RICS and Bank of Scotland to launch professional training and assessment to support real estate sector
The Royal Institution of Chartered Surveyors (RICS) has worked with Lloyds Banking Group and the Bank of Scotland to establish a real estate lifecycle certification to develop professionals’ understanding of the sector and support the nation’s housebuilders, developers and housing associations navigate often complex issues.
RICS developed its Real Estate Lifecycle Certification with support from the Edinburgh-based Bank of Scotland, part of Lloyds Banking Group, in order to raise staff capability, knowledge and skills to provide comprehensive support to the wider industry.
The certification is part of RICS’ commitment to developing international standards and professionalism and to the upskilling of professionals to drive market confidence in the real estate sector.
Lloyds Banking Group already provide their staff with a comprehensive in-house training programme on real estate development and investment and require staff to complete 40 hours of CPD annually. The Bank of Scotland SME real estate team will become certified over the course of 2017, with the RICS training set to enhance relationship managers’ understanding of the real estate lending cycle.
The training will enable professionals to guide customers more effectively on issues including deal structuring, income generation, efficiency, risk management, valuations, hedging and cash management by identifying where RICS standards and advice from chartered surveyors can add benefit.
The certification will require individuals to complete training on the RICS approach to the real estate lifecycle and the role of its professionals and standards. Assessment by exam will result in individuals becoming certified, demonstrating a commitment to continuing professional development with reassessment every three years.
The move is designed to enable staff to better support the bank’s clients including SME housebuilders, commercial developers, property investors and smaller housing associations, with plans to extend the certification to the bank’s 90-strong real estate client services teams.
Glen Wilson, head of real estate, Lloyds Banking Group, said: “We are committed to supporting the real estate sector as it works to address the shortfall in the supply of homes and many other important issues. By working with RICS to invest in upskilling our specialist teams across the country, we will be able to provide more informed support to our clients in the sector. As the bank with the UK’s largest SME real estate team we want to reinforce our position as local experts providing high-quality support, and this insight will help clients manage their returns, income and risk.
“The initiative will reinforce our existing commitment to tackling the UK’s housing shortage, including our £100 million Housing Growth Partnership, a joint venture with the Government to increase the supply of new homes by investing in SME housebuilders.”
Becky Thomson, UK Valuation associate director, RICS, said: “The RICS Real Estate Lifecycle Certification provides a thorough training and assessment programme ensuring individuals understand all functions of the real estate market and the role that RICS, our standards and professionals, perform in the market. RICS is perfectly placed to advise across the real estate lifecycle, from planning and acquisition to development and occupation. By certifying the insight of Lloyds Bank’s specialist teams in RICS and the real estate lifecycle we aim to create greater market confidence in real estate and drive adoption of RICS standards and professionalism.”
The certification will be available to other organisations who offer financial, legal and other professional support services that create a successful real estate market.