A Study On The Return Strategy Of Real Estate Developers When The Market Falls

The benefits of pre-sale have proven to be applicable to multiple industries.Real estate developers also divided the sales process into two stages of pre-sale and normal sales,and after the pre-sale,there will be many consumers want to return due to a variety of reasons.But at present,because of the control of the property market,housing prices have gradually entered the decline channel,in this market environment,what kind of return decision will be made by the real estate developers?This paper constructs a two-stage model consisting of pre-sale phase and normal sales phase.When the market falls and when the market is in different supply-demand relationship,considering the effect of capital utility at the pre-sale stage,return ratio and refund ratio,this paper probes into the decision-making of the real estate developer on the return strategy.Through comparative analysis,the optimal return decision is obtained in different situations,and finally,numerical analysis is carried out.It is found that:(1)There is a positive correlation between the capital utility and the total utility of the real estate developers in the pre-sale stage,and the higher utility of the pre-sale funds is,the higher total utility of the real estate developers is;(2)There is a negative correlation between the refund rate and the total utility of the real estate developer.The lower retund rate is,the higher total utility of the real estate developer is;(3)When the market falls,the supply exceeds the demand and the return ratio is within a certain range,when the capital utility is relatively low and the return rate is also lower,and when the capital utility is higher and regardless of the refund rate,the partial return strategy is the best;(4)When the market falls and the supply is less than the demand,there are two kinds of situations:one is that the return ratio is low,both the capital utility and the refund rate do not affect the decision-making,and the partial return strategy is always the best;The second is that the return ratio is relatively high,which makes the market turn to supply more than demand at the normal stage,and when the capital utility is relatively low with the return rate is also lower,and when the capital utility is higher,regardless of the refund rate,the total income is greater than the loss caused by the return,and the partial return strategy is optimal at this time.