An updated code of practice concerning commercial property developments has been launched by the Royal Institution of Chartered Surveyors (RICS).
This marks the second edition of the code, entitled ‘Services Charges in Commercial Property’, which is “intended to remove service charges as an area of conflict,” RICS.org confirmed.
Reports have suggested that the updated code will help encourage clearer communication and “transparency” within the buyer-occupier relationship. A spokesperson for RICS, Paul Bagust, confirmed this on UK Business Property.
He stated: “This new code builds on the first edition by prompting better communication, timely action and transparency, which will be of great benefit to both parties.”
Furthermore, RICS’ updated code should encourage occupiers to demonstrate a pro-active approach when it comes to keeping investors and property owners up-to-date with any developments regarding the property.
If utilised in partnership with property management software – which can also provide transparency through its innovative tracking and reporting functions – the new codes could be of significant benefit to both occupiers and investors.
Chris Edwards, a colleague of Paul Bagust, also spoke out regarding the change to the code on RICS.org.
He said it would build on the “greater degree of professionalism” afforded by the code’s first edition; and that its “new elements, such as the two example lease clauses included” will help reinforce best practice standards for property professionals.
Written by Deborah Bates on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.