Sometimes it’s all about timing. There I was in France at the MIPIM conference catching up with some of the Royal Institute of Chartered Surveyors (RICS) members when Chief Executive Officer Sean Tompkins stopped by to introduce himself.
RICS CEO Sean Tompkins (right) and Dr. Cliff Lipscomb, courtesy of Yuko Tomizuka.
We talked for a bit before he realized I wasn’t wearing my RICS pin. I explained that I had been recently designated but had been on a temporary assignment at the Greenfield Advisors home office in Seattle for a few months; I had not been home to get my pin before the conference.
Without hesitation, Sean grabbed an extra pin and pinned me right there. It just goes to show you that Sean and the rest of the RICS members are more than just professional colleagues. They are also good friends. Thanks to my friend Yuko Tomizuka of Petrobras from Japan for snapping the photo.
The surprise pinning was a nice way to get ready for the next session all about RICS and our governing rules. Martin Brühl, of Union Investment, led the discussion on the RICS Valuation – Professional Standards 2014, commonly referred to as the “Red Book.” It was interesting having the developer of the Red Book, Ben Elder, explaining the changes in the most recent edition. Every surveyor (valuer) agrees to follow the Red Book, which has all the guidelines required when doing valuation work. And Martin Brühl and I will see each other again in Miami, Florida next week at the Colliers International Real Estate Capital Summit.
The RICS session also focused on International Property Management Standards and the recent research revealing that standards across the globe are converging. These international standards ensure that valuations made in one country are similar to those in other countries. As the world becomes more connected, it’s important that all valuers/appraisers, no matter where they are working, use the same standards so that values can be easily compared. This is particularly important for firms working across several countries.
We also heard from Paola Ricciardi, who runs the Real Estate Advisory Group (REAG) office in Milan, Italy, about how different countries approach valuing portfolios of properties. Unlike many countries, Italy does not regulate valuers. However, the Bank of Italy has begun prescreening valuers in an effort to make sure it hires qualified valuers.
It was another great session at the MIPIM. Don’t forget to read my previous post on the MIPIM conference, and check back here soon for a final recap of this great conference.
– Clifford Lipscomb
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