RICS launches new edition of their essential guide to mastering Make Good in the Australian market

Launch of the RICS Make Good Guide – 26 October 2023

The Royal Institution of Chartered Surveyors (RICS), is proud to announce the release of its newly updated "Make Good Guide”, a comprehensive resource designed to demystify the world of property leasing in Australia.

The guide, updated from the last edition in 2017, sheds light on the "Make Good" process, helping property professionals, landlords, and tenants navigate the complexities of lease-end obligations with confidence.

Make Good, defined as the contractual requirement for tenants to return leased premises to a specific condition at the conclusion of their lease, often remains shrouded in mystery despite thousands of commercial, office, and industrial leases ending each year. RICS's updated guide aims to rectify this knowledge gap, empowering individuals in the Australian property industry to better understand best practices, avoid costly mistakes, and prevent legal disputes.

Key Highlights of the RICS Make Good Guide include:

Understanding the Lease Commencement Condition: Learn the importance of assessing premises' condition at the start of a lease and creating a schedule of condition, a critical step in minimizing risks and disputes.

Effective Communication: Discover the significance of early dialogue between parties before the lease expires, ensuring a smoother transition and adherence to contractual obligations.

Role of Surveyors: Gain insights into the various roles that surveyors, including building surveyors and building consultants, play in the Make Good process, ensuring compliance with contractual terms.

Cost Management: Learn how to prepare accurate costings, establish a costing schedule, and make a claim effectively, preventing unexpected financial burdens.

Legal Precedents and State Laws: Stay informed about key legal precedents and current state laws that apply to Make Good, reducing the risk of legal action.

Environmental Considerations: Discover strategies to minimize waste at the end of a lease, including environmentally responsible practices like "greening make good."

The RICS Make Good Guide addresses every stage of the Make Good process, offering guidance on taking instructions, clarifying terms of engagement, creating schedules of Make Good, quantifying claims, and advising on the preferred timetable for notices and ongoing communication.

John Goddard, Chair of RICS's Make Good Guide Committee, commented, "Make Good is one of the most misunderstood processes in the Australian property industry and it is potentially one of commercial property's costliest issues for an uninformed or unprepared landlord or tenant."

RICS is committed to providing expert guidance to empower property professionals by giving them the knowledge they need to confidently navigate the world of Make Good.

-ENDS-

About RICS

We are RICS. Everything we do is designed to effect positive change in the built and natural environments. Through our respected global standards, leading professional progression and our trusted data and insight, we promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.

Our work with others provides a foundation for confident markets, pioneers better places to live and work and is a force for positive social impact.

For more information:

press@rics.org