The Royal Institute of Chartered Surveyors (RICS) is introducing new standards for professionals and companies involved in property, land and construction within the commercial property market.
According to a July 2017 Propertywire.com article, the new rules are aimed at abolishing the practice of dual agency, also known as ‘double dipping’. This will prevent an agent having contractual obligations with several buyers at the same time. If an agent advises a buyer about planning, valuation or surveying, this means they should not also be acting for the seller or other interested parties.
The new rules will come into force in January 2018, but several property firms are already supporting the changes and have stopped dual agency practices
The Chairman of property firm CBRE said:
“As a member of the RICS working group, I am pleased to endorse these new rules and guidance which are an important step forward for the property industry in inspiring trust amongst clients and the public in the way we do business.”
The RICS has said that introducing new standards is part of its commitment to providing world class standards for all professionals involved in land, property, construction and infrastructure.
Britain is an attractive global commercial property market, with many property investors favouring these isles over other countries. There are many commercial mortgage brokers who arrange mortgages from a number of first class finance organisations. The new standards of the RICS emphasise that the vast majority of companies involved in the development and financing of the UK commercial property market are committed to ethical and transparent practices.