PE Client Care, Business Planning and Teamworking/Diversity, Inclusion and Teamworking Flashcards
What are ways to provide good client care?
Communicating clearly
Seeking feedback
Developing long-term business relationships
Ensuring regular contact and updating on instructions
How can you seek client feedback?
Project reviews
Satisfaction surveys
Meeting informally
Discussion groups
Quality assurance procedures
How can you seek client feedback?
Project reviews
Satisfaction surveys
Discussion groups
Meeting informally
Quality assurance procedures
Why is it important to identify and know your client?
Tailor service to different levels of knowledge and expertise
Cross-sell between teams/departments
New business generation
Money laundering purposes
Understand their business objectives and strategies
When dealing with a typical negotiating instruction, who is your general duty of care towards?
Your client - to do the best deal for them as a negotiator (unless you are acting as an Expert Witness with a duty to the Court/tribunal), as well as acting in the best public interest
When dealing with a typical negotiating instruction, who is your general duty of care towards?
Your client - to do the best deal for them as a negotiator (unless you are acting as an Expert Witness with a duty to the Court/tribunal), as well as acting in the best public interest
How can you avoid complaints?
Seek feedback and ensure effective communication
Have clear and well-worded Terms of Engagement to set expectations accordingly
Do what you say you will
Avoid misunderstandings in the first place
Act on client feedback to improve service provision
What must a firm do in relation to CHP?
Operate a written CHP
Maintain complaints log
Train and make CHP available to staff
Have an RICS approved ADR mechanism
Agree CHP with Professional Indemnity Insurance (PII) provider
Provide CHP if a complaint is received
What are the two types of ADR mechanism approved by RICS?
Consumer redress
Business to Business redress
What are examples of consumer redress ADR mechanisms?
CEDR
The Property Ombudsman
The Property Redress Scheme
Financial Ombudsman Service
What examples of B2B redress ADR mechanisms?
Arbitration Procedure for Surveying Disputes
RICS DRS
CEDR Solve
Do RICS provide any specific CHP advice for residential surveors and valuers?
Yes - Complaints Handling (1st Edition, 2016) Guidance Note
If a surveyor provides a RICS-branded product, e.g. HomeBuyer Report - what should they do?
Check Terms of Engagement are signed, client has chosen the right product and understands the service
What is a liability cap?
Contractural agreement limiting damages to manage risk in survey and valuation work (below PII limit)
What must a liability cap be?
Reasonable and appropriate to comply with Consumer Rights Act 2015
What is the RICS role in CHP?
They can consider a complaint about service or professionalism
What standard of service do RICS apply when considering a complaint about a member or firm?
Reasonable profession
Can you appeal against an RICS decision to close a case or agree a consent order?
No, but you can ask for a review by Head of Regulation (their decision is final)
Why important to have a business plan?
Seek funding
Gain new instructions, new clients, new customers
Focus on priorities
Respond to change
Budgetting
Staff targets
What might you include in a business plan?
Executive summary
Description of business opportunity
Team
Operations
Forecast cash flows
Objectives
Marketing/advertising
Exit strategy
What are UK business/company structures?
Sole trader
Partnership
Limited company
LLP
Is a sole trader personally responsible for their company debts?
Yes
Where are your personal and business finances kept separate?
Limited company
LLP
What is the difference between crowdfunding and peer to peer lending?
In P2P lending you don’t give away equity, but pay interest on the money borrowed - in crowdfunding you give away equity or donate the final product
What are the two types of group/team?
Permanent (work grounds, boards) and temporary (task forces, steering groups) groups
What are the theoretical stages of team development?
Norming
Performing
Mourning
Forming
Storming
How to promote effective team working?
Common purpose
Clear objectives
Adequate resource
Mutual respect
Understand strenghts and weaknesses of team members
Sharing knowledge and expertise
Speaking openly
Range of skills
Having different personal skills
Belbin’s theoretical team roles?
Role in the team e.g. teamworker or implementer
Why can teams be beneficial to property professionals?
Share knowledge
Improved performance
Social aspect
Peer checking work
Individual empowerment
Are diverse teams of value to business?
Yes
What is unconscious bias?
When people favour others who look like them and/or share their values
What is the latest RICS guidance relating to Client Money Protection?
RICS Professional Statement Client Money Handling (1st Edition, October 2019)
Which International Standard for Organisation relates to diversity and inclusion?
ISO 304415
