Fee Negotiations

Question 1

What should you consider during fee negotiations?

Answer 1

• Firms should avoid price fixing, aggressive fee cutting or collusion with competitors
• Fees should be market-based and agreed on an ad-hoc basis with clients
• Must consider the RICS Global Professional and Ethical Standards, 2015 and Rules of Conduct, 2007 as amended

Question 2

What should you do if accepting or offering referral fees?

Answer 2

• Must be completely transparent with your clients and consumers, so they understand you are receiving or offering a referral fee
• State in you terms of engagement if applicable
• Consider your actions in context of the Bribery Act 2010 and the RICS Global Professional and Ethical Standards, 2015