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Graham and Sibbald Advise Selecting a RICS-Accredited Member When Selling Up

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Graham and Sibbald Advise Selecting a RICS-Accredited Member When Selling Up

Graham and Sibbald Advise Selecting a RICS-Accredited Member When Selling Up
March 19
11:41 2018

The wider market may not yet be aware of this but on 1st November 2016 the Royal Institute of Chartered Surveyors (RICS) launched the UK Commercial Real Estate Agency Professional Statement.

Setting out the requirements to which a RICS member must adhere when undertaking commercial estate agency instructions, the statement obliges members to follow the guidance to the letter or face consequences of negligence, thereby providing clients with additional levels of protection and recourse. 

Pete Seymour looks at the regulations and examines what’s in it for operators…

First and foremost, the agent must ensure that all work is carried out with due skill, care and diligence, and that staff have the necessary skills to carry out their tasks. Clients should be confident that RICS-accredited firms employ skilled staff who will react promptly, accurately and ensure that responses are dealt with in a timely manner. Moreover, potential purchasers should not be left waiting for information or answers to any questions they may have.

While clients may not always like to hear where the market is in terms of price, members must always act with integrity and provide an honest and realistic assessment of the likely selling or rental price. This approach ensures that clients understand market conditions and do not enter into an agreement with a false hope of what their business may be worth. However, disagreements between client and advisor about this value are still possible, and RICS agents are, within reason, still permitted to take instructions to sell at any price set by the client.

Choosing a RICS-accredited chartered surveying firm ensures your property purchase won’t come back to haunt you…

All RICS-accredited firms must have in place adequate professional indemnity insurance that complies with the RICS rules of conduct. This should provide clients with comfort that in the worst case, where negligence or wrongdoing can be proven, their agents are in a position to provide financial compensation for any act that may diminish their position.

All terms and conditions must be fair and reasonable while complying with current legislation, including a robust complaint handling process. All terms of engagement should be agreed in writing and clients should be given the chance to negotiate all terms. Details of all costs and expenses must be provided in advance, allowing clients time to consider them before they are liable for any costs.

What this all means in real terms is that an accredited agent will act always in their clients’ best interests and offer the highest level of service in a way in which fosters trust. This is especially important when your agent can affect the value of your business and asset.

Pete Seymour is Head of Licensed Trade and Leisure Agency at Graham & Sibbald, whose team of specialist chartered surveyors are currently working on a market analysis of the Scottish licensed trade market, to be released this April.  Keep an eye out here at CateringScotland.com or email licensed@g-s.co.uk to receive your copy.

www.g-s.co.uk

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Catering Scotland

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