town planning/employment/safety at work) / FINANCIAL AND BUSINESS SKILLS (economics, strategy and planning, accountin, investment)/COMMUNICATION (report writing/ presentations/negociations/property marketing) and project evaluation/supervision. + COMMON SENSE

Question 3

corporate relationships ?

Answer 3

Virtuous triangle (people, property, finance) = cooperation and trust.

Question 4

strategic planning structure ?

Answer 4

links business with property planning : cooperate strategic plan -> strategic property plan -> property portfolio management -> property management

Question 5

aid to strategy formulation ?

Answer 5

view picture

Question 6

strategic planning process ?

Answer 6

Strategic planning process : establish position – set objectives – evolve strategy – prepare plan – implement plan – monitor and review progress –

Question 7

the portfolio functional spectrum ?

Answer 7

substancial and direct (land/ building) – important and direct (dorm stadium) – significant but indirect (office) – marginal and little connection (cantine – gym)

Question 8

linear projection ?

Answer 8

passive - straight line growth is the best

Question 9

pressure absorbtion ?

Answer 9

passive - we take what hits us and survive

Question 10

scenario building ?

Answer 10

active - the future is in our hands

Question 11

Future forward ?

Answer 11

100% chance you fail or succeed- dream – fonceur but the people don’t buy it – in property : match property to scenario/ agree plan and then put deadline

Question 12

Future backward ?

Answer 12

analyse trends – calculate « general direction »but they can miss the step of change – in property : identify current pressures and react, performance indicators- slowly to do not make mistakes.

Question 13

Performance indicators (Pls) : efficiency

Answer 13

input measure : use of space

Question 14

Performance indicators (Pls) : effictiveness

Answer 14

output measure : turnover ration – goal attaitnement

Question 15

Performance indicators (Pls) : efficacity

Answer 15

output qualitative : how much they buy for how much visit

Question 16

three stage strategic planning process

Answer 16

where we are now - where do we want to be - how do we get there ?

Question 17

Company life cycle

Answer 17

product based (new idea/research dependant) / acquisition based (mature business buy new idea, new competitors, vertical integration)

Question 18

product/company life cycle ?

Answer 18

NEW - GROWTH - MATURITY - CATCH THE WAVE - DECLINE

Question 19

property management cycle :

Answer 19

Acquire/ growth - (re)develop/ exploit - dispose: maturity/decline

Question 20

What happens at maturity

Answer 20

review effectiveness of property -> recycle or replaces.

Question 21

BESTEL

Answer 21

business economic social technological environmental and legal

Question 22

Corporate business phases

Answer 22

graph

Question 23

scenario selection ?

Answer 23

Specific Measurable Achievable Realistic Time based

Question 24

OWN ?

Answer 24

strategic reasons : security , unique location or design - space for extension // economic : cost control - tax allowances.

Question 25

owning or leasing ?

Answer 25

Operation : Own = if stable // Lease = if changing
Accomodation needs : Own = if unique // lease : if ordinary
management : own = control // lease if flexibility
inflation : own = high // lease : low
capital : own = available // lease : restricted

Question 26

lease lenght and security ?

Answer 26

england (landlord and tenant act 1954 gives security of tenure. Typical lenghts is 5-20 years (but recent less than 5) // china : local leases short, simple contract, local authorities may impose own rules.

Question 27

rent review basis and security

Answer 27

market value = every 5 years more or less/ index linking (doesn’t take count of inflation) : often annual / turnover : continuous review above a minimum – when it’s not effective enough

Question 28

repairs insurance and improvements

Answer 28

full repairing and insuring (FRI) -> tenants does all // tenant’s internal repairing (TIR) -> more often in shared building – tenant’s improvement : landlord’s consent

Question 29

Alienation

Answer 29

assignement -> complete change of tenants or sublet of whole or part but landlord’s consent is required.

Question 30

: OWN (freehold)

Answer 30

in china means long lease from the state (30-50 years) (+inflation protection –ties up capital)

Question 31

lease (sale and leaseback)

Answer 31

A private deal between : a owner that occupies a property and a potential property investor. A sale is arranged together with an immediate lease to the previous owner : business operations continue as before. : liquidité rapidement

Question 32

outsourcing

Answer 32

can be seen as opposite of the vertical integration strategy- risk easily overlooked - externalisation

Question 33

outsourcing PAM

Answer 33

effective linking of business and property plans, minimising cost – maximising value, provision of most appropriate business environment/technology – efficient day to day management of the operational portfolio : importance of these roles varies from company to company.

Question 34

accountancy

Answer 34

purpose is to record : what you have – used to have – happened to make the change – may happen next. To record from the cradle to the grave.

Question 35

basic principles accountancy

Answer 35

prudence – record liabilities as soon as aware and income only when received // « true and fair view » : no bias « fair presentation ». // substance over form

Question 36

international standards acounting

Answer 36

different to USA rules – sets out basic principles and details of expected outcome

Question 37

where is property in balance sheet ./ income statement or statement of cash flows ?

Answer 37

property is considered as a tangible asset : that’s why it appears in both balance sheet and income statement (profit and loss account). We are concerned with the corporate occupied sector : most relevant is 16,17,37. Leases have been always a problem. Frequently left « off balance sheet ».

Question 38

IFRS 17

Answer 38

: internatinal financial reporting standards : work with 2 leases : operating lease and finance lease but recommended to treated both in the same way (as a finance lease) – does it depereciate, is there is material (significant) depreciation ?

Question 39

communication barriers :

Answer 39

: a lot of barriers exists such as national culture, language, defensiveness, selective perception, information overload, emoition

Question 40

communication process elements

Answer 40

schramm 1955 - voir graph

Question 41

5W1H

Answer 41

how what where who when why

Question 42

POURS

Answer 42

Plan – what?
Outline – to clarify
Use – open questions/statements 
Reflect- is there a better way?
Summarise  - to ensure agreement

Question 43

negociation 3 phases

Answer 43

three phases of negociation. Preparation : know what you want (clear objectives, bottom line,easy concessions)// action : the process ( 5 phases : exploration, bidding, bargainning, settling, ratifying)// maintenance : goodwill for the future (fair deal : both party should be equally (dis)satisfied , respect ethic and be professional).

Question 44

bidding

Answer 44

Bidding : confrontation of position/not people – silence is gold – don’t justify yourself until the other party has made its pitch. B

Question 45

bargainning

Answer 45

Bargainning : summarise to obtain consent – or then report to superior or specialist. Setting and ratifying : offer to confirm by writing, be neutral brief and quick).