The Royal Institute of Chartered Surveyors (RICS) has announced a comprehensive new set of standards for property professionals: the ‘Property Agency and Management Principles’. This global guideline is set to redefine best practices in property agency and management, applying to RICS members and RICS-regulated firms across residential, commercial, auctioneering, and mixed-use real estate.
These standards, mandatory from 1 January 2025, aim to address the evolving demands of the real estate industry, with a strong focus on transparency, integrity, and customer confidence. A core objective of the new guidelines is to protect consumer interests and bolster the reputation of surveyors, reinforcing trust in the profession.
Guiding Principles: RICS Rules of Conduct
The principles draw from five essential RICS rules of conduct:
- Integrity and Honesty: Members and firms must adhere to high ethical standards, fulfilling professional obligations to RICS.
- Competence and Expertise: Services should be provided by qualified individuals with the required expertise.
- Quality and Diligence: All services must reflect high standards of care and quality.
- Respect and Inclusivity: Members must foster a respectful and inclusive work environment.
- Public Interest and Accountability: Members and firms must act responsibly, prioritising public interest and reinforcing public confidence in the profession.
Developing a Standard of Excellence
The standard was developed by a team led by Kelly Smith, COO of letting and management at Allsop, with RICS senior property specialist Mairéad Carroll serving as lead author. Carroll commented, “This important standard sets clear expectations for RICS professionals when providing property agency and management services. These mandatory standards will enhance customer service and confidence in the essential services surveyors provide worldwide.”
To support members in implementing these new guidelines, RICS will offer webinars and educational resources in the months leading up to the 2025 launch.
Through this proactive approach, RICS aims to ensure that property management professionals are well-equipped to meet rising industry standards, paving the way for greater transparency, professionalism, and trust in real estate services globally.
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