FIABCI, the International Real Estate Federation, is a member of an international coalition of professional organizations which was launched this week with the aim of developing and implementing the first set of globally recognised ethics standards for property and related professional services.
The International Ethics Standards Coalition (IESC) is made up of almost 30 leading standards bodies representing professionals working across the entire spectrum of land, property and construction related services.
Member organizations of the Coalition, many of which already have their own codes of conduct focusing on qualities like trustworthiness, integrity and respect, will seek to align ethics principles through the new international standard. The ultimate goal is that all professionals, regardless of their location and the nature of their work will follow the same ethics doctrine.
“This initiative is of major significance to the real estate industry. The adoption of a single set of international ethics standards, based on fundamental principles of integrity, will bring confidence and transparency to the entire sector. We can expect the long term result to be an improved rating for property as an investment asset class in world markets,” explained Tony Grant, FIABCI Past World President who is also the Federation’s Representative to the Ethics Coalition.
The IES Coalition was first proposed during a meeting of a number of the founding organizations at the United Nations (New York) in October 2014.
The ethics principles set out in the standard will be drafted and published for consultation by an independent group of experts, to be appointed in early 2015. The Coalition intends that the expert group will represent the diverse nature of professional practice as well as the international scope of the project.
It is hoped that the new standard will be ready in early 2016, following which member bodies of the Coalition will implement it through training and guidance to their members.
The Coalition is encouraging other professional bodies to join the project and support the development and implementation of International Ethics Standards by contacting any of the current member organizations.
The International Ethics Coalition is currently comprised of the following organizations:
• La Asociacion Espanola de Analisis de Valor (AEV)
• American Society of Appaisers
• American Society of Farm Managers and Rural Appraisers (ASFMRA)
• Appraisal Foundation (TAF)
• Asian association for Investors in Non-listed Real Estate Vehicles (ANREV)
• Asia-Pacific Real Estate Association (APREA)
• Asian Real Estate Association of America (AREAA)
• Asociacion Professional de Sociedades de Valoracion (ATASA)
• China Institute of Real Estate Appraisers and Agents (CIREA)
• Commonwealth Association of Surveying and Land Economy (CASLE)
• Council of European Geodetic Surveyors (CLGE)
• Counselors of Real Estate (CRE)
• Dubai Land
• European Association for Investors in Non-Listed Real Estate Vehicles (INREV)
• International Consortium of Real Estate Associations (ICREA)
• Institute of Real Estate Management (IREM)
• International Real Estate Federation (FIABCI)
• International Right of Way Association (IRWA)
• Japanese Society of Independent Appraisers (JASIA)
• National Society of Professional Surveyors (NSPS)
• Real Estate Syndicate of Lebanon
• Royal Institution of Chartered Surveyors (RICS)
• South African Property Owners Association (SAPOA)
• Society of Chartered Surveyors Ireland (SCSI)
• Association of International Property Professionals (AIPP)
• Russian Society of Appraisers
• The German Property Federation/Initiative Corporate Governance of the German Real Estate Industry