Rating of appraisal companies for real estate. The robot opens an account

At the end of 2017, Professional Group of Appraisals LLC entered the TOP-10 largest appraisal companies in Russia, currently it ranks 8th in Russia.

The results of the research of the rating agency "Expert RA"

As part of the study, a comprehensive assessment will be carried out, identifying companies with the greatest business potential to provide valuation services. Based on the results of the study, a rating of the business potential of appraisal companies and a list of the largest appraisal companies (by revenue) are compiled, as well as leading companies are identified.

For our company, participation in the rating is an opportunity to declare itself in the Top 100 largest companies operating in the Russian appraisal market, and thereby strengthen its image and positive business reputation. For five years now, our company has been included in the list largest companies operating in the Russian appraisal market, and by the end of 2017 took 8th place in the ranking of the business potential of appraisal companies in Russia and thus entered the top 10.

Since our company is the market leader, during the release of the tenth anniversary ranking, the managing partner of Professional Group of Appraisal LLC, Irina Komar, gave an interview that was posted on the RAEX website (Expert RA).

WITH full text the interview can be found at raexpert.ru.

Mentioned in the article guidelines were developed in 2018 by a team of authors (N. R. Kirshina, Yu. C. Marks, an American lawyer with a worldwide reputation, known for winning a case against the Bank of New York for $22.5 billion and a number of high-profile plane crash cases.

The result of the study was presented in the form of new methodological recommendations, agreed with the Federal Valuation Standards, reviewed, approved and recommended for use by the Presidium of the Expert Council of the SRO "Union" Federation of Appraisers Specialists "(SRO" SFSO ", Minutes N1 dated September 24, 2018) and Medical Council of the All-Russian Public Organization "Russian Society of Appraisers" (ROO, Minutes No. 2 of 10/11/2018)

The methodological recommendations received reviews from doctors of sciences, professors of major universities of the Russian Federation, well-known public figures in the appraisal industry, who gave a positive assessment and confirmed the scientific validity of the proposed approaches and methods for assessing the fair amount of compensation.

Detailed information about the development project and the text of the methodology is available in the section "Scientific and methodological activities" on the website of our company.

The technique has previously been tested in preparation for forensic examination in a lawsuit filed by relatives of passengers who died in a plane crash over Sinai.

February 26, 2020
In the Moscow City Duma, the Commission on Urban Planning, State Property and Land Use of the Moscow City Duma held a round table "Cadastral value of real estate in the city of Moscow: state, tasks, prospects".

The work of the round table, organized by deputy Elena Leonidovna Nikolaeva, was attended by deputies, authorities and other structures cadastral valuation, representatives and leaders public organizations, entrepreneurs and leading experts who expressed their professional opinion and proposals for improving the procedures for determining the cadastral value of real estate in the city of Moscow.

The main theses to be included in the round table resolution:
- in Moscow, the work of commissions should be resumed, but with the composition prescribed in 237 FZ.
- challenging the Constitutional Court in court should be preserved.
- the results of challenging the Constitutional Court in court should be taken into account in the next GKO.
- the essence of the CS should be not only fiscal.
- it is necessary to find a balance between the interests of the state and business.
- it is necessary to resolve the issue of VAT accounting by making appropriate changes to the tax code.

Irina Alekseevna Komar, Managing Partner of Professional Group of Appraisal LLC, took part in the work of the round table as an invited expert.

February 11, 2020
Irina Komar, Managing Partner of Professional Group of Appraisal LLC, received gratitude from the Moscow Business Ombudsman Tatyana Mineeva for her professionalism and effective cooperation in protecting the rights of Moscow entrepreneurs!

February 07, 2020
Today summed up and published the results of consideration of applications for participation in competitive selection organizations in the nomination "Evaluation of real and movable property" in the State Corporation "Deposit Insurance Agency".

Our company LLC "Professional Group of Appraisals" was included in the pool of 10 selected appraisal companies.

AC "Expert" has prepared an annual rating of appraisal companies in the Urals and Western Siberia. Nominally, the total revenue of the study participants in 2017 increased by 2.8% to 394.9 million rubles, but taking into account inflation (2.5%) - only by 0.3%. Of the 20 companies (there were 25 in the previous rating), twelve completed the year plus. Two biggest player, Rastam and Expert-Otsenka, which accounted for almost a quarter of total revenue in previous years, did not participate in this rating. The group of companies Apriori, which closed the top three in last year's study, came out on top with a result of 13.5% of total revenue. In second place is the Tyumen Association ALCO (8.9%). The group of companies "Metrix" closes the avant-garde (8.4%). Chelyabinsk Tekhnokom-Invest became the best in terms of income growth dynamics - its revenue grew four times compared to 2016.

Credit gives work

The leading position in the structure of the total revenue of the rating participants is still occupied by real estate valuation (52.7%). The share of business and securities valuation accounts for 21.3%. On the evaluation of equipment and Vehicle participants earned about 12%.

We can explain the high demand for real estate valuation: the subjects of the federation continue to switch to calculating the property tax for certain categories of legal entities at the cadastral value, and business owners, dissatisfied with the amounts, are trying to challenge these calculations. However, services for assessing the cadastral value of real estate in case of its contestation were already rendered 4.2% less, the share in total revenue decreased from 13.7% to 11.9%, in real estate valuation - from 23.9% to 22.6% ( hereinafter - comparison to the same period last year, unless otherwise indicated). The number of reports increased by 1.6%, but the average price of a report fell by 5.8%.

But the demand for business valuation for bank lending, primarily in the mortgage segment, is returning. According to the Bank of Russia, in 2017 credit organizations Urals and Western Siberia issued 220.9 thousand mortgage loans for total amount almost 360 billion rubles - an increase of 38.5%. The revenue of the rating participants for this type of service increased by 22.2% to 29.2 million rubles, while the number of reports decreased by 14%. The average report price rose by 42.1%.

Evaluation is born in a dispute

Expertise in court, assessment accounts receivable, damage assessment and assessment finished products, collected in the category "other situations" (34.3% of the total revenue of the rating participants), turned out to be the most in demand in 2017 - an increase of 38.9%.

Denis Syukosev, director of the Profit Expertise Center, notes an increase in the share of forensic expertise in the total revenue of appraisers in property disputes. “In our company, the number of projects on forensic examination, cost consulting, reviewing reports and expert opinions has increased,” confirms Yegor Churin, General Director of Invest-audit. “Disputes over the value of property are often resolved in judicial order. Opponents' points of view on the disputed value of the object are very far from each other, and the price of the issue is high, the procedure of forensic appraisal in this case is necessary to prove the value of the value, ”explains Artur Mosgold, director of Invest-Aktiv-Otsenki.

The second most demanded range of services is the assessment of the "current situation" (crediting, insurance, rent) - its share in revenue is 31.4%, although demand fell by 11.7%. The demand for sales contract evaluation services decreased by almost a quarter. Revenue from valuation services aimed at organizing and restructuring a business increased by 2.5 times, thus their share almost reached 8% of total revenue. Closes the list, as before, the estimate for registration of privatization (1.2% of revenue), for the year the volume of revenue increased by 23.3%.

back to school

Indirectly, the dynamics of income was affected by the difficult procedure for passing the qualification exam: in order to prepare for it, company executives were forced to release valuable employees from the execution of certain orders. Conducting a qualification exam is another attempt by the state to restore order in the appraisal industry, getting rid of unscrupulous or illiterate representatives of the profession, and to eradicate dumping that has flourished for many years. For this, a new filter was invented. In order to obtain the status of a member of the SRO and the opportunity to provide valuation services, it is necessary to pass an exam before April 1 this year, and separately in three categories - valuation of real estate, movable property and business valuation. After April 1, appraisers will be able to sign reports only in the direction in which the certificate was received. Those who do not pass the exam for three years are deprived of the right to provide assessment services.

In the professional community, the attitude towards legislative innovation is contradictory. There are many supportive changes among our study participants. Vitaly Shulgin, Executive Director of the engineering company Shulgin and Partners, sees the expediency in the requirement to separate appraisers into categories (movable property, real estate, business): in determining the value of real estate. The picture was extremely sad: significant errors were already detected in the design of the assignment for evaluation. With government innovation, the situation should improve radically.”

According to executive director"ECO-N" by Alla Plesovskikh, preparation for the qualifying exam revealed weak and strengths the company as a whole and each employee individually: cardinal changes requirements for appraisers helped to take a fresh look at the prospects for the development of our business areas.”

Sergey Lobanov, General Director of the Russian Standard Consulting and Analytical Center, believes that the introduction of a qualification exam will contribute to the consolidation appraisal organizations.

Tamara Kasyanova, General Director of JSC 2K, sees this as both negative and positive sides: the reduction in the number of market participants will ultimately lead to an increase in prices for services, but at the same time the quality will increase, dumping will go away, and responsibility for the results of the assessment will increase.

Vladislav Bakhtin, a leading evaluator of the Taxes of Russia Association, sees behind the innovation a further increase in government pressure on the industry through excessive regulation: “The consequence is centralization, consolidation and crowding out regional companies Moscow or Petersburg.

Digital poses a threat

Forecasts for the development of the appraisal industry for the current year are ambiguous. Alla Plesovskikh believes that further changes in the legislation in the field of regulation of valuation activities will greatly affect the dynamics of revenue: “A mobile response to legislative changes, as well as a strategy of reorientation towards forensic expert assessment, will help to maintain positions.”

Galina Alibayeva, Executive Director of the Apriori Group of Companies, is sure that the demand for services will depend on the state and pace of development of the real sectors of the economy, on activity in the lending system: “We expect growth capital investments in investment projects due to the obsolescence of fixed assets at enterprises, reorganizations due to the growth of benefits from the development of outsourcing. The participation of appraisers in these processes is objectively necessary.”

Chairman of the NP "Ural Chamber ready business» Ilya Simkin finds prerequisites for further development market segment by evaluating real estate (capital buildings) for the purpose of establishing a market value (less than the cadastral value) and reducing the tax base. In addition, in his opinion, due to the growth of litigation, the need for forensic examinations will increase.

General Director of ENSO Appraisal Marina Golovchenko believes that the revenue dynamics of appraisal companies will be affected by a further increase in the number of bankruptcies (including bankruptcies of individuals) and tax disputes (including those related to the cadastral valuation of objects).

Meanwhile, in addition to the standard external factors demand on the industry are beginning to be influenced by new circumstances, in particular the arrival digital technologies. Many companies are primarily public corporations and large private holdings, are already in the practice of placing orders for independent assessments in the form of auctions on electronic trading floors(ETP).

Ilya Simkin sees many disadvantages in this technology, despite its progressive nature:

This will affect the quality of reports for the worse, because in this case the main task of the "supplier", that is, the appraisal company, is to get more or less large order for the minimum possible amount and to do it as soon as possible, specified in the application for participation or in the tender documentation.

Information Technology come to the industry and are influenced by the activities of related segments, in particular banks. For example, Sberbank has already started looking for solutions to use artificial intelligence to assess real estate. Arthur Mosgold believes that the experiments may well result in a practical result:

To do this, it is necessary to find ways to cheaply train the appropriate neural network for evaluation activities. All technologies capable of replacing the work of an appraiser are currently known. Modern automation is able to collect the necessary information from the relevant sites, store it and systematize it; process images of analogues and the object of evaluation; if necessary, even make a voice call to the representative and recognize his answers.

So in the future, the development of machine learning is quite capable of leaving some appraisers without work.

The next, tenth edition of the rankings of Russian appraisal companies, compiled by the RAEX rating agency (RAEX-Analytics), revealed a stagnation in the growth of income in this market. Demand mass species valuations and its value are falling, and new large-scale niches that can expand the market are not yet visible. On the contrary, people - the farther, the more - will be replaced by information technologies, which are already capable of evaluating typical objects.

The total income of the largest Russian appraisal organizations participating in the current ranking amounted to 5.929 billion rubles at the end of 2017, having increased by 2.4 percent over the year. If we adjust for inflation (2.5 percent per year, according to Rosstat), we see a complete stagnation in this market. Recall that in the last year's edition of the ranking, we recorded a more rapid growth of its participants - in 2016 they amounted to 12 percent with inflation of 5.4 percent.

Among the factors that caused such a slowdown in the appraisal market are the general investment and economic background (GDP growth in 2017 amounted to 1.5 percent), a decrease in the cost of appraisers' services, and in some cases, demand for them. The total number of appraisal reports based on comparable data of ranking participants amounted to 122.2 thousand pieces, having increased by 10 percent over the year - that is, the volume of work performed in 2017 grew much more than the corresponding income. As a result, out of a hundred companies participating in the ranking, almost half (40 companies) ended the year with a decrease in revenue.

It is not necessary to expect a sharp turning point in the development of the market. Moreover, the demand for mass valuation types will begin to decline over time. This will be facilitated by the development of information technologies with the gradual displacement of typical IT-based assessments. Already today they are used by valuation customers, for example, banks, as well as valuation companies themselves.

Skilled sweep

One of the main events for the market over the past year was the change in the rules of the game associated with amendments to the law on valuation activities (172-FZ), which came into force in the summer of 2016. Starting from April 2018, an appraiser is recognized as a subject of appraisal activity, who, in addition to membership in an appraisal SRO, as it was before, must have at least one qualification certificate in the direction of appraisal (real estate / movable property / business), obtained as a result of passing a special exam. You will need to take qualifying exams every three years.

Mandatory qualification is designed to confirm professional status appraiser and remove random players from the market. "The tightening of requirements for appraisers is due to distrust of the appraisal community on the part of appraisal consumers. To clear the market of non-professionals, the Ministry of Economic Development introduced a qualification exam," explains Irina Komar, managing partner of Professional Group Appraisal LLC.

Infographics "RG": RAEX / Vladimir Kuznetsov

However, the appraisers themselves perceive the legislative innovation ambiguously. "The introduction of qualification certificates made it possible to clear the market of one-day firms and "dead souls", as well as to reduce the number of SROs, which in competition with market leaders were forced to "trade" positive conclusions. But for evaluators, the exam procedure is stressful, because preparation for it takes a lot of time. In addition, many exam questions and tasks have nothing to do with practice, and the wording itself is often confusing. Yes, and the division of certificates into three areas is costly for appraisers, "complains Daniil Slutsky, CEO of Business Valuation and Consulting (OBIKS).

And Dmitry Kuvaldin, chairman of the board of directors of the company "RUSSIAN APPRAISAL", believes that the tightening of requirements for appraisers - individuals is primarily a consequence of the fact that legal entities, which actually provide valuation services, are practically removed from the law on valuation activities. “The regulator over and over again tries, as they say, to “look under the lantern, and not where it is lost.” That is, the “underregulation” of legal entities leads to the “overregulation” of individuals. It would be much more useful for both suppliers and customers of appraisal services not to introduce more and more new requirements for appraisers, but to legislate the principles of qualification selection of appraisal companies.It is obvious that selection at the lowest price and time for the provision of services leads to a decrease in quality, no matter how qualified the performers are," Dmitry Kuvaldin believes.

Real estate fades into the background

The decrease in dynamics in the appraisal services market is largely due to trends in the real estate appraisal sector, which last year with a formal growth of 1 percent (to 2.4 billion rubles), adjusted for inflation, it decreased (see Charts 1 and 2).

The ranking participants explain this by the development of their own collateral and asset valuation practices among the main customers of valuation services - the largest banks and corporations are switching to internal valuation for their own needs, creating appropriate divisions in their structures. "Many banks do not prepare a full-fledged Valuation Report in accordance with the norms of 135-FZ and FSO. In practice, they draw up the so-called brief "judgment on the value of the collateral", which, according to formal features, is not subject to official examination in the SRO of appraisers and which often does not is provided to the borrower because it is internal in nature.Thus, in the valuation segment for collateral purposes, appraisers will only cooperate with those banks that continue to use the results of an independent appraisal in their work through preliminary selection or accreditation of appraisal companies, "explains Kirill Kulakov, First Deputy CEO Center LLC independent expertise property" (CNES).

The indicators of the "real estate" sector were also influenced by the fact that the state cadastral valuation of real estate objects is now carried out only by specialized state budgetary institutions. "In accordance with 237-FZ, independent appraisers retained only the right to participate in the procedures for challenging the results of determining the cadastral value by establishing the market value of the property, including as forensic experts," Kirill Kulakov adds.

The qualification certificate will remove random players from the market

The further, the more information technologies are used in standard mass assessment procedures, as the ranking participants note. After all, it is no secret that the assessment, for example, of apartments in order to identify the cadastral value is, in most cases, the collection of information on the cost of similar objects from open sources, followed by its systematization and the introduction of minimum correction factors. Not the most complex program can easily cope with such work.

Slightly better, as the ranking analysis shows, are the business and securities valuation sectors (1.8 billion rubles, an increase of 5 percent over the year). And here is the proceeds from the appraisal investment projects grew over the year by only 1 percent (i.e., adjusted for inflation, it went negative), to 231.9 million rubles.

The composition of the most valuable customers of appraisal works remains quite stable - these are big business, state and quasi-state companies. "In the corporate sector in 2017, the growth of the appraisal market was associated with the deoffshorization of the economy, challenging the results of the cadastral appraisal, property transactions, the purchase and sale of businesses. In the public sector, the appraisal of assets for privatization is in demand. In addition, the implementation of infrastructure projects requires appraisal to pay compensation to right holders such large-scale projects as the construction of the Power of Siberia gas pipeline, the reconstruction of the road transport network in Moscow, the construction of the Central Ring Road cannot be implemented without the preliminary work of appraisers," explains Roman Chibisov, CEO of Swiss Appraisal Russia and the CIS.

According to Garegin Grigoryan, General Director of the Center for Corporate Solutions, the demand for appraisal in 2017 was also presented by development projects in the capital region and in major cities Russia: "In Moscow, most of the projects were associated with the development of residential areas of industrial zones. Venture projects also contributed to the assessment. An assessment of investment projects is needed to distribute the shares of investors at the stage of initial financing, subsequent additional financing and upon exiting the project. An assessment is also required for tracking investors during the implementation of the project.

Infographics "RG": RAEX / Vladimir Kuznetsov

Offshore intelligence pledged

Other areas of appraisal work brought less noticeable income to the ranking participants than business and real estate appraisals, but showed rapid growth. In 2017, the participants of the list accounted for 524.9 million rubles in the assessment of equipment and transport, the growth rate was 14 percent.

Increased demand in this segment is associated with an increase in the volume of non-core property of banks - they open showcases of collateral or sell it for electronic auction. “You can buy a car or other equipment that is pledged through an auction or auction, when the bank and the debtor sell property before the appearance of accounts payable; or in court, when enforcement proceedings have already been opened against the debtor; or from the bank’s property register (into the property the value of the rights of claim and collateral property - in particular, vehicles and equipment - is established on the basis of a valuation report prepared by a valuation company or on the basis of a decision of a forensic expert. In 2017, our company carried out such an valuation movable property under agreements with the largest banks: PJSC Sberbank, VTB Bank (PJSC), as well as for Rosagroleasing JSC, - talks about growth factors Natalia Almazova, CEO of ADN Consult - International Center for Valuation and Financial Consulting.

Slightly less, namely 500.8 million rubles, brought the work of appraisers in the field of revaluation of fixed assets, but the increase in revenue here amounted to 19 percent. Market participants associate it with requests for this type of valuation from the financial sector. "We see an increased interest in the services of appraisers from banks and other financial institutions. This is due to the actions of the Bank of Russia aimed at increasing the transparency of the financial system. Thus, banks bring their balance sheets and balance sheets of controlled entities (for example, closed-end real estate investment funds) in line with the new requirements of the regulator. In addition, banks continue to get rid of problem assets inherited from bankrupt borrowers, which also requires revaluation of fixed assets and rights of claim,” says Pavel Lazarev, CEO of the LL-Consult appraisal company.

As for the valuation of intangible assets and intellectual property, here, despite the smallest amount of revenue (196.4 million rubles), last year there were the highest growth rates - a record 49 percent. "The development of the intellectual property market affects the income of appraisers. For example, the federal law dated July 18, 2017 N166-FZ encourages owners to legalize and more actively put objects of intangible assets on the balance sheet, which in turn leads to their more active involvement in economic turnover. This leads to an increase in demand for the valuation of intangible assets," says Sergey Silantyev, director of the VIP client department at Price Inform.

Another factor stimulating demand, according to Alexei Zhuravlev, CEO of Everest Consulting, is the deoffshorization process. "By returning assets from offshore companies, Russian companies increase their balance sheet, which has a positive effect on the investment attractiveness and rating of companies. In addition, the growth of the information technology market, the emergence of new software products and the need to carry out procedures for the protection of intangible assets also has a positive effect on this direction of assessment. The growth in it in the structure of our company's revenue is due to the fact that, having extensive experience in the direction of valuation for IFRS, we have accumulated an extensive portfolio of projects for the distribution of transaction prices in the M&A market. An integral part of these projects is the identification and evaluation of intangible assets," Alexey Zhuravlev shares his experience.

Interview with Roman Chibisov, CEO / Russia and CIS Swiss Appraisal

An essential legislative norm for the appraisal industry has become the requirement that appraisers have a specialized qualification certificate. What, in your opinion, is the reason for the tightening of requirements for the subjects of valuation activities? What are the main objectives of introducing a qualifying examination?

Roman Chibisov: Over the past decade, the number of certified appraisers in Russia has grown significantly. The fact is that yesterday's student has only basic knowledge and often lacks practical skills, but under the law they could immediately begin to put them into practice by joining the SRO and insuring their professional activity. For more effective work industry Ministry economic development introduced a qualifying examination, as well as a requirement to have at least 3 years of practical appraisal work experience. On the one hand, such a requirement increases the prestige and respect for the profession. The objectives of the introduction of the qualification exam are to restore order in the market for valuation services in the field of business and investment projects, reduce the number of non-professional appraisers, increase the responsibility of the professional community, combat unfair valuation, raise the status of the appraiser profession, and finally, eradicate the practice of dumping in asset valuation.

Roman Chibisov, CEO of Swiss Appraisal/Russia and CIS. Photo: Provided by the press service of Swiss Appraisal / Russia and CIS

But on the other hand, such close attention to a specialist not only bureaucratizes the process of becoming a "full-fledged" appraiser, but also shows the regulator's distrust of his professional opinion. For example, abroad, in addition to the professional skills acquired during training and in practice, appraisers are guided by strict standards and ethical standards knowledge of which is a condition for passing the exam. At the same time, Western certification is a bonus for the reputation of the appraiser and the company in which he works, but not a prerequisite for doing business.

In my opinion, a competent appraiser is not someone who can answer the questions of a qualifying exam, similar to passing a session at a university, but someone who understands the market as a whole, knows what methods and approaches to use, how to effectively build a financial model and how to come to the results of the value of the object of evaluation.

On what professional standards is the qualification examination based and what areas of assessment does it cover? Does the implemented system of qualifications correspond to the global evaluation market? What certifications today allow the appraiser to fulfill orders foreign companies, including when working outside the Russian Federation? What are the benefits for the valuation customer, applying for the services of a certified appraiser?

Roman Chibisov: The Russian appraiser qualification exam currently exists in three areas - business valuation, movable and immovable property, and also requires knowledge of laws and regulations, methods and technologies for valuation and calculations. It is probably still premature to compare Russian and, for example, Western systems of qualifications, since the former is currently being created, while the latter have existed for decades. In countries with developed market economy professional communities of appraisers have authority, reliability and status, high level professional requirements, for example, in the USA it is The American Society of Appraisers (ASA), in the UK it is the Royal Institution of Chartered Surveyors (RICS). They are trusted by the business community and government agencies, their qualifications are confirmed by cooperation with banks, insurance companies, non-state pension funds, and the judiciary.

In Russia, however, the trust in the community of appraisers is at a low level, both on the part of regulators and on the part of customers. The topic of organizing professional communities and committees, as well as legislation in the field of valuation activities, is in constant change, which also reduces the dynamics of the development of the industry in the country. From the point of view of doing business and transactions, today it is not so much the appraiser's certificate that is important, but professionalism in solving the goals and objectives of the appraisal, although undoubtedly the use of a certified appraiser reduces risks for the client, since he has legitimacy in the market. Usually this is a company with a long history of high reputation in the market, and most importantly, it is a working practitioner, not an armchair theorist. As a result, the customer receives a reliable supplier.

Roman Chibisov: De jure control over the appraiser is exercised by expert advice. De facto, the main control of the function of appraisers is carried out by the customer - the bank and its regulator, the Central Bank, the insurer, the lessor, the tax authorities, the Federal Property Management Agency, the forensic expert, and other users of the appraisal report.

In your opinion, despite the difference in the purposes of evaluation, within which it is carried out, what are the main factors over the past year and now that determine the demand for evaluation? Who is the main customer of the assessment today - the state or private sector? What services are most in demand on their part and why?

Roman Chibisov: The assets of the Russian office of the Swiss appraisal company Swiss Appraisal include clients from large businesses and state and quasi-state companies - their shares in the project portfolio are approximately equal. It can be noted that in 2017, the growth drivers of the valuation market in the corporate sector were associated with the deoffshorization of the economy, challenging the results of the cadastral valuation, property transactions, and the purchase and sale of businesses. In the public sector, the appraisal of assets for privatization purposes remains. In addition, the implementation processes of infrastructure projects require evaluation in order to compensate right holders when assets are seized. Such large-scale projects as the construction of the Power of Siberia gas pipeline, the reconstruction of the Moscow road and transport network, the construction of the Central Ring Road cannot be implemented without the preliminary work of appraisers and the preparation of the necessary documentation and reports.

What innovations in legislation or changes in the economic situation can you relate to the demand for valuation of business and shares, valuation of intangible assets and intellectual property, valuation of investment projects?

Roman Chibisov: In several projects, we evaluated software companies for inclusion in the authorized capital as an intangible asset. In the future, the development of technologies and Internet models, I think, will lead to an increase in cost, which means the assessment of software in the field of security of IT technologies, financial and banking processes, transfers and payments Money, and various technical platforms and Internet resources.

Give examples of the most major projects that your company sold last year or continues to sell today? What does your customer get from their implementation?

Roman Chibisov: In 2017, appraisers from the Russian office of Swiss Appraisal worked on projects in the field of construction, fuel and energy complex, IT and mechanical engineering. Of the interesting projects, I can mention the shipbuilding industry - we conducted a cost estimate sea ​​vessels within the framework of leasing transactions at the construction stage, which made it possible to competently carry out the procedure for registering collateral and obtaining state financing. And, for example, in the fuel and energy complex, we evaluated assets in a transaction for the sale and purchase of an energy business, including 14 power plant facilities for Kuzbassenergo, as a result, a complex transaction with a large number of assets was completed. Finally, in our international practice, we conducted a resource assessment for the international divisions of the largest Russian metallurgical company in West Africa and South America.

Please evaluate the prospects for the transformation of valuation activities under the influence of advanced information technologies. What solutions and innovations are you familiar with? Is this trend in line with global trends? In your opinion, how can "digitalization" affect the quality of the assessment?

Roman Chibisov: Today it is impossible to imagine daily work collective and each employee without new technologies, devices, programs for data transmission and storage. The realities of today are the active development of digital technologies, in which the creation of cloud solutions and computing, the multiple increase in data volumes, the use of gadgets in the corporate sphere and promotion, customer service and project processes will have a decisive impact on business.

At Swiss Appraisal, we make the most of the opportunities offered by our international technology platform. Our clients and partners have the opportunity to receive competitive advantages due to speed and professionalism, as well as the active use of a large amount of accumulated data. Thus, the development of databases and cloud solutions contributes to the efficiency and speed of our work, we can confidently compete with other companies in the value consulting market in Russia and abroad.

Development of the appraisal services market in Russia

Kirill Kulakov, First Deputy General Director of Center for Independent Property Expertise LLC (CNES)

LLC Center for Independent Expertise (CNES) is one of the leading Russian companies providing a wide range of services in the field of valuation, cost consulting, investment design, judicial, legal, construction and technical and cost expertise, financial and technical supervision and construction audit.

For high quality service and significant contribution in the development of appraisal and consulting activities, CNES was repeatedly awarded a number of professional awards: Golden LOGODA, Golden Equivalent, Golden PerOO, Gold Medal and Golden Certificate UNIPRAVEX Uni, National Award in the field of audit, evaluation, expertise and consulting.

The First Deputy Director General of the Central Scientific and Technical Commission, a member of the Council for Valuation Activities under the Ministry of Economic Development of the Russian Federation, Doctor of Economics, Professor of Moscow State University of Civil Engineering, Kirill Yuryevich Kulakov answered the questions of our correspondent and spoke about the main trends in the development of the market for valuation services in Russia.

Kirill Yurievich Kulakov. Photo: Provided by CNES

In your opinion, what factors over the past year have affected the decline in income in the appraisal segment?

Kirill Kulakov: Rather, not a decrease, but the absence of growth in these incomes. This was primarily due to the ongoing post-crisis situation, as well as the difficult foreign policy environment, during which the economic activity of most business processes and investment projects is significantly reduced, especially in the private sector of the economy. The main customer of assessment services in such conditions is the state, which pays albeit stably, but not much.

In addition, the appraisal services market itself is shrinking. Many of the largest banks and corporations have also switched to the so-called. "internal" assessment for their own needs, creating appropriate units in their structures. Or, for example, the state cadastral valuation of real estate will now be done not by independent appraisers, but by specialized state budgetary institutions.

Thus, in these sectors, appraisers can only examine the reports prepared by banks and challenge the results of the cadastral valuation?

Kirill Kulakov: Banks that switched to the so-called. "internal assessment", will not prepare a full-fledged Assessment Report in accordance with the norms of 135-FZ and FSO. In practice, they draw up the so-called. a brief "judgment on the value of the collateral", which, according to formal features, is not subject to official examination in the SRO of appraisers, and which is often not provided to the borrower at all, because is internal. Thus, in the valuation segment for collateral purposes, appraisers are left with cooperation only with those banks that continue to use the results of an independent valuation in their work, through the preliminary selection (accreditation) of valuation companies.

As for the sphere of cadastral valuation, then, in accordance with 237-FZ, independent appraisers have, indeed, retained only the right to participate in the procedures for challenging the results of determining the cadastral value by establishing the market value of the property, incl. as forensic experts.

When will the state carry out the next work to determine the cadastral value of real estate? Should appraisers then expect a wave of demand to challenge the cadastral value?

Kirill Kulakov: Work on the next (new) state cadastral valuation is already being carried out in several constituent entities of the Russian Federation, incl. in Moscow and the Moscow Region, and will be completed by the end of this year. Some subjects of the Russian Federation, for example, Krasnodar region and the Kaluga region, have already published reports on the determination of the cadastral value.

Taking into account the fact that all previous estimates of the cadastral value had a trend towards an increase in the final indicators, with a high degree of probability this can be expected even now. And since the real market price real estate objects has practically not grown in recent years, and in a number of regions it even decreases, then the demand from taxpayers for contestation services can only grow.

An exception may be individuals, in respect of which a law will soon be adopted to reduce the tax base by 30%, as well as to freeze the growth rate of property taxes at a level of no more than 10% per year.

Separately, it is worth noting that, unfortunately, the new cadastral valuation does not take into account the fact of contesting the results of the previous valuation. The cadastral value of all objects is again calculated by mass valuation methods, without any adjustments. It turns out that there is a kind of cyclical error that the taxpayer encounters again and again. If it were eliminated, then there would be much less disputes.

What areas of assessment over the past year and now were most in demand by the state customer? What is the reason for the need for services in these areas?

Kirill Kulakov: At the level of the central bodies of the federal executive power and the largest state corporations, it is in demand, first of all, to evaluate blocks of shares for the purposes of privatization, sale and purchase, additional emission, and contribution to the authorized capital. Also in demand is the assessment of large property complexes and fixed assets.

On municipal level most often, the state orders an assessment of rental rates, as well as an assessment of individual, small-sized, real estate objects for the purpose of priority redemption by small and medium-sized businesses. In large cities, there is also a share of assessments of the rights to implement investment and construction projects on municipal lands.

In the private sector, what types of valuation were most in demand last year, and why?

Kirill Kulakov: Last year, the greatest demand, as a year earlier, fell on the valuation of real estate in order to challenge their cadastral value and, accordingly, reduce the amount of property taxes, as well as on commissioned valuation. government agencies, state corporations and natural monopolies for the purposes of privatization, sale and purchase, lease, contribution to the authorized capital, additional share issue, etc.

What development prospects do you associate with these areas for the next year?

Kirill Kulakov: The volume of assessment services for government needs will remain approximately the same, but some increase is possible. This is primarily due to the mandatory assessment of state facilities. In addition, the state continues to increase its influence and control in almost all sectors, most large and especially infrastructure projects are carried out by order or with the participation of state structures.

As for services for the purposes of contesting the cadastral value of real estate, this segment will have an expected pause for one year, and in some regions for a longer period, associated with the next state cadastral valuation (GKO). At the same time, this GKO will be carried out according to the new rules in accordance with 237-FZ, namely, not by independent appraisers, but by specialized state budget institutions. And the potential volume of services for contesting the cadastral value in subsequent years also depends on how correct the results of this T-bills will turn out to be.

Kirill Kulakov: It influences in different directions. On the one hand, this speeds up the workflow between appraisers and customers, as well as the search necessary information for rate. On the other hand, this trend may eventually lead to the replacement of a classic appraiser with some kind of IT application, at least in the segment of evaluating similar or simple objects. By analogy with a taxi, there will be a Yandex appraiser who will answer the question faster and cheaper: "how much does an object cost?"

What are the most important regulatory and legislative changes in appraisal activities that you would note in terms of their impact on the development of the appraisal market?

Naturally, the most important change that has recently taken place in appraisal activities is the requirement that all appraisers must pass qualification exams in three areas. After 04/01/2018, an appraiser who has not passed the relevant exam loses his professional status. At the moment, out of 23 thousand appraisers who are members of the SRO, approximately 10 thousand people have passed the exam, i.e. about 40%. In a number of regions, a shortage of appraisers, especially business appraisers, began to be felt, some appraisal firms cease to provide services in one direction or another of appraisal. Moreover, several self-regulatory organizations of appraisers may cease to exist, whose members may temporarily lose their professional status because of this.

All of the above will lead to a certain concentration and even greater centralization of the appraisal services market, as well as self-regulation in the field of appraisal activities. Small and many regional appraisal companies, as well as SROs of appraisers, will have to unite with the largest market representatives in order to maintain their status and the ability to function in the future.

In your opinion, what is the reason for the tightening of requirements for the subjects of valuation activities? What are the main objectives for the requirement to pass a qualifying exam?

Kirill Kulakov: The state has long wanted to put things in order in valuation activities. In fact, the evaluation community itself wanted this, though not quite by such methods ...

The results of appraisers' activities are involved in most of the most important economic state processes, projects and transactions. In recent years, a social component has been added to this in the form of property taxation of individuals and legal entities. Unfortunately, the model of regulation and responsibility of independent appraisers that existed until recently did not practically work. The low quality, and sometimes "custom-made" nature of many assessments has led to distrust of appraisers, both by the state and by many customers. In this situation, the state decided, without inventing a "new bicycle", to clean up the market of appraisers through an examination filter, as it had already done with auditors and cadastral engineers.

Another question is that the exam itself will not solve the above problems of evaluation activity ... We need a systematic and A complex approach, moreover, controlled not by the state, but on the basis of SRO appraisers. Otherwise, the institution of self-regulation will be practically overthrown and there will be another return to state regulation and licensing.

On what professional standards is the qualification exam based, what areas of assessment does it cover?

Kirill Kulakov: Questions from the general and theoretical part of the exam are based, of course, on the current Russian legislation, incl. 135-FZ and Federal Valuation Standards. The point is that the same legal issues clearly go beyond the normal range of functioning of the appraiser and do not even belong to his jurisdiction and area of ​​​​responsibility. The same can be said about the series theoretical questions which are sometimes of a highly specialized focus, rarely encountered in practice, for example, on knowledge of the characteristics of pastures in the regions of the Kaine North, etc. Many practical tasks are also divorced from real practice and, in fact, are aimed at testing readiness for a purely mechanical, template calculation, without checking the real level of professionalism and erudition of the appraiser.

The qualifying exams themselves are taken in three areas: real estate valuation, movable property valuation and business valuation. At the same time, the regulator (Ministry of Economic Development of the Russian Federation) has not yet given clear explanations on the distribution of the most common types of appraisal objects in the indicated areas, for example: rights of claim, bills of exchange, property complexes, lost profits, damage, etc. This can cause certain problems with significant consequences for both appraisers and appraisers. After all, the Valuation Report, signed by an improper appraiser, may be recognized as null and void and, accordingly, this may lead to the nullity of the transactions themselves and other processes.

Please rate how close Russian system qualifications to world practice in the field of assessment? Will other qualifications be introduced depending on the direction of valuation, for example, in the field of valuation of intellectual property and intangible assets?

Kirill Kulakov: This system with three types of written test exams, which, moreover, must be retaken every 3 years, is more distant than close to the world's leading practice. Both in RICS and TEGoVA entrance examinations consist of several stages, each of which is clearly regulated and, most importantly, has a specific practice-oriented character. So, at the initial stage, the level of education, length of service and real work experience in the relevant direction are analyzed. Next, the examiner prepares several real cases, with various practical situations and tasks. The final stage is an oral exam-interview, which is taken individually by a panel of three (at RICS) experienced examiners for one hour. In this exam, the applicant for membership answers questions about himself, questions on prepared cases, as well as questions on knowledge of the organization's standards (for example, Red Book RICS), incl. ethics standards and evaluation standards. And such an exam is taken once, after which it is only necessary to collect annually a certain amount of hours of advanced training, moreover, at various professional events, and not only in educational institutions. As we can see, this model of entrance examinations to the profession is more adapted to practice and reveals the real knowledge of the applicant.

IN Russian Federation, in fact, in the near future should also fully earn new system independent assessment of professional qualifications in accordance with 238-FZ. Besides, this system will apply to almost all industries and professions in the Russian Federation, incl. and appraisers who, since 2015, have their own professional standard"Evaluation Specialist" According to this standard, appraisers' qualifications will be confirmed at 8 levels with corresponding sublevels, depending on the category of complexity of the appraisal objects, as well as the set of professional functions performed. And the process of assessing qualifications will already be very similar to world practice and will include both a theoretical exam and the implementation of practical cases and the preparation of sample reports.

In this regard, it remains a particularly urgent task to synchronize the current system with three mandatory examinations with the future system of independent assessment of qualifications. These systems should complement each other, and not contradict or mislead consumers of the appraiser's services.

The purpose of organizations engaged in valuation activities is to resolve issues that have arisen in the course of work in areas related to management. In this article we will talk about the best appraisal companies in Moscow.

1. Appraiser

The highest professional level puts the appraisal company "Appraiser" on the 1st place in our top. The company was founded in 2005, and during its existence has attracted a team of specialists with many years of experience in assessing objects of varying complexity. Appraiser notes the automation of the business process and special software, thanks to which there is a reduction in the timing of the assessment and a decrease in possible errors during its course. Appraiser works seven days a week, creating optimal conditions for customers, while not charging additional fees for overtime work. Company website: http://okap.ru.

2. International Assessment Center

Professionalism and an impeccable reputation brought the center a well-deserved 2nd place in our top of the best appraisal companies in Moscow. " International Center Assessments” has been operating since 1995 as Joint-Stock Company, which included leading experts in valuation and financial consulting. The experts are active members of the Russian Society of Appraisers and have numerous certificates confirmed by leading Russian and international organizations.

3. Gorislavtsev & Co.

The group of companies has been in existence for more than 20 years and invariably occupies a leading position in the domestic consulting and audit market, which is confirmed every year by the ratings of the country's main agencies. In its work, Gorislavtsev & Co is distinguished by its focus on the interests of a particular client. The complex interaction of specialists from all areas guarantees comprehensive support for the business and provides all the services necessary for the effective management of the enterprise.

4. Nova Expert

The company once again confirmed its experience, qualifications and professionalism, entering the top among the assessment groups of the capital. Nova Expert's customers for reporting can be both individuals and legal entities - owners of property and proxies. The company provides a wide range of services for the valuation of business, property, securities, as well as vehicles such as cars and construction equipment. Nova Expert reports are accepted by over 50 major banks of the country.

5. Center for independent property expertise

The middle of the rating is occupied by a company that started its activity in 1992. During its existence, the center has become one of the leading consulting organizations, contributing to the successful business of its clients. For high professionalism and significant contribution to the development of valuation activities, the center has repeatedly received professional prestigious awards, among which: Gold medal and Gold certificate UNIPRAVEX Uni.

6. Roseco

The consortium is a recognized leader in the field of investment and strategic consulting. Roseco's clients are large international organizations and private investors. The headquarters is in Boston, and main office Roseco is located in Moscow, which is extremely convenient for customers from the USA and Europe. Roseco helps solve specific tasks: attracting additional financing, bringing companies out of a crisis, selling a business.

7. Property Appraisal Center

The organization has been continuing its work for 16 years and is consistently included in the top 20 appraisal companies in the capital. Despite the high competition in recent years, the center is gaining ground, not wanting to lag behind the leading market players. This is due to the well-coordinated work of professional appraisers, 4 of whom received a Ph.D. The Center has representative offices in the Southern Federal District and the Volga Federal District.

8. VS score

On the 8th place in our rating is the company, which since 2002 has been included in the 30 largest companies in the Russian appraisal market. The history of this institution begins in 1998, the activities of specialists are insured. Valuable documents and shares of participation, real estate and transport, objects of intellectual property are the objects of evaluation. Such organizations as Gazprom, VTB, Gazprombank and the Bank of Moscow spoke positively about working with the company.

9. Crowe Russaudit

The beginning of the activity of this company is 1992, and for more than 20 years Rusaudit has been top positions in the field of assessment and reporting in accordance with international standards. Unique experience And business reputation allowed clients to successfully conduct business, contributing to the growth of the Russian economy as a whole. Rusaudit offices are located not only in the capital, but also in St. Petersburg and Nizhny Novgorod which helps to actively cooperate with other members of the network and share experiences.

10. City Bureau of Property Examination

Our rating of appraisal companies in Moscow is completed by a group established in 1997. Now it is a dynamically developing organization that independently passed the path from small firm to a large consulting group. With its help, you can solve any needs of customers in valuation activities, technical consulting and energy audits. Considering the specialization in the areas of security, the Bureau's experts the most important quality consider reliability and responsibility of their work.