Over the past year, Property Journal has covered an array of topics relating to the work of RICS members – from consumer guidance for property auctions and guidance for valuers operating in the US to fostering sustainability in the hospitality sector and the role that artificial intelligence could play in the surveying profession.
To round off 2024, we've hand-picked a selection of this year's articles focusing on facilities management, dispute resolution, commercial and residential valuation and housing.
Early engagement crucial to inspire next generation
With 25% of the current RICS membership over 60, RICS needs to promote the surveying profession to younger generations and Inspire ambassadors play a fundamental role in this context.
The Inspire programme is a central part of RICS' early engagement strategy. It encourages ambassadors to commit time and energy to engage with schools, colleges and universities.
The programme aims to showcase the surveying profession to the next generation of professionals through workshops and presentations in educational institutions but also insight days at RICS offices and other workplaces.
Khumehra Mohammed MRICS, an Inspire ambassador, wrote an article for Property Journal on the work that she does and how other RICS members can get involved with the programme.
She outlined the practicalities of her ambassadorial work, the application process for the role and details of the training that she received from RICS ahead of presenting in schools.
Career motivated by desire to give back to community
What inspires young people to join the surveying profession? Property Journal published an interview with Joshim Uddin MRICS, 2023's RICS Matrics Valuation Surveyor, in which he reflected on his decision to undertake a career in the valuation sector.
Joshim commented that when growing up, he directly experienced issues relating to affordable housing and limited access to public services and infrastructure.
These factors motivated him to undertake a career in surveying and join RICS, with the aim of creating more inclusive communities that offer equal opportunities for those in need of public support.
In the interview, Joshim outlined his entry into the profession as a graduate surveyor at the Valuation Office Agency and the successful completion of his APC before being recruited by the London Borough of Tower Hamlets, where he has been able to use his knowledge and qualifications to give back to the community in which he was raised.
Property expertise sought as US lab space demand grows
Meanwhile, the US life sciences sector is expected to grow exponentially over the next decade, but small companies in the sector looking for dedicated spaces face high fit-out and lease costs.
Writing for Property Journal, Perry Knight MRICS and Emily Richardson from Turner & Townsend addressed the main challenges faced by US life sciences firms as demand for lab space grows.
They recommended consulting trusted advisers with real-estate and life sciences experience when selecting a building and location for a lab, as well as working with experienced project managers to draft a project execution plan for conversion projects, setting out budgets and deadlines.
The article underlines the fundamental relationship between life science enterprises and real-estate professionals and that investing in expert help at the start of such projects can save time and money in the long run.
Regulatory reviews improve valuation practice
Critical to the profession is that all RICS registered valuers must adhere to the obligations set out in RICS Valuation – Global Standards (Red Book Global Standards) and agree to be reviewed by the Profession Support and Assurance teams.
Charlie Jackson FRICS wrote an article for Property Journal looking at how best to prepare for a regulatory review and deal constructively with any difficult feedback received.
In particular, the article focused on how valuers can use regulatory reviews as an opportunity for professional development, as reviews provide the possibility to enhance a company's credibility and reputation, mitigate risks, instil client confidence, encourage collaboration and ensure compliance with standards and regulations.
The article argued that, by approaching difficult feedback as a learning opportunity and taking proactive measures to address the issues raised, valuers can use such feedback to the benefit of themselves and their business.
Social housing must meet needs of older people
Another important social consideration for the profession is that, despite the fact that the UK has an ageing society, older people have been largely marginal in debates about improving housing supply.
This is partly a result of the stereotypical image of an affluent baby boomer generation who own their homes, even though this is not the universal experience.
Earlier this year, Property Journal commissioned Mark Hammond and Niamh Kavanagh to write an article on their research into age-friendly social housing.
Part of the project involved a pilot initiative with the Southway Housing Trust, establishing a socially rented co-housing community in collaboration with older tenants in south Manchester, which aims to place older people at the centre of making decisions that affect their quality of life.
The authors said that designers and developers need to consider the needs and aspirations of the UK's ageing society as the private market alone will not create inclusive places that support a better quality of life for older people.
Mediation offers cost-effective alternative to litigation
Another way in which property professionals can work in the public benefit is in making conflict resolution easier. Resolving residential leasehold disputes through litigation can be time-consuming and expensive.
By contrast, mediation provides a cost-effective, quicker and informal way to encourage open and constructive dialogue between landlords and tenants.
Antony Parkinson MRICS from JLL wrote an article for Property Journal detailing how the positives of mediation outweigh the negatives for both parties.
For example, while long-term relationships can be irrevocably damaged during a tribunal hearing, mediation often results in a more respectful resolution, helping reduce the risk of future conflicts.
The article notes that RICS' Dispute Resolution Service is collaborating with the Ministry of Justice, the Civil Mediation Council and Chartered Institute of Arbitrators to make alternative dispute resolution – including mediation – compulsory across the wider civil justice system.
PPM surveys play key role in compliance
Finally, with an eye on maintaining value, planned preventative maintenance (PPM) surveys can play a key role in ensuring that properties remain compliant and future-proof.
Mark Ockenden MRICS wrote an article on the importance of PPM surveys and the fundamental role they play in upholding asset value.
As noted, buildings with a comprehensive plan to tackle operational risks and spread service charge rises will be more appealing to buyers, investors and prospective tenants than those without such a plan – and PPM surveys are an important asset in that regard.
The article also emphasised the important role that PPM surveys can play in recommending energy efficiency improvements in the context of Minimum Energy Efficiency Standards and environmental, social and governance considerations.
Publication of Property Journal resumes in the new year, when we will continue our coverage of these and other topics, including the role that property managers take in forming resident communities, the environmental, social and financial benefits of communal amenities, and why small businesses are not represented in property transactions.
Adam Bell is residential property editor of Property Journal
Contact Adam: Email | LinkedIn
Patrick McGauley is commercial property editor of Property Journal
Contact Patrick: Email | LinkedIn