RICS releases new guidelines on property agency and management principles
The Royal Institute of Chartered Surveyors (RICS) has published a new set of global standards for its members, entitled ‘Property Agency and Management Principles’.
This standard, which looks to reflect the changing nature of real estate and the work carried out by RICS members and RICS-regulated firms, covers residential and commercial auctioneering, property agency and management, and mixed-use real estate.
The guidelines will become a mandatory requirement for RICS members and RICS-regulated firms.
Much of the new standard is focused on requirements for openness and transparency between businesses and clients. The objective of the standard is to protect consumers and enhance the reputation of the industry and the public’s confidence in surveyors.
The requirements stem from RICS’ five key rules of conduct for its members:
- Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
- Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
- Members and firms must provide good-quality and diligent service.
- Members and firms must treat others with respect and encourage diversity and inclusion.
- Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
The standard was developed by an group of professionals chaired by Kelly Smith, chief operating officer of letting and management at Allsop, with the document’s authorship led by RICS senior specialist for property, Mairéad Carroll.
The standard will become effective from 1 January 2025, and RICS is organising webinars for members over the coming months.
Mairéad Carroll, RICS specialist, property, said: “This important standard sets clear expectations for RICS professionals when providing property agency and management services. These mandatory standards apply to RICS members globally and will assist and enhance customer service and confidence in the many crucial services that surveyors provide worldwide.”