Industry body the Royal Institution of Chartered Surveyors (RICS) has launched a new set of international standards for the real estate industry at Munich’s Expo Real conference which promise to establish common standards of transparency.

The new Global Real Estate Agency and Brokerage Standards (REABS) are the first ever to provide an overarching international framework for all RICS-registered real estate agents and property brokers worldwide.

Covering residential, rural and commercial transactions, the new guidelines stipulate that clients receive objective advice from RICS brokers or agents. The standards also incorporate requirements for professional integrity, competence, customer service and client protection.

RICS says the new guidelines meet the needs and protect the interests of the increasing number of firms conducting cross-border real estate transactions.
The organisation also claims the new standards allow sufficient flexibility in adapting to local legal provisions and market requirements, further helping to minimise its members business risks.