Hot Topic Highlight – New RICS Property Agency and Management Principles
Jennifer Lemen BSc (Hons) FRICS
Co-Founder of Property Elite and Projekt (RICS Regulated Firm), Author of 'How to Become a Chartered Surveyor' and 'APC Essentials - Mandatory Competencies', owner of The Dog House, Mere and PDQ Property Elite Race Team.
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What is this blog about?
In this week’s blog post, we look at the new RICS Global Professional Standard Property Agency and Management Principles, 1st Edition.
This becomes effective from 1 January 2025. This sets both new mandatory (‘must’) and best practice (‘should’) requirements and expectations for RICS members and firms.
You can download a full copy here.
This week's podcast and YouTube videos were narrated expertly by one of our fantastic consultants, Denish Patel MBA FRICS, Head of Property at London Borough of Brent. Find out more about Denish here!
Why has new guidance been published?
RICS are condensing five separate pieces of guidance into just three:
These fall within the wider RICS regulatory and guidance framework (including the Rules of Conduct), as detailed below:
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RICS also links in existing guidance relating to Ethics, Rules of Conduct and Professionalism, which you can find and download via the RICS website. For example, the Professional Standard relating to Conflicts of Interest.
The new Professional Standard, Property Agency and Management Principles, is the first of the three new pieces of RICS guidance, providing high-level principles for both residential, commercial and mixed-use property management and agency.
The other two Professional Standards are agency and management-specific and have not yet been published.
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Who does the new guidance apply to?
?The new Professional Standard applies to commercial and residential agents, brokers and property managers. This includes both members and firms.
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This covers instructions such as:
There is a helpful glossary of terms on pages 5-7.
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How does the Professional Standard apply globally?
RICS confirm that jurisdiction and legal frameworks will differ across the globe. Legal obligations come first, and if this requires a departure from the Professional Standard then the member or firm must record this in writing.
Where the departure leads to a material impact on the client advice provided, this must also be confirmed in writing and also communicated to the client.
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What are some of the key principles of the Professional Standard?
You can read these in full in section 2 of the new Professional Standard. However, they are split into two key categories;
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What principles apply to working with clients?
Here are five of the key principles applying to members and firms:
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What principles apply to the management of businesses and staff?
Here are five of the key principles applying to members and firms:
?Many of these issues are already covered in existing, far more comprehensive RICS guidance. However, this Professional Standard provides an overview of how to apply them within property management and agency work.
We hope that the specific Professional Standards on both areas of work provide detailed guidance on these issues, as well as the specific processes and issues faced by members and firms.
How can we help?
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Stay tuned for our next blog post to help build a better you.
N.b. Nothing in this article constitutes legal, professional or financial advice.