Ulawulo lwezakhiwo lubandakanya iindleko ezininzi, kuquka i-inshurensi, ukulungiswa, irhafu, izinto eziluncedo, ukulungisa umhlaba, ukucoca nokhuseleko. Xa umnini esongeza yonke into, bafumana umzobo obalulekileyo: ingeniso yokusebenza inetha (NOI).
I-NOI inokunceda abanini bamashishini baqonde ukuba ipropathi ixabisa kangakanani kwaye luhlobo luni lwembuyekezo enokuthi lunike yona. Nangona kunjalo, nabani na omtsha kule nto unokufumana i-NOI ibhidekisa kancinci. Subanexhala. Eli nqaku liza kuchaza ukuba yintoni ingeniso yokusebenza, ukubalwa njani, kwaye kutheni ibalulekile ekukhuleni kweshishini lakho.
Isiqulatho
Yintoni i-NOI?
Ingeniso yokusebenza eseleyo xa ithelekiswa nengeniso yokusebenza ngokuchasene nengeniso eshiyekileyo
Indlela yokubala ingeniso eshiyekileyo yokusebenza
Zeziphi izixhobo ezinokusetyenziswa ngamashishini ukubala ingeniso eshiyekileyo yokusebenza
3 Izinto eziphembelela ingeniso eshiyekileyo yokusebenza
Amazwi okugqibela
Yintoni i-NOI?
Ingeniso yokusebenza eshiyekileyo ibonisa indlela olunengeniso ngayo utyalo-mali ngokususa iindleko zokusebenza kwingeniso iyonke. Yimetric eqhelekileyo kwindawo yorhwebo yokuvavanya iipropathi ezifana nezakhiwo zeofisi, iiflethi, kunye neendawo zokugcina iimpahla.
Ukubala i-NOI, abanini bamashishini banokudibanisa yonke ingeniso evela kwipropati baze basuse iindleko zokusebenza, kuquka irhafu yepropathi, i-inshurensi, izinto eziluncedo kunye nokugcinwa. Nangona kunjalo, i-NOI ayiquki iindleko ezifana nerhafu yengeniso, inzala kwimali-mboleko, ukuhla kwexabiso, okanye iindleko zenkunzi kuba amashishini engakwazi ukuzithatha njengenxalenye yemisebenzi yemihla ngemihla.
I-NOI ifana ne-EBITDA (iMvuzo phambi koMdla, iiRhafu, ukuhla kwexabiso, kunye nokuhlawula imali), apho amanye amashishini asebenzisa ukulinganisa inzuzo engundoqo yeshishini. Ngokwesiqhelo, amashishini abala ingeniso yawo eshiyekileyo yokusebenza ngonyaka ukuze aphendule ngeendleko zamaxesha onyaka anjengokulungisa umhlaba, ukususwa kwekhephu, okanye ukucocwa kweefestile.
Ikwanceda ukulinganisa imbuyekezo yepropathi kutyalo-mali (ROI) usebenzisa ireyithi yemali eyinkunzi (okanye i-cap rate). Ngokomzekelo, ukuba abanini bathenga isakhiwo esihlala kwiidola ezingama-20 ezigidi kwaye sivelisa i-2 yezigidi zeedola kwi-NOI yonyaka, i-cap rate iya kuba yi-10% (i-2 yezigidi zeedola yahlulwe nge-20 yezigidi zeedola)
Ingeniso yokusebenza eseleyo xa ithelekiswa nengeniso yokusebenza ngokuchasene nengeniso eshiyekileyo
La magama asenokuvakala ngokufanayo, kodwa ahlukile. Ingeniso eshiyekileyo yinto eseleyo emva kokuba amashishini ethabathe zonke iindleko zokusebenza nezingasebenziyo kwingeniso. Kwelinye icala, ingeniso yokusebenza eshiyekileyo yingeniso nje kuthatyathwe iindleko zokusebenza.
Ngokunjalo, ingeniso yokusebenza ibhekisa kwimalini eyenziwa yinkampani emva kokuhlawula iindleko zayo zokusebenza, kubandakanywa ukuthengisa, indleko jikelele, kunye neendleko zolawulo (SG&A). Umahluko ophambili kukuba i-NOI igxile kuphela kwingeniso yokusebenza, ngelixa i-OI inokubandakanya ezinye iindleko ezingasebenziyo.
Indlela yokubala ingeniso eshiyekileyo yokusebenza
Nantsi indlela amashishini ayifunayo xa ebala ingeniso eshiyekileyo yokusebenza:
Umvuzo opheleleyo wokusebenza - iindleko zokusebenza = NOI
Amashishini aya kufuna la manani abalulekileyo ukubala i-NOI yawo. Indawo entle onokuthi uqalwe kuyo ngumvuzo opheleleyo wokusebenza, osekelwe kwingeniso ephezulu yepropati enokubakho ukuba yonke indawo yokurenta izaliswe. Koko, thabatha nayiphi na ingeniso elahlekileyo ngenxa yerenti engekahlawulwa okanye izithuba zengqesho uze uthabathe iindleko zokusebenza.
Nanku umzekelo olula ukubonisa indlela yokubala i-NOI yonyaka kwisakhiwo seofisi:
- Indawo yeofisi: 55,000 square feet.
- Ireyithi yerenti: US $50 ngonyawo lwesikwere ngonyaka
- Ingeniso enokwenzeka: 55,000 x US $50 = US $2,750,000
- Ingeniso eyongezelelweyo evela koomatshini bokuthengisa: US $30,000
Nantsi into enokuthi ijongeke njani ukubalwa kwemali yengeniso yokusebenza kwepropati:
Ingeniso yokusebenza iyonke
| ● Irenti, 55,000 sq. ft. nge US $50/sq.ft. | US $ 2,750,000 |
| ● Umatshini wokuthengisa | US $ 30,000 |
| ● Umvuzo onokwenzeka | US $ 2,780,000 |
| ● Minus izithuba (2,000 sq. ft. eUS $50/sq.ft.) | -US $100,000 |
| Ingeniso yokusebenza iyonke: | $2,680,000 |
Okulandelayo kukufumana zonke iindleko zokusebenza. Nanku umzekelo wokubala oku kuguquguquka:
Iindleko zokusebenza
| ● Irhafu yePropati | US $ 400,000 |
| ● Ulawulo lwesakhiwo kwindawo | US $ 200,000 |
| ● I-inshorensi | US $ 80,000 |
| ● Izinto eziluncedo | US $ 70,000 |
| ● Ukunyamekela | US $ 100,000 |
| Iindleko zokusebenza zizonke: | US $850,000 |
Ngawo omabini amaxabiso esandleni, amashishini ngoku angakwazi ukubala i-NOI ngenxaki enikiweyo ngasentla:
US $2,680,000 yezigidi - US $850,000 = US $1,830,000
Emva koku, amashishini kufuneka kwakhona amisele ireyithi ye-cap ngokwahlula i-NOI ngexabiso lemarike langoku lepropati. Masithi umnini uthenge isakhiwo nge-US $ 35 yezigidi. Ubalo lwezinga le-cap liza kujongeka ngolu hlobo:
US $1,830,000➗ US $35,000,000 = 0.05 okanye 5%
Ingeniso yokusebenza eshiyekileyo kunye neendleko zetyala
Ingeniso yokusebenza eshiyekileyo (NOI) isoloko ithelekiswa neentlawulo zenzala yetyala lepropathi, nto leyo enika abanini umlinganiselo wenkonzo yetyala (DSCR). Lo mlinganiselo ubonisa ukuba ipropathi inokuhlawula kakuhle kangakanani na amatyala ayo—ngamanye amazwi, yimalini i-NOI yayo ingaphezulu okanye ingaphantsi kwenkcitho yenzala.
Bobabini abanini propati kunye nababolekisi baqwalasela i-DSCR xa besenza isigqibo semimiselo yenkxaso-mali okanye ukuba kufanelekile ukuboleka imali. I-DSCR ngaphezulu kwe-1 ithetha ukuba ipropati inokuhlawulela ityala layo, eliyimfuneko kutyalo-mali olunenzuzo. Umzekelo, ukuba umnini uhlawule isiqingatha se-US $35 yezigidi zepropati ngemali aze axhase ngemali i-US $17.5 yezigidi nge-4% yemali mboleko, inkcitho yenzala yonyaka ibe yi-US $700,000. Nantsi into yokubala kwe-DSCR kuya kujongeka njani:
NOI (US $1,830,000)➗Inzala (US $700,000) = 2.61 okanye US $2.61
Ngokusekwe kolu balo, isakhiwo kumzekelo sivelisa i-US $2.61 kwingeniso eshiyekileyo yokusebenza kuyo yonke idola okanye ixabiso lenzala. Oku kuthetha ukuba utyalo-mali lufanelekile ngokwemali.
Zeziphi izixhobo ezinokusetyenziswa ngamashishini ukubala ingeniso eshiyekileyo yokusebenza?
Ukubala ingeniso yokusebenza eshiyekileyo kuthetha ukuba amashishini kufuneka adibanise amaxwebhu ambalwa abalulekileyo. Ke, xa abanini bekulungele ukubala, kufuneka babe nala maxwebhu alandelayo:
1. Ingxelo yengeniso
Ingxelo yengeniso yenkampani, elandelela ingeniso kunye neendleko ngexesha elimisiweyo, sisixhobo esiphambili sokubala ingeniso eshiyekileyo yokusebenza. Olu xwebhu lubandakanya onke amanani afunwa ngamashishini, nokuba kusetyenzwa kunye nengeniso eshiyekileyo. Ngesi sizathu, ingxelo yengeniso sisixhobo sokufumana umfanekiso ocacileyo wendlela esebenza ngayo imali yenkampani.
2. Amaxwebhu olawulo lwePropati
Iindleko zokusebenza ziyinxalenye engundoqo yokubala i-NOI, kodwa zinokwahluka ngokusekelwe kuhlobo lwepropati kunye nezinto eziluncedo. Amashishini kufuneka ahlole iikhontrakthi kunye namaxwebhu olawulo ukuqinisekisa ukuba zonke iindleko kunye nengeniso yengeniso zibalwa ngokuchanekileyo.
3. Amaxwebhu erhafu
Kuxhomekeka kwindlela ingxelo yengeniso esekwe ngayo, amashishini anokufuna ukujonga iimbuyekezo zerhafu okanye amanye amaxwebhu ukuze afumane zonke iinombolo zokubala zengeniso eshiyekileyo. Ngokomzekelo, xa kuqwalaselwa iindleko zayo zokusebenza zizonke, umtyali-mali unokufuna amanani achanekileyo okuba ishishini lihlawulwe malini kwirhafu yepropathi (endaweni yesixa-mali nje serhafu).
3 Izinto eziphembelela ingeniso eshiyekileyo yokusebenza
Ingeniso yokusebenza eshiyekileyo kunye nesantya se-cap inokutshintsha ngenxa yezinto ezintathu eziphambili:
1. Irenti kunye namaxabiso ezithuba: Ukuba abanini bezindlu banyusa irenti, baqokelela irente esele ilindelwe, okanye bazalise iiyunithi ezingenamntu, umvuzo wabo wokurenta uya kwanda. Kwi-flip side, umvuzo werenti uya kuhla ukuba irenti ziphantsi okanye kukho izithuba ezininzi kunye neerenti ezingahlawulwanga.
2. Iimeko zemarike: Utshintsho lwezoqoqosho lunokuba nefuthe kwizithuba zengqesho kunye nokuqokelelwa kwerenti. Kwimeko yezoqoqosho ehambela phambili, izithuba zisenokuncipha, ngoxa ukuwohloka koqoqosho zisenokunyuka. Iindawo ezinokungalingani phakathi konikezelo kunye nemfuno yezindlu okanye indawo yeofisi nazo zinokubona ukuguquguquka.
3. Iindleko zokusebenza: Iirhafu zepropathi, i-inshurensi, izinto eziluncedo, kunye nokugcinwa kwazo zisenokuguquguquka. Iirhafu zepropati zinokunyuka (okanye ngamanye amaxesha zihle), kwaye ezinye iindleko zinokunyuka okanye ziwe ngokuhamba kwexesha.
Amazwi okugqibela
Ingeniso ye-Net yokusebenza ngumlinganiselo obalulekileyo wokufumana inzuzo, ngakumbi kwi-real estate yorhwebo. Nangona kunjalo, iyahluka kwingeniso eseleyo kuba ayibandakanyi inzala yetyala, irhafu yengeniso, iindleko zenkunzi, okanye ukuhla kwexabiso. Ngelixa kungekho pesenti ye-NOI ifanelekileyo, abatyali-mali kunye nababolekisi bajonga ngokusondeleyo kwi-NOI kunye namazinga e-cap.
Ixabiso le-cap linceda ukuthelekisa iindleko zokuxhasa ngemali ipropathi ngokuchasene nengeniso yayo yokusebenza. Ukuba i-NOI ingaphezulu kwentlawulo yenzala (umyinge we-inshorensi omkhulu kuno-1), luphawu oluhle ukuba utyalo-mali lunokuba nengeniso.
