Your Ad Here

Thursday, May 28, 2009

Pengertian Pendapatan Kotor

Pendapatan kotor adalah pendapatan dari suatu property yang belum dikurangi dengan biaya-biaya. Pendapatan kotor terdiri dari 2 jenis yaitu

- PGI (potential gross income atau pendapatan kotor potensial), dan
- EGI (effective gross income atau pendapatan kotor efektif)

Potential Gross Income adalah seluruh pendapatan yg diperoleh pada saat tingkat hunian (occupancy rate) mencapai 100% rental space, service charge, dan pendapatan lain-lain), sebelum dikurangi beban operasional.

Effective Gross Income adalah seluruh pendapatan yang diperoleh setelah dikurangi VCL, sebelum dikurangi beban-beban operasional (atau PGI dikurangi dgn VCL)

VCL adalah pengurangan pada PGI yang disebabkan karena kekosongan sewa dan karena adanya sewa yang tak dibayar oleh penyewa (tenant)

Penggunakan Potential Gross Income maupun Effective Gross Income dapat digunakan untuk metode GIM akan tetapi harus konsisten. Jika PGI yang digunakan sebagai dasar penilaian maka GIM harus dihitung dari PGI properti pembanding, Jika EGI yang digunakan sebagai dasar penilaian maka GIM harus dihitung dari EGI properti pembanding

Net present value

Net present value (NPV) or net present worth (NPW)[1] is defined as the total present value (PV) of a time series of cash flows. It is a standard method for using the time value of money to appraise long-term projects. Used for capital budgeting, and widely throughout economics, it measures the excess or shortfall of cash flows, in present value terms, once financing charges are met

Appraisers are legally regulated under federal and state law by USPAP which considers three forms of appraiser engagement by a client: appraisal, review, and consulting. Appraisal is the act or process of estimating value and should be used whenever the appraiser could be perceived as an independent and disinterested party. Review is the act or process of critically studying a report prepared by another. Consulting is the act or process of providing information, analysis of data, and recommendations or conclusions on diversified problems, other than estimating value.
Differentiation among these activities depends upon the purpose and intended use of the results. USPAP recognizes two types of consulting engagements: (1) performing an impartial consulting service as a disinterested third party that responds to the client's stated objective, and (2) performing a consulting service that is intended to facilitate the achievement of the client's objective. If third parties, or the public, would reasonably perceive an appraiser to be acting as a disinterested, objective third party, that is enough to bar the appraiser from acting as an advocate for the client in that particular situation. If a person could be reasonably perceived by others to be acting as a disinterested third party, then the assignment must be performed with impartiality, objectivity, and independence. In either event the appraiser must clearly disclose which role is being performed for the client.

USPAP identifies four defined activities as consulting: market analysis, feasibility analysis, and cash flow/investment analysis.

Market Analysis: In conventional real estate work, market analysis is the study of market conditions for a specific type of property. In appraising mineral properties market analysis must be expanded to include the markets for the mineral products that are expected to be produced from a mineral property.

Feasibility Analysis: Is a study of the cost-benefit relationship of an economic endeavor.

Cash Flow Analysis: Is a study of the anticipated movement of cash into and out of an investment and is closely related to Cash Budget Analysis.

Investment Analysis: Is a study that reflects the relationship between acquisition price and anticipated future benefits of an investment.

Because USPAP defines any activity other than an estimate of value as consulting some of the commonly performed mineral property or mining business consulting services are:

Highest and Best Use Analysis:
v current/interim use. Physically Possible, Legally Permissible, Financially Feasible, and Maximally Productive (optimal/satisficing)

Land Utilization:

Zoning Analysis:

Financing Analysis:

Accounting/Tax Analysis:

Securities Analysis:

Portfolio Analysis:

Mineral Economics Studies:

Mine Economic Studies:

Economic Change Analysis:

Breakeven Analysis:

Productivity Studies:

Availability/Utilization Analysis:

Competitive Position Studies:
Porter's 5-Forces

Transportation Studies:

Royalty, Joint Venture, or other Interest Analysis:

Risk Analysis - Geologic, Technical, Economic, Legal, Socio-Political:
Four Forces +

Mineral Resource/Reserve Estimation, Review, or Audit:

General or Specific Due Diligence:

General or Specific Geological Analyses:
Mining Geology


Gross Income Multiplier (GIM)

GIM – Konsep
Suatu property dapat menghasilkan pendapatan kotor sebesar Rp 100jt/thn kemudian dijual, laku dengan harga Rp 800 jt maka

GIM = Rp. 800 Juta / Rp 100 Juta

GIM = 8

Dari kasus diatas, GIM sebesar 8 berarti harga jual properti tsb adalah 8x (8 kali) pendapatan kotor per tahunnya. GIM sering adiartikan sebagai pengali pendapatan kotor. Sedangkan untuk pengali sewa kotor, sering diistilahkan dengan GRM (Gross Rent Multiplier)

Prosedur Penerapan Penilaian dengan GIM

Nilai suatu properti diperoleh dgn mengalikan pendapatan kotor tahunan yg diharapkan (expected annual gross income) dgn GIM yg diperoleh dari data penjualan properti pembanding
Atau, jika dinyatakan dlm rumus:


Contoh Penerapan Penilaian dengan GIM
Anda diminta menilai sebuah ruko yg disewakan. Ruko tersebut diperkirakan dapat menghasilkan pendapatan kotor per tahun sebesar Rp 100 juta. GIM dari data pembanding (ruko-ruko yg disewakan) adalah 6.50
V = GI x GIM
= Rp 100 jt x 6.5
= Rp 650 jt
Jadi dengan menggunakan GIM, nilai ruko tersebut adalah Rp 650 jt

Gross Rent Multipler

The GRM is simply the ratio of the monthly (or annual) rent divided into the selling price. If several similar properties have sold in the market recently, then the GRM can be computed for those and applied to the anticipated monthly rent for the subject property. GRM is useful for rental houses, duplexes, and simple commercial properties when used as a supplement to other more well developed methods.

Mining's Hard Rock Legacy

In the Malakoff diggings of California's Sierra Nevada lies the wreckage of an old dream. It is a bizarre man-made canyon sculpted into grim spires and fins, cream-white surfaces streaked with red, the whole tortured architecture capped by a fringe of nearly black forest.

More than a century ago miners sent water racing down the Sierra through networks of ditches and wooden flumes. The water, building pressure with every mile (1.6 kilometers), funneled into huge nozzles and from them struck the ancient slopes of the foothills with such terrible force that they dissolved into mud that oozed like surging lava over wooden riffles. The riffles were in place to separate gold from the slurry, which was sent through a system of tunnels into the South Yuba River and from there, via the Feather, to the Sacramento—so much slurry that with every spring flood the productive farms of the Sacramento Valley were smothered under yet another layer of mud.

Such unregulated destruction is no longer permitted in the United States. But the Malakoff site still dribbles slurry into the watershed of the Sacramento, and this weird, human-carved landscape remains as a useful symbol of the West's long infatuation with the dream of treasure and with the legislation created to service that obsession: the General Mining Law of 1872, one of the oldest land laws still on the books.

The law was designed to promote and codify the use of public lands for mining purposes, and in its major provisions it did so with admirable simplicity. It declares all federal land not otherwise restricted, as in national parks and other reservations, be open to the prospecting and discovery of gold, silver, copper, iron, nickel, and other hardrock minerals.

Labels: ,

Kapitalisasi Langsung (Direct Capitalization Method)

Seperti yang sudah disampaikan sebelumnya bahwa metode kapitalisasi pendapatan dapat menggunakan beberapa cara, yaitu :
a. Kapitalisasi langsung (direct capitalization method)
b. GIM (gross income multiplier)
c. Metode arus kas (discounted cash flow)
d. Metode pengembangan tanah (land development method)
e. Teknik penyisaan (the residual method)

Kesemua metode pendekatan kapitalisasi pendapatan tersebut diterapkan untuk properti yang menghasilkan pendapatan (income producing property)
Contoh properti yg menghasilkan pendapatan:
 Ruko/toko yg disewakan
 Rumah tinggal yg dikontrakkan
 Hotel
 Gedung perkantoran
 Apartemen yg disewakan
 Perkebunan kelapa sawit (contoh-contoh perhitungan akan disampaikan kemudian pada Galleri Penilaian)

A. Kapitalisasi Langsung (Direct Capitalization Method)

Kapitalisasi langsung merupakan bagian dari pendekatan kapitalisasi pendapatan yang didasarkan pada konsep nilai kini (present value) yang digunakan untuk properti yang menghasilkan pendapatan yang bersifat lebih rumit (hotel, perkantoran). Akan tetapi, metode ini hanya dapat digunakan untuk properti yg sdh mapan dan dlm keadaan perekonomian yg stabil Serta menghasilkan pendapatan yang tetap secara terus menerus pada jangka waktu yang sangat lama (Perpetuity).

Konsep Jumlah Nilai Kini
Nilai property merupakan jumlah nilai kini (present value) dari seluruh pendapatan property yang akan diperoleh di masa mendatang, didiskon dengan suatu tingkat diskonto (r)

Dengan 2 asumsi:
 Pendapatan konstan (I1 = I2 = I3 = In)
 Umur properti tak terhingga (n = ¥)
Maka rumus: V = I / R

Digunakan bila :
- Pendapatan bersih pertahun dianggap tetap, tidak pernah berubah
- Lamanya investasi sifatnya tak terhingga atau menerus (Perpetuity)

V = I / R

V = Nilai Pasar Properti (Rp)
I = Pendapatan Bersih Tahunan (Rp)
R = Tingkat Kapitalisasi (%)

Income approach

The Income Approach is one of three major groups of methodologies, called valuation approaches, used by appraisers. It is particularly common in commercial real estate appraisal and in business appraisal. The fundamental math is similar to the methods used for financial valuation, securities analysis, or bond pricing. However, there are some significant and important modifications when used in real estate or business valuation.

While there are quite a few acceptable methods under the rubric of the income approach, most of these methods fall into three categories: direct capitalization, discounted cash flow, and gross income multiplier.

Direct Capitalization
This is simply the product of dividing the annual net operating income (NOI) by the appropriate capitalization rate (CAP rate). For income producing real estate, the NOI is the net income of the real estate (but not the business interest) plus any interest expense and non-cash items (e.g. -- depreciation) minus a reserve for replacement. The CAP rate may be determined in one of several ways, including market extraction, band-of-investments, or a built-up method. When appraising complex property, or property which has a risk-adjustment due to unusual factors (i.e. -- contamination), a risk-adjusted cap rate is appropriate.[1] An implicit assumption in direct capitalization is that the cash flow is a perpetuity and the cap rate is a constant. If either cash flows or risk levels are expected to change, then direct capitalization fails and a discounted cash flow method must be used.

In UK practice, Net Income is capitalised by use of market-derived yields. If the property is rack-rented then the All Risks Yield will be used. However, if the passing rent differs from the Estimated Rental Value (ERV), then either the Term & Reversion, Layer or Equivalent Yield methods will be employed. In essence, these entail discounting the different income streams - that of the current or passing rent and that of the reversion to the full rental value - at different adjusted yields.

However, capitalization rate inherently includes the investment-specific risk premium. Each investor may have a different view of risk and, therefore, arrive at a different capitalization rate for a given investment. The relationship becomes clear when the capitalization rate is derived from the discount rate using the build-up cost of capital model. The two are identical whenever the earnings growth rate equals

Labels: ,

Wednesday, May 13, 2009

Pendekatan Kapitalisasi Pendapatan

Pendekatan Kapitalisasi Pendapatan (Income Approach) berdasarkan pada pola pikir hubungan antara pendapatan dari properti dan nilai dari properti itu sendiri.
Nilai dari properti tergantung pada kemampuan properti itu untuk menghasilkan keuntungan. Metode ini dikenal juga sebagai metode kapitalisasi karena pendapatan bersih yang dihasilkan oleh suatu properti dikapitalisasi menjadi nilai kini melalui perhitungan matematis yang disebut dengan kapitalisasi

Formula yang mendasari metode ini adalah

V = I/R Dimana, V= Nilai, I = Pendapatan, R= tingkat bunga

Tahapan proses penilaian dengan metode pendekatan kapitalisasi pendapatan adalah sebagai berikut :

1. Menghitung pendapatan kotor dari property (Gross income potensial)
2. Pendapatan kotor dikurangi kekosongan & kerugian gedung
3. Diperoleh pendapatan kotor efektif (efektif gross income)
4. Pendapatan kotor efektif dikurangi biaya operasional (operating expenses)
5. Diperoleh pendapatan bersih property (net operating income)
6. Diproses dengan :

- Teknik penyisaan tanah
- Teknik penyisaan bangunan
- Teknik penyisaan properti

Atau dapat disimpulkan langkah-langkah dasar yang dilakukan, yaitu :

1. Menghitung pendapatan kotor

2. Menghitung biaya-biaya

3. Menghitung Pendapatan bersih tahunan

4. Proses kapitalisasi

Metode kapitalisasi pendapatan dapat menggunakan beberapa cara, yaitu :

1. GIM (gros income multiplier)

2. Metode Arus kas (discounted cash flow)

3, Metode Pengembangan Tanah (land development method)

4. Teknik Penyisaan (the residual method)

Real estate appraisal

Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property, usually its Market Value. The need for appraisals arises from the heterogeneous nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is one of the most important determinants of their value. So there cannot exist a centralised Walrasian auction setting for the trading of property assets, as there exists for trade in corporate stock. The absence of a market-based pricing mechanism determines the need for an expert appraisal/valuation of real estate/property.

Although some areas require no license or certification at all, a real estate appraisal is generally performed by a licensed or certified appraiser (in many countries known as a Property Valuer or Land Valuer and in British English as a "valuation surveyor"). If the appraiser's opinion is based on Market Value, then it must also be based on the Highest and Best Use of the real property. For mortgage valuations of improved residential property in the US, the appraisal is most often reported on a standardized form, such as the Uniform Residential Appraisal Report.[1] Appraisals of more complex property (e.g. -- income producing, raw land) are usually reported in a narrative appraisal report.

The income capitalization approach

The income capitalization approach (often referred to simply as the "income approach") is used to value commercial and investment properties. Because it is intended to directly reflect or model the expectations and behaviors of typical market participants, this approach is generally considered the most applicable valuation technique for income-producing properties, where sufficient market data exists to supply the necessary inputs and parameters for this approach.
In a commercial income-producing property this approach capitalizes an income stream into a value indication. This can be done using revenue multipliers or capitalization rates applied to the first-year Net Operating Income. The Net Operating Income (NOI) is gross potential income (GPI), less vacancy and collection loss (= Effective Gross Income) less operating expenses (but excluding debt service, income taxes, and/or depreciation charges applied by accountants).
Alternatively, multiple years of net operating income can be valued by a discounted cash flow analysis (DCF) model. The DCF model is widely used to value larger and more expensive income-producing properties, such as large office towers. This technique applies market-supported yields (or discount rates) to future cash flows (such as annual income figures and typically a lump reversion from the eventual sale of the property) to arrive at a present value indication.

Labels: ,

Metode Pendekatan Biaya (Cost Approach)

Dengan mengunakan Metode Kalkulasi biaya, Nilai properti (Tanah dan Bangunan) diperoleh dengan menganggap tanah sebagai tanah kosong, nilai tanah dihitung dengan menggunakan metode perbandingan data pasar (market data approach). Sedangkan nilai bangunan dihitung dengan metode kalkulasi Biaya. Nilai pasar bangunan dihitung dengan menghitung biaya reproduksi baru (RCN) bangunan pada saat penilaian dikurangi penyusutan.

Rumus Umum :
 Nilai Properti = Nilai Tanah + ( Biaya Reproduksi Baru (RCN)-Penyusutan)

Langkah-langkah yang diperlukan:

► Hitung nilai tanah dengan perbandingan data pasar, dengan menganggap tanh sebagai tanah kosong dan tersedia untuk dikembangkan sesuai dengan prinsip Highest and Best Use

► Hitung biaya realisasi baru dari bangunan & prasarana

► Hitung semua penyusutan oleh semua penyebab (fisik, fungsional dan ekonomis)

► Kurangi biaya realisasi baru dengan besarnya penyusutan akan diperoleh nilai pasar bangunan

► Nilai pasar tanah di tambah nilai pasar bangunan sama dengan nilai properti dengan methode pendekatan biaya

Menghitung Biaya Pengganti Baru (Replacement Cost New)

Dalam menghitung biaya pengganti baru terdapat 4 macam metode yang dapat digunakan, yaitu

1. Metode survey kuantitas (quantity survey method)

2. Metode unit terpasang (unit inplace method)

3. Methode meter persegi (square meter method)

4. Metode Index biaya (Index method)

Menghitung Penyusutan Bangunan/Depresiasi

Penyusutan adalah pengurangan nilai dari biaya pembuatan baru. Dalam melakukan penilaian dengan pendekatan Kalkulasi Biaya (Cost Approach), diperlukan suatu tahapan yang cukup penting, yaitu memperkirakan besarnya penyusutan atau depresiasi dari bangunan untuk dapat memperoleh nilai pasar dari bangunan atau nilai pasar dari properti yang dinilai. Depresiasi dari bangunan tidak hanya dipengaruhi oleh umur bangunan saja, tetapi juga keadaan bangunan, walaupun bangunan dalam keadaan 100% baru. Karena dalam penilaian yang kita tentukan adalah nilai bangunan bukan biaya membangun baru bangunan. Ingat bahwa biaya membangun bangunan tidak sama dengan nilai bangunan. Bangunan akan mempunyai nilai bila bangunan tersebut mempunyai kegunaan bagi manusia.

Terdapat 3 Macam Penyusutan/Depresiasi bangunan, yaitu :

1. Kerusakan fisik (physcal deterioration)
contohnya rusak, lapuk, retak, mengeras atau kerusakan pada strukturnya

2. Kemunduran Fungsional (functional obsolescence)
contohnya, perencanaan yang kurang baik, ketidakseimbangan yang berhubungan dengan ukuran, model, bentuk, umur dan lainnya

3. Kemunduran Ekonomic (economic obsolescence)
contohnya perubahan sosial, peraturan-peraturan pemerintah dan peraturan lain yg membatasi peruntukan dan lain-lain.

Ditinjau dari sumber penyusutan, penyusutan fisik dan kemunduran fungsional dipengaruhi dari dalam (internal) sedangkan kemunduran ekonomis dari luar properti (external)

Rumus umum menghitung depresiasi / penyusutan

1. Kerusakan fisik

Penyusutan fisik = (umur efektif / umur manfaat) X 100%

2. Kemunduran fungsional & ekonomis

Kemunduran fungsional / kemunduran ekonomis =

% kemunduran fungsional/ekonomis X (100% - %penyusutan fisik)

The cost approach

The cost approach was formerly called the summation approach. The theory is that the value of a property can be estimated by summing the land value and the depreciated value of any improvements. The value of the improvements is often referred to by the abbreviation RCNLD (reproduction cost new less depreciation or replacement cost new less depreciation). Reproduction refers to reproducing an exact replica. Replacement cost refers to the cost of building a house or other improvement which has the same utility, but using modern design, workmanship and materials. In practice, appraisers use replacement cost and then deduct a factor for any functional disutility associated with the age of the subject property.
In most instances when the cost approach is involved, the overall methodology is a hybrid of the cost and sales comparison approaches. For example, while the replacement cost to construct a building can be determined by adding the labor, material, and other costs, land values and depreciation must be derived from an analysis of comparable data.
The cost approach is considered reliable when used on newer structures, but the method tends to become less reliable for older properties. The cost approach is often the only reliable approach when dealing with special use properties (e.g. -- public assembly, marinas).


Metode Penilaian Aset

Metode Penilaian aset dibagi menjadi 3 kelompok :

1. Metode Perbandingan Data Pasar (Market Data Approcah)
2. Metode Kalkulasi Biaya (Cost Approach)
3. Metode Pendekatan Pendapatan (Income Approach)

Metode Perbandingan Data Pasar (Market Data Approcah)

Metode perbandingan data pasar atau sering disebut juga sebagai metode perbandingan harga jual (sales comparation method) atau metode perbandingan data langsung (direct market comparation method) adalah metode penilaian yang dilakukan dengan cara membandingkan secara langsung properti yang dinilai dengan data properti yang sejenis yaitu dengan cara Penilai harus mendapat 3 atau lebih data banding yang telah terjual atau sedang ditawarkan untuk dijual yang sejenis terhadap properti yang akan dinilai kemudian dibuat penyesuaiannya terhadap property yang dinilai

Harga Jual Property yang sebanding +/- penyesuaian = Indikasi Nilai dari property

Langkah-langkah yang diperlukan dalam metode ini adalah :

1. Tahap Pengumpulan data
Kumpulan data dicatat dalam buku data.
Sumber-sumber data dpt dihimpun dari :
- Broker
- Developer
- Iklan, surat kabar, majalah, papan pengumuman (langsung tinjau kelokasi)
- Arsip hasil penilaian
- Investor

2. Tahap Analisa data
Data yang dipergunakan harus memenuhi syarat-syarat dibawah ini, yaitu :
- Data tersebut diperoleh dari transaksi jual beli tanpa paksaan
- Data transaksi Jual beli yang belum lama berlangsung
- Data jual beli tersebut harus punya kesamaan dalam hal peruntukan, bentuk tanah, lokasi yang sejenis, sifat-sifat fisik & sosial, ukuran/luas, cara jual beli

3. Tahap Penyesuaian
Penyesuaian untuk perbedaan yang ada, berdasarkan pada waktu, lokasi dan lainnya.

Metode Penyesuaian

Metode dalam tahap penyesuaian ini terdapat 3 macam metode, yaitu:

1. Metoda tambah kurang (Pluses and minuses method)
Artinya penyesuaian langsung dibandingkan secara keseluruhan kelebihan dan kekurangan dengan data-data pembanding yang ada.

Data 1 Data 2 Data 3
Harga jual Rp. 100 jt Rp. 108 jt Rp. 98 jt
Nilai indikasi Rp.104 jt Rp. 106 jt Rp. 102 jt
Penyesuaian dilakukan dengan cara pembebanan.
Misalnya: Properti yang paling mendekati adalah no.2 diambil 40% no. 1 & 3 = 30%

Jadi Nilai Pasar :
30% x 104 jt = 31.200.000
40% x 106 jt = 42.400.000
30% x 102 jt = 30.000.000

2. Metode jumlah rupiah (Rupiah Amount Method)

Data 1 Data 2 Data 3
Harga jual Rp. 100 jt Rp. 108 jt Rp. 98 jt
Penyesuaian + 5 j 0 + 8 jt
Lokasi - 1 jt 0 0
Ukuran 0 0 - 4 jt
Kondisi perlengkap 0 0 0
Mutu bangunan 0 - 2 jt 0
Total penyesuaian + Rp. 4 jt -Rp. 2 jt Rp. 4 jt
Nilai indikasi Rp. 104 jt Rp. 106 jt Rp. 102 jt

Dengan cara pembebanan :

Nilai Pasar:
30% x Rp. 104 jt = Rp. 31.200.000
40% X Rp. 106 jt = Rp. 42.400.000
30% x Rp. 102 jt = Rp. 30.000.000
= Rp.104.200.000

3. Metode Persentase (Percentage Method)

Data 1 Data 2 Data 3
Harga jual Rp. 100 jt Rp. 108 jt Rp. 98 jt
Penyesuaian 5% 0% 8%
Lokasi -1% 0% 0%
Ukuran 0% 0% -4%
% Kondisi pelengkap 0% 0% 0%
Mutu bangunan 0% -4% 0%
Total penyesuaian 4% -4% 4%
Nilai indikasi Rp. 104 jt Rp. 105.840 jt Rp.101.920 jt
Dengan cara pembebanan :

Nilai Pasar :
30% x Rp. 104 jt = Rp. 31.200.000
40% x Rp. 105.840 jt = Rp. 42.336.000
30% x Rp. 101.920 jt = Rp. 30.429.000
= Rp. 104.000.000

The Sales Comparison Approach

The sales comparison approach in a real estate appraisal is based primarily on the principle of substitution. This approach assumes a prudent individual will pay no more for a property than it would cost to purchase a comparable subsitute property. The approach recognizes that a typical buyer will compare asking prices and seek to purchase the property that meets his or her wants and needs for the lowest cost. In developing the sales comparison approach, the state licensed real estate appraiser attempts to interpret and measure the actions of parties involved in the marketplace, including buyers, sellers, and investors.
Method of Data Collection Data are collected on recent sales of properties similar to the subject being valued, called comparables. Sources of comparable data include real estate publications, public records, buyers, seller, real estate brokers and/or agents, appraisers, and others. Important details of each comparable sale is described in the appraisal report. Since comparable sales are not always identical to the subject property, adjustments are sometimes make for date of sale, location, style, bathrooms, square foot, site size, etc. The main idea is to simulate the price that would have been paid if each comparable sale were identical to the subject property.If the adjustment to the comparable is superior to the subject, a downward adjustment is necessary. Likewise, if an the adjustment to the comparable is inferior to the subject, an upward adjustment is necessary. From the analysis of the group of adjusted sales prices of the comparable sales, the state licensed real estate appraiser selects an indicator of value that is representative of the subject property.
Steps in the Sales Comparison Approach 1. Research the market to obtain information pertaining to sales, listings, pending sales that are similar to the subject property. 2. Investigate the market data to determine whether they are factually correct and accurate. 3. Determine relevant units of comparison (e.g., sales price per square foot), and develop a compararive analysis for each. 4. Compare the subject and comparable sales according to the elements of comparison and adjust as appropriate. 5. Reconcile the multiple value indications that result from the adjustment of the comparable sales into a single value indication.


Tahapan Dalam Proses Penilaian Aset

Dalam melakukan penilaian, kita harus mengetahui tahapan-tahapan standard atas penilaian property. Tahapan dari proses penilaian property tersebut adalah :

1. Batasan masalah

Batasan masalah diperlukan agar kita dalam melakukan penilaian, tepat pada sasaran, Tidak memunculkan hal-hal yang tidak perlu dikerjakan yang mengakibatkan bias yang sangat tinggi pada nilai asset. Batasan masalah ini diantaranya adalah :

- Perlunya Indentifikasi property sebelum melakukan survey
- mengumpulkan data umum serta data khusus
- Mengidentifikasi status
- Menentukan tanggal pada saat melakukan penilaian
- Menentukan tujuan dari penilaian yang akan dilakukan
- Batasan nilai

2. Survey & rencana Penilaian
- Data yang diperlukan
- Sumber data
- Kebutuhan tenaga kerja
- Rencana kerja

3. Pengumpulan dan analisa
4. Penerapan 3 pendekatan
5. Perpaduan nilai
6. Kesimpulan nilai/nilai akhir

Pengumpulan dan proses penilaian

Data adalah sesuatu yang diketahui dan dianggap benar, dengan demikian, maka data properti dapat memberikan gambaran tentang properti yang lain. Data ini dapat berupa data tanah atau bangunan. Data tanah misalnya berkaitan dengan luas tanah, keadaan tanah letak tanah, harga tanah permeter persegi dan keadaan lainnya. Data bangunan berkaitan dengan luas bangunan, konstruksi bangunan, jenis finishing yang ada, biaya membangun, terutama untuk bangunan baru dan lainya.

Jika dikaitkan dengan masalah properti, maka data dapat digunakan sebagai :

 Dasar untuk menentukan nilai pasar
 Dasar untuk perhitungan bermacam-macam methode penilaian
 Dasar untuk menentukan peramalan dimasa yang akan datang

Syarat data properti yang baik

1. Harus obyektif
2. Mewakili kondisi dari properti yang dinilai
3. Kesalahan baku dari data harus kecil/standar error hrs kecil
4. Data baru (up to date)
5. Harus relevan

Governing authorities and professional organizations
United States

Appraisal practice in the US is regulated by the various states. The Financial Institutions Reform and Recovery and Enforcement Act (FIRREA) of 1989 demanded all the states to develop systems for licensing and certifying real estate appraisers.[16] To accomplish this, the Appraisal Subcommittee (ASC) was formed, with representatives from the various Federal mortgage regulatory agencies.[17] Thus, currently all the real estate appraisers must be state-licensed and certified. But prior to the 1990s, there were no commonly accepted standards either for appraisal quality or for appraiser licensure. In the 1980s, an ad-hoc committee representing various appraisal professional organizations in the U.S. and Canada met to codify the best practices into what became known as the Uniform Standards of Professional Appraisal Practice (USPAP). The Savings and Loan Crisis in the U.S. resulted in increased Federal regulation of the mortgage lending process via the Financial Institutions Reform, Recovery and Enforcement Act of 1991. A portion of this act required federal lending regulators to adopt appraisal standards. A not-for-profit organization, the Appraisal Foundation (TAF), was formed by the same organizations which had developed USPAP, and the copyright for USPAP was signed over to TAF. Federal oversight of TAF is provided by the Appraisal Subcommittee, made up of representatives of various Federal lending regulators. TAF carries out its work through two boards: the Appraisal Standards Board promulgates and updates USPAP; the Appraisal Qualifications Board (AQB) promulgates minimum recommended standards for appraiser certification and licensure. During the 1990s, all of the states adopted USPAP as the governing standards within their states and developed licensure standards which met or exceeded the recommendations of TAF. Also, the various state and federal courts have adopted USPAP for real estate litigation and all of the federally lending regulators adopt USPAP for mortgage finance appraisal.[17]
In addition, there are professional appraisal organizations, organized as private not-for-profits, which date to the Great Depression of the 1930s. One of the oldest in the U.S. is the American Society of Farm Managers and Rural Appraisers (ASFMRA), founded in 1929.[18] Others were founded as needed and opportunity arose in specialized fields, such as the Appraisal Institute (AI) and the American Society of Appraisers (ASA) founded in the 1930s, the International Right of Way Association and the National Association of Realtors which were founded after World War II. These organizations all existed to establish and enforce standards, but their influence has waned as the government increases appraisal regulation. In March 2007, three of these organizations (ASFMRA, ASA, and AI) announced an agreement in principle to merge. NAIFA (National Association of Independent Fee Appraisers), a charter member of The Appraisal Foundation, helped to write Title XI, the Real Estate Appraisal Reform Amendments. It was founded in 1961.
The best known professional organization of real estate appraisers in America is the Appraisal Institute. It was formed in from the merger of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. Founded along with others in the 1930s, the two organizations merged in the 1990s to form the Appraisal Institute (AI). This group awards two professional designations: SRA, to residential appraisers, and MAI, to commercial appraisers. The Institute has enacted rigorous regulations regarding to the use and display of these designations. For example, contrary to popular belief, "MAI" does not stand for "Member, Appraisal Institute". According to the institute, the letters "do not represent specific words", and an MAI may not use the words "Member, Appraisal Institute" in lieu of the MAI mark. The primary motive for this rule is to prevent dilution of the trademark.
Other leading appraisal organizations include the American Society of Appraisers, National Association of Independent Fee Appraisers, and the National Association of Master Appraisers, which were also founding sponsor-members of the Appraisal Foundation.[19] The Massachusetts Board of Real Estate Appraisers (MBREA), founded in 1934, is the only state appraisal association that has been named a sponsor of the Appraisal Foundation. [20] In recent years, the Royal Institution of Chartered Surveyors (RICS) has become highly regarded in the US, and has formed a collaboration with the Counselors of Real Estate, a division of the National Association of Realtors. RICS, which is headquartered in London, operates on a global scale and awards the designations MRICS and FRICS to Members and Fellows of RICS. The Real Estate Counseling Group of America is a small group of the top appraisers and real estate analysts in the US who collectively have authored a disproportionately large body of appraisal methodology.


Teori Penilaian Properti

Artikel Penilaian Properti

Galeri Penilaian properti

Forum Penilaian properti

Data Pasar Mesin

Standar Penilaian Indonesia 2007

Penilaian Bisnis