As part of our commitment to service excellence, Cushman & Wakefield (Russia) has resolved to adopt the RICS Real Estate and Agency Brokerage Standards (REABS) as best practice for all our brokerage departments in Russia.
The RICS Real Estate Agency and Brokerage Standards provide best practice guidance for real estate agents and brokers internationally. Their purpose is to ensure that clients receive objective advice, delivered in a professional manner that is consistent with internationally recognized standards. The standards set a framework for best practice in the execution and delivery of real estate agency services, subject to local legislative requirements and local market specifics.
The Real Estate Agency Code comprises high level principles. Together the principles outline a culture of fairness and transparency which should underpin all activities undertaken by real estate agents within whichever country they practice. The Code allows real estate agents flexibility in how they achieve the required outcomes. There is no intention to impose a prescriptive set of rules. Agents may work differently with different clients, and different agents are likely to work in different ways. Agents, and companies providing agency services, must approach all their activities in accordance with the overarching principles.
Cushman & Wakefield (Russia) brokerage staff will observe all 12 core principles in accordance with the RICS Real Estate Agency Code below:
- 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.