REAL ESTATE SURVEYING AND LCC FOR A FOREST REAL ESTATE
||REAL ESTATE SURVEYING AND LCC FOR A FOREST REAL ESTATE
||Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
||In this paper a real estate surveying concept for a forest real estate is outlined. In this area the following terms are important: management strategy, income, value of forest real estate, value of business, surveying, life cycle costs (LCC). For forest companies forest real estate and property are either their most significant cost or most significant assets, but still forest companies underestimate the property value issues. The objective of the research is to determine how different business entities at an enterprise consider the property value: a) value estimation (valuation), and b) value management (property management). Three parties of one certain enterprise will be captured in the research: 1) Forest management, 2) Asset management, and 3) General management. In Asset Management LCC can be used for strategic and operational decisions as well as for controlling. The influence of different calculation methods on LCC-supported decisions will be demonstrated by examples. The topic is tightly related with two internationally relevant research fields: forest real estate management and valuation of properties. Both fields are new in Belarus and are almost not being examined. This paper creates a manual for the entire management process of a forest real estate: from creation and development to production.
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