Key Documentation Flashcards
What RICS documentation is important to consider when providing strategic advice to your client?
The 2022 RICS Practice Information, ‘Strategic Public Sector Property Asset Management’
RICS Professional Standard (2022) Sustainability & ESG in Commercial Property Valuation and Strategic Advice
Talk me through the RICS Strategic Public Sector Property Asset Management document?
It is practice information and sets out best practice, but it is not mandatory for RICS members and firms to follow.
Aimed at those involved with strategic property asset management in the public sector.
It provides insights into aligning property assets with organisational objectives, emphasising the importance of data in decision-making processes.
Examples of info included within the document:
-Sets out what asset management is and why it’s important
-Highlights importance of responding to drivers for change such as sustainability and technological advances like AI in asset management plans
-Guidance on developing an asset management plan
Talk me through your understanding of IBOS.
Reissued as practice information in 2023.
Designed to assist organisations in measuring and managing building performance across five key pillars: Compliance, Economics, Functionality, Sustainability & Performance.
Provides a framework to evaluate building performance and benchmarking of data. Emphasises importance of user experience and collating data on this.
Also an RICS IBOS self assessment tool for organisations to assess property performance and quality of data
What do you know about RICS Professional Standard Sustainability & ESG in Commercial Property Valuation and Strategic Advice?
Reissued as professional standard in 2023.
Structured framework for incorporating ESG factors into commercial property valuations and strategic advice.
Role of the valuer- must understand how ESG may affect value, particularly for secured lending and financial reporting.
Instructions/Terms of Engagement- valuers should make client’s aware of sustainability & ESG issues relevant to the valuation purpose, basis and market. Specific requirements should be agreed
Strategic advice- valuers should ensure they are competent to give strategic advice beyond the valuation e.g. scenario testing, advice beyond valuation risks such as statutory responsibilities.
What is the Government Property Strategy?
Available on Gov.UK website, provides strategy for 2022-2030. Provides a holistic approach to managing the public estate, balancing financial efficiency with social and environmental responsibilities.
Three core missions:
1.Transform Places and Services e.g. Places for Growth
2.Smaller, Better, Greener Estate e.g. disposals, government hubs by sharing property
3.Professional Excellence and Development e.g. accreditation targets; new digital property asset register
What other documentation is relevant to your practice area?
UK Government State of the Estate Report
Government Property Strategy 2022-2030
Government Functional Standard 004 (Property)
Government Property Data Standard
DWP Estates Strategy 2021-2025
