WASHINGTON (March 13, 2013) — RICS has launched its Real Estate Management Guidance today at the MIPIM 2013 conference, an event for professionals from all international property sectors, in Cannes, France. The landmark publication provides best practice in ethics and professionalism for residential and commercial real estate managers worldwide.

The guidance sets a framework for best practice in the execution and delivery of real estate management services, and will help to raise standards across international markets. In addition the guidance supports professionals in meeting local legislative requirements and ethical codes in all world regions.

The publication ensures that clients and consumers receive objective advice, delivered in a professional manner, which is consistent with internationally recognized standards. Clients and consumers can be reassured that when using an RICS qualified real estate manager, they are receiving an honest, fair and transparent professional service.

The guidance has been produced in consultation with professionals across the world. It features 12 core principles that together form the Real Estate Management Code. These core principles establish a culture of fairness and transparency, which should underpin all activities undertaken by real estate managers, in whichever country they practice.

Ken Creighton, RICS Director of Professional Standards, commented:

“I am delighted to introduce the RICS Real Estate Management Guidance, the latest in a suite of best practice global real estate guidance.

We believe that setting out clear best practice for the real estate management sector will provide leadership and clarity for professionals around the world, and increased confidence to clients, in keeping with our remit to serve the public interest.”

RICS Real Estate Management Guidance has received industry endorsement.

Paul Harding, International Director, DTZ Asset Management, said:

“RICS is taking a positive step forward by creating a single set of principles to act as a foundation for each national markets diverse legal and commercial structure. The principles based advice sets the standards as we grow towards a global market place”

About RICS

RICS is the world’s leading name when it comes to advancing and regulating global professional standards in land, property and construction.

Attaining RICS status is the recognized mark of property professionalism, especially in a world where people, governments, banks and commercial organizations desire greater certainty of professional standards and ethics.

To date, RICS has over 180,000 members in 146 countries, including the U.S., Canada and the Caribbean. Members rank from students interested in real estate careers to senior level professionals, who have established themselves as preeminent figures throughout the many disciplines within the industry.

Headquartered in London, RICS is committed to setting and upholding the highest standards of excellence and integrity by providing impartial, authoritative advice on key issues affecting businesses and society. RICS regulates both its individual members and firms, allowing it to provide unparalleled client confidence in the sector.

Chad Clinton, Communications Manager, Americas RICS, told iNews Cayman:

The purpose of this guidance is to ensure that clients receive objective advice, delivered in a professional manner that is consistent with internationally recognized standards.

The guidance set a framework for best practice in the execution and delivery of real estate management services, subject to local legislative requirements and local market specifics. The guidance will help to meet relevant laws and ethical codes in all world regions.

The Real Estate Management (REM) guidance contains 12 core principles called the Real Estate Management Code. Together, the principles outline a culture of fairness and transparency, which should underpin all activities undertaken by real estate managers, within whichever country they practice. Managers adopting the code undertake an understanding:

1.         To conduct business in an honest, fair, transparent and professional manner.

2.         To carry out work with due skill, care and diligence, and ensure that staff employed have the necessary skills to carry out their tasks.

3.         To ensure that clients are provided with terms of engagement which are fair and clear, incorporate details of complaints handling procedures and, where existing, an appropriate redress scheme, and meet all other legal requirements and relevant codes of practice.

4.         To do the utmost to avoid conflicts of interest and, where they do arise, to deal with them openly, fairly and promptly.

5.         Not to discriminate unfairly in any dealings.

6.         To ensure that all communications are fair, clear, timely and transparent in all dealings with clients.

7.         To ensure that all advertising and marketing material is honest, decent and truthful.

8.         To ensure that any client money is held separately from other monies, and is covered by adequate insurance.

9.         To have appropriate professional indemnity or errors or omissions insurance, to ensure that customers do not suffer loss as a result of any negligent act.

10.       To ensure that it is made clear, to all parties for whom you are acting, the scope of  your obligations to each party.

11.       Where provided as part of the service, to give a realistic assessment of the likely financial outcome of any issues, using best professional judgment.

12.       To ensure that all meetings and inspections are carried out in accordance with the client’s wishes, having due regard for the security and personal safety of all parties.