The Royal Institution of Chartered Surveyors (RICS) has unveiled a comprehensive global standard.
- The new standard is called ‘Property Agency and Management Principles’ and incorporates various real estate sectors.
- This standard is mandatory for RICS members, focusing on transparency and consumer protection.
- Authored by industry experts, it sets expectations for property agency and management services.
- The standards aim to boost confidence in surveyors globally and will be effective from January 2025.
The Royal Institution of Chartered Surveyors (RICS) has inaugurated a significant global standard known as ‘Property Agency and Management Principles.’ This initiative comes as a response to the evolving responsibilities of RICS members and RICS-regulated firms. Encompassing residential, commercial auctioneering, property agency, and mixed-use real estate, the standard is designed to serve as a mandatory framework for all RICS members, enforcing stringent requirements for transparency and openness in client interactions.
Central to the ‘Property Agency and Management Principles’ is the emphasis on transparency in business dealings, aiming to protect consumers and bolster the public’s confidence in the property industry. By holding RICS professionals accountable to these standards, the initiative seeks to enhance the credibility and reliability of surveyors worldwide. The standards were meticulously developed under the leadership of Kelly Smith, the chief operating officer for letting and management at Allsop, with significant contributions from Mairéad Carroll, a senior property specialist at RICS.
These mandatory standards are poised to elevate customer service and assurance in the pivotal services provided by surveyors globally. Mairéad Carroll commented on the importance of the new standards, stating, “This important standard sets clear expectations for RICS professionals when providing property agency and management services.” Her remarks underscore the transformative impact these principles are expected to have on the industry.
To facilitate the transition to these new standards, RICS has planned webinars for its members in the coming months, ensuring a smooth adoption process and widespread understanding of the requirements. Scheduled to become effective from the 1st of January 2025, these standards are a forward-thinking move to standardise practices and improve service delivery in the property sector.
These new standards signify a pivotal shift towards enhanced transparency and consumer confidence in the property sector worldwide.
