Real Estate Standards

This 7th edition includes the following revisions and features: now a professional statement not a guidance note, Common Auction Conditions has been incorporated at the end of the professional statement and revised guidance on guide prices following recent decisions from the Advertising Standards Authority.

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This RICS professional standard is the result of pan-industry discussion between representatives of landlords, tenants and other trade bodies.

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The bases of measurement contained with the Code of Measuring Practice, 6th edition applies to all building classes except offices and residential buildings.

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This guidance note details best practice in the management of commercial property, with particular emphasis on how the person(s) in control of a building should manage, communicate and control income and expenditure.

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This professional statement provides RICS members and RICS regulated firms with mandatory requirements when acting on the open market sale or acquisition of a commercial investment real estate opportunity in the UK in order to avoid conflicts of interest prejudicial to their clients’ best interests.

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This guidance note sets out practical guidance around the health and safety management of most types and configurations of residential properties.

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The International Building Operation Standard (IBOS) is a data-based approach that supports the measurement and management of buildings for strategic decision-making. As the way we live evolves, there is a need for a people-centric approach to how spaces are managed.

Developed alongside the market, IBOS reaches beyond traditional ways of assessing building performance to add another dimension – user experience - and provides a consistent way to benchmark across a number of properties.

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The International Property Measurement Standards (IPMS) are developed by a group of more than 80 professional and not-for-profit organisations, working together to implement international standards for measuring property.

IPMS for industrial, office, residential and retail buildings have been drafted by the independent Standards Setting Committee and establishes a consistent methodology for measuring buildings around the world.

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This Professional Standard is an update to an RICS Information Paper published in 2012, responding to a House of Commons Science and Technology Committee published report - Japanese knotweed and the built environment and a Department of Environment, Food and Rural Affairs (Defra) investigation into Japanese Knotweed - questioning the current approach to the assessment of risk, and by extension, impact on value, of Japanese Knotweed on the built environment.

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This professional standard provides guidance on the various factors that need to be considered throughout a procurement process, including activities and key decisions during planning, procurement and post-procurement.

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Property agency and management are not always easy to define and different terms are used in the various regions and with individual firms.

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This professional statement applies to all RICS members involved with the sale, letting, leasing and management of real estate, whatever the form of tenure by which it is held or occupied.

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This professional statement applies to the management of both commercial and residential real estate.

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RICS’ first residential retrofit standard has been created in response to growing demand for retrofit services in the UK. It ensures that consumers carrying out retrofit upgrades to a residential property receive advice from skilled, regulated professionals, and protects the public interest by upholding high standards in a growing market.

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Professionals working within the natural and built environment have a responsibility to the planet, to support and generate social value in their communities, and to be transparent in the way they deliver their services and report their performance.

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The guidance provides an understanding of the application of this professional statement and technical definitions. It also incorporates aspects of the IPMS suite of guidance.

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This professional standard sets a marker for the standards of management required in commercial property and provides mandatory obligations that RICS members and regulated firms engaged in this area must comply with.

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This Code, now in its third edition, has been approved by the Secretary of State and is effective from 1 June 2016. It applies only to residential leasehold properties in England but practitioners operating in other parts of the UK are encouraged to follow the best practice guidelines contained in the Code.

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An RICS and IFMA collaboration to improve consistency and transparency in property information.

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This RICS document is aimed at those engaged in strategic property asset management activities in the public sector, globally. It considers the changing nature of the role and expectation real estate plays, and indicates how an organisation should use data to support organisational objectives and inform the strategic management of assets.

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The term ‘technical due diligence’ (TDD) is generally adopted by the industry. Building survey, building condition inspection, pre-acquisition survey or vendor survey are also often utilised. The term ‘structural survey’ should not be used. This standard should be considered adaptable for all types of commercial and industrial property, including hotels, retail, healthcare, education, residential apartment blocks, etc.

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Health and well-being are becoming a key considerations in built environment design and management for every property professional and discipline. This paper is intended as an overview document and ‘one stop shop’ of guidance and key considerations, rather than detailed recommendations and actions for each discipline.

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With the increased focus on the need for ethical practice and transparency in the commercial property market, this professional statement sets out clearly the responsibilities of commercial property agents to ensure they are working to the highest ethical and professional standards.

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With the increased focus on the need for ethical practice and transparency in the residential property market this RICS professional statement sets out clearly the responsibilities of residential property agents to ensure they are working to the highest ethical and professional standards.

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