British appraisers offer Russian real estate agents to work on the basis of 12 principles of professional ethics. January 30, 2014 in Moscow, the British Royal Institute of Certified Appraisers (RICS) for Russian realtors, brokers and consultants in the field of real estate held a presentation of the International Standards for the quality of brokerage services (REABS). REABS standards are a set of rules and regulations that guide real estate professionals in Europe. The standards were developed at RICS, "they form the basis for the provision of high-quality agency and brokerage services, taking into account the specifics of local legislation and the market." “In Russia, where there is a stereotype of dishonesty of realtors, the adoption of international standards, according to experts, will give a new impetus to the development of the market and will create a basis for trust in communications between all parties to the transaction,” British experts say. Now REABS principles are applied by 110 European companies. In Russia, seven major players joined these standards last year: ILM, Jones Lang LaSalle, GVA Sawyer, Cushman & Wakefield, Colliers International, Knight Frank and IntermarkSavills.

On October 14-15, the 7th annual Russia GRI 2013 Summit was held at Swissotel Red Hills in Moscow. By tradition, there were no official reports or presentations at the summit. Discussions were held in an informal setting in small groups, where each participant was able to take an active part in the discussion. The summit was attended by top investors, developers and commercial real estate market leaders. This year, during the event, issues of public and private partnership in Russia, strategies for raising capital and lending new projects, the current situation and prospects for the office, retail, warehouse and residential real estate market and other relevant issues were discussed. Participants shared their experiences and offered their recipes for success. ILM took an active part in the event. Dmitry Myslin, Managing Partner of the company, acted as co-chair of the discussion "Office real estate - stability and potential." The discussion was attended by leading developers of the commercial real estate market in Moscow, including the 1st Deputy General Director of ALCON Development for Investments - Artem Panin, General Director of KR Properties - Sergey Matyukhin, General Director of Forum Properties Group - Andrei Barinsky and other major developers.  Participants in the discussion noted the general recovery of the market, which began with the beginning of October, 2013, which is associated with a non-occurring sharp rise in the dollar, expected in early autumn. Experts noted the high growth potential of objects with good transport accessibility, however, market participants understand that developer profitability will not increase sharply. The experts also identified two main factors for the growth of developer profitability - a reduction in the cost of acquiring construction sites and a decrease in interest rates when financing projects. ILM Press Center  

ILM has officially adopted the quality standards of brokerage services REABS (Real Estate Agency and Brokerage Standards), developed by the Royal Institute of Certified Real Estate Experts RICS. REABS standards are a set of rules and regulations at the international level that should be followed by consulting and brokerage companies that provide real estate services worldwide. They regulate the professional activities of brokers and real estate agents. Compliance with REABS standards contributes to the provision of the highest level of professional services in accordance with strict moral and ethical principles. Russian standards REABS are developed taking into account local legislation and the specifics of the local market. As the Managing Partner of ILM, a member of the RICS Council, SIOR, Andrey Lukashev, said: "In our professional activities, we strive to demonstrate the exceptional quality of services and a high level of expertise and distribute the best examples and practices to all areas of our customer relationships. We believe that acceptance REABS standards are an important stage in the development of our company. REABS standards are well-thought out, competent rules of conduct for commercial real estate clients based on values ​​that closely relate to our company, including: honesty, openness, transparency. Guiding by REABS rules will only increase the personal responsibility of each consultant in daily interaction with clients and allow us to better defend their interests and minimize risks in controversial moments. For clients this will be a kind of guarantee high quality of our services. As a result, we will be able to achieve greater satisfaction from the results of joint work". 12 REABS rules: Act honestly, fairly, transparently and professionally. Perform work in good faith and professionally, with due attention to the client, and ensure the availability of personnel with the necessary qualifications to perform the assigned tasks. Ensure that clients are provided with fair and clear terms of the agreement, include a procedure for handling claims and, if necessary, an appropriate compensation scheme for damages, as well as comply with all requirements of the law and professional codes. Make every effort to avoid conflicts of interest, and if they occur, resolve conflicts openly, fairly and quickly. Be impartial in any business relationship. Ensure the integrity, clarity, timeliness and transparency of the information provided to customers. Ensure that all advertising and marketing materials are objective, and true, and do not violate the norms of decency. Ensure that any customer’s cash is kept separate from other monies and is adequately insured. Provide appropriate professional liability insurance against errors or omissions, protect the customer from damage that may be caused as a result of negligence. Ensure that all parties whose interests you represent clearly understand the scope of your obligations to each party. If this is part of the service, report to the customer a realistic purchase, sale or rental price, as well as associated costs of ownership, based on market conditions and the use of better professional judgment. Ensure that any object is shown in accordance with the wishes of the client, taking due account of the safety and personal safety of all parties. RICS is an independent international professional organization operating under the British Royal Charter. Since 1868, RICS has been creating and maintaining the highest standards of quality and integrity, offering independent and authoritative advice on key issues affecting business and society. ILM Press Center