What is RICS accreditation and why is it important?
Founded in 1868 in London, it is a leading property body with over 100,000 members. An RICS accredited degree is the first step to entering these professions, and RICS also serves the public’s interest by being the body that regulates the Chartered Surveyor in the UK.
There are a number of reasons why it is important to work with a RICS-accredited commercial property surveyor, as doing so can provide you with huge peace of mind and confidence that you are working with someone who has undergone the best possible training and been awarded the highest possible accreditation.
Applicants to the accreditation scheme are required to have a cognate degree as a minimum entry and usually undergo a minimum of 2 years formalised training to achieve the Assessment of Professional Competence (APC). This is then followed by an extensive final examination.
This means that you can be safe in the knowledge that can expect a working relationship that mirrors the core principles of RICS, and that your surveyor has been recognized by the most trusted and respected professional authority within the property industry.
Regulation by RICS also extends to companies, as well as employees who are professional members. If you want to check this, the company will be able to supply their membership number. Additionally, in 2011 it became mandatory for those doing a ‘Red Book’ valuation to be registered by RICS. This means that they are under more pressure to ensure their work is in line with strict practice statements.
With this in mind, you can have peace of mind that if something were to go wrong, there are procedures in place to allow for an appeal to the independent arbitrator after being recommended to the Complaints Handling Procedure.
To ensure that all client’s money is safe, RICS regulates the Chartered Surveyor Company to make sure that rules pertaining to financing are adhered. They also provide assistance when money is held in escrow, and outline practices that all members should follow for accounting systems, the speed of payments being processed, and reconciling accounts. It is a further option for companies to subscribe to the RICS Money Protection Scheme to provide clients with insurance in case of fraud or other losses.
Being safe in the knowledge that your money is safe and protected is a large benefit from a company being RICS accredited, especially if they subscribe to the RICS Money Protection Scheme and your money is further protected from dangers aforementioned.
Insurance of Work
Authorised by the FSA (Financial Services Authority) to conduct its own regulation of particular insurance activities, RICS is one of the few able to apply stringent rules to the confirmation of instruction and declaring commissions.
In summary then, a RICS accredited chartered surveyor is more than qualified to help you gain a property that will be safe, and will increase the chances of financial security while mitigating losses.
Written by: Steven Jones on Monday 05/10/2015