RICS Releases the Chinese Edition of its First Global Guidance Note on Real Estate Agency and Brokerage Standards

HONG KONG, June 1, 2011 /PRNewswire-Asia/ -- Today, RICS released the Chinese edition of RICS Real Estate Agency and Brokerage Standards, which will serve as a guidance note for industry-related personnel with effect from July 1, 2011. The guidance note would not only be applicable to RICS members of the global real estate industry, but also serve as reference for non-RICS members. For example, Colliers International will be adopting these standards within the Asia-Pacific region.

Following the reformation of China's housing system and the rapid development of the real estate market, the real estate agency and brokerage industry has become a prominent new form of service industry within the country. In recent years, there have been a significant number of legal disputes surrounding real estate brokerage. The main reasons for these disputes relate to the laws and regulations associated with the industry, industry practice, as well as the fact that a limited number of industry participants have extensive management experience in this field.

As a guidance note for real estate agents and brokers across all countries, RICS Real Estate Agency and Brokerage Standards is applicable to commercial, residential and rural estate transactions. These include all aspects of sale, purchase and rental. The aim of the guidance note is to guarantee that real estate agents and brokers are provided with objective suggestions that match internationally recognized standards. When standard provisions conflict with local laws or market practice, the latter will prevail.

Mr Chris Brooke, Chairman, RICS Asia said, "I am very pleased that we have been able to issue the Chinese edition of this guidance note as I believe that the document will be very helpful to those engaged within the agency and brokerage areas of the industry in China. The RICS is very focused upon assisting with the development of professional standards within emerging markets and this initiative represents a further component of this effort. I am hopeful that we will see widespread utilization of the guidance note across the industry in China going forward."

"Colliers has always placed considerable emphasis on high standards of service and ethical behavior.  Adopting a common set of standards developed by an organisation like RICS reinforces our existing training programmes and promotes consistency between our 32 offices in Asia.  The goal certainly is to deliver service excellence to our clients," said Piers Brunner, Chief Executive Officer, Asia, Colliers International.

About Real Estate Agency Code

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/errors or omissions insurance, to ensure 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 selling, buying or rental price or associated cost of occupancy, to the client based on market evidence and using best professional judgment.
12. To ensure that any property viewings are carried out in accordance with the client's wishes, having due regard for the security and personal safety of all parties.

About RICS & RICS Asia

RICS is the world's leading qualification when it comes to professional standards in land, property and construction.

In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.

Over 100 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.

RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.

The RICS Asia supports a network of over 11,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.

The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.

Media enquiry, please contact:

RICS Asia Public Relations Representative
Ms Belinda Chan / Ms Polly Tsang
Tel: +852-2372-0090
Fax: +852-2372-0490
Mobile: +852-9379-3045 / +852-6108-5435
Email: belinda@creativegp.com / polly@creativegp.com