RICS introduces new global standard for ethics and best practice

The Royal Institution of Chartered Surveyors is introducing a new global standard for ethical and professional best practice in response to what it sees as the changing nature of real estate. The Property Agency and Management Principles, published today, will come into effect on 1 January 2025. The principles will update the previous guidelines published in 2016 and are intended to be clearer and more concise, running to 17 pages rather than the previous 25. The principles are separated across two distinct parts of the real estate process. First, when working with clients, RICS expects members not to be dishonest, deceitful or manipulative and to promote accuracy and transparency in communication. Second, in the management of business and staff, RICS expects members to operate effectively and ethically and to have a sustainability policy as well as cyber security in place to protect data. Members must also have robust complaints procedures in place. The standard was developed by a group chaired by Kelly Smith, chief operating officer, letting and management, at Allsop. Authorship was led by RICS senior specialist for property Mairéad Carroll. Carroll 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.” The principles will apply to all RICS members and RICS-regulated companies, and cover residential and commercial auctioneering, property agency and management, and mixed-use real estate. The organisation will be offering greater detail through a series of webinars prior to the standards coming into effect in the new year.