RICS launches consultation on the Property Agency and Management Principles 1st edition

RICS is inviting feedback on the newly developed Property Agency and Management Principles in response to the results of the global property agency and management survey last year.

The consultation is being launched in response to survey findings, which called for a consolidation of the existing suite of standards into succinct guidance, covering property agency and management. This includes both global principles for members to follow as well as practical principles for those based in the UK.

Currently, RICS has multiple guidance documents advising members and firms on agency and management in both commercial and residential property. As part of improving and streamlining core standards, RICS is developing a simple, user-friendly, and concise set of principles to support members in this area, aligned with RICS Rules of Conduct.  The newly developed principles intend to replace the current Real Estate Agency and Brokerage Professional Standard (3rd edition) 2016, creating a more succinct set of requirements that share best practice in working with clients and managing business and staff.

This standard will apply to all RICS members and regulated member firms working in the following parts of the agency and management sector:

• Auctioneering – commercial, residential and mixed-use
• Commercial agency – sales and leasing 
• Commercial management
• Residential – sales and leasing 
• Residential – management
• Mixed use – sales and leasing 
• Mixed use – management

We encourage members and firms to share their feedback. Further information and a link to the consultation is available here: Property agency and management, 1st edition (rics.org). The RICS standards team is also on hand to provide support to members and firms on standards@rics.org.