What does RICS Regulated Mean and Why is it Important?

247 Property Auctions is a RICS (Royal Institution of Chartered Surveyors) regulated firm of auctioneers. It is not illegal to operate in the UK as a property auctioneer without this regulation, so why is it so important to us? Firstly, it is important to understand that there are laws which govern property transactions and these laws still exist without RICS regulation. However, being RICS regulated gives our customers additional assurances.

As a RICS regulated firm, we are required to adhere to a code of conduct and maintain continuous professional development activities to ensure that our skills, knowledge and competence are up to date. This includes staying up to date with current regulations. 

Another benefit for our customers is that RICS regulated auctioneers follow RICS standards and guidelines in respect of property valuation. Our experience in the field and knowledge of the market and areas are solidly backed up by this, meaning that valuations and reserve guidelines are realistic and likely to attract interest.

Being RICS regulated also allows us access to RICS resources and guidance, and a network of professionals. This means that we are aware of industry trends, current best practices and latest developments.

Being a firm regulated by RICS is just one of the ways in which 247 Property Auctions continue to meet our commitment to operating honestly and with integrity in all matters.