RICS to Examine Fees Charged by UK Property Agents

World’s leading source of land and property is going to launch an outstanding examination of transparency of professional fees in the real estate sector. After the press and sector professionals raised issues concerning the transparency of fees charged by agents, The Royal Institution of Chartered Surveyors said that the consultation was needed. The process to be launched by RICS will examine the fees paid to agents in the residential, commercial, and letting sectors. The examination will include the declaration of commissions and insurance renumeration, letting renewals commissions, service charges, home information packs (HIPs) commissions and energy performance certificates commissions, as well as valuation fees and arrangement fees. The examination will be conducted by RICS Transparency Working Group, which was set up last year. It is hoped that the examination will allow to establish a foundation, from which consumers and industry professionals will benefit. RICS president and the chairman of the Transparency Working Group (TWG) said that the issue of launching a check of professional fees’ transparency is highly urgent as the question has been raised in many sectors. He really hopes that the industry will respond. He urged as many individuals and organizations to respond to inform RICS to enable it to collect as much evidence as possible. The Transparency Working Group also intends to hold public meetings with stake holders in order to examine their evidence. RICS consultation does not mean that the Office of Fair Trading will halt its probe into estate agency industry.