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Colliers International Russia endorses RICS Real Estate Agency & Brokerage Standards

Colliers International Russia has officially endorsed a set of best practices for the commercial real estate market – the Real Estate Agency & Brokerage Standards (REABS) developed by the Royal Institution of Chartered Surveyors (RICS) and which are  the rules and norms that real estate specialists adhere to globally.
First proposed in late 2011, REABS aims to ensure that clients receive objective advice, delivered in a professional manner that is consistent with internationally recognized standards. In Russia there is an international code adopted by RICS, subject to specific local legislative requirements and local market specifics. 


Colliers International is among the first of those international companies on the Russian commercial real estate market to express its commitment to RICS REABS. Over the years the firm’s Russian office has established a strong connection with RICS and its professional team now includes 12 specialists who are Members (MRICS) and one Fellow (FRICS) – Robert Mayhew, Executive Director of Valuation and Consulting who is Interim Chair of RICS Europe and currently a Global Vice-President of RICS. 


Nikolay Kazanskiy, Managing Partner, Colliers International Russia commented: «Our endorsement of this international code is another step toward improving our relationship and building trust with clients and key players in the commercial real estate market as investors, developers and tenants. By expressing our commitment to these principles, we are guaranteeing that our clients are served by specialists of the highest caliber, in terms of both their professional competency in the local market and their adherence to international best practice, across all segments of the market». 


Robert Mayhew, Interim Chair of RICS Europe and currently a Global Vice-President of RICS:«RICS REABS are a rather strict and comprehensive set of standards which have been broadly adopted in Europe and now also are being endorsed in Russia by international consulting firms. We are very pleased that such a market leader as Colliers International has come forward and endorsed our initiative to introduce these standards to the Russian market».


12 core principles in accordance with the RICS Real Estate Agency Code are as follows:
 
To conduct business in an honest, fair, transparent and professional manner;
To carry out work with due skill, care and diligence, and ensure that staff employed have the necessary skills to undertake their tasks;
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;
To do the utmost to avoid conflicts of interest and, where they do arise, to deal with them openly, fairly and promptly;
Not to discriminate unfairly in any dealings;
To ensure that all communications are fair, clear, timely and transparent in all dealings with clients;
To ensure that all advertising and marketing material is honest, decent and truthful;
To ensure that any client money is held separately from other monies, and is covered by adequate insurance;
To have appropriate professional indemnity / errors or omissions insurance, to ensure customers do not suffer loss as a result of any negligent act;
To ensure that it is made clear to all parties for whom you are acting, the scope of your obligations to each party;
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, and
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.