20190321 (Thu) Differences between MEAS 2014 & MEAS 2018, Standard 5.

20190321 (Thu)

Differences between MEAS 2014 & MEAS 2018, Standard 5.

Go here to read the actual Standard 5 MEAS 2018.

Standard 5 is about engagement – kind of like before you get married, you go through engagement first.

Indeed, the major change for Standard 5 MEAS 2018 is the way you deal with engagement conflict. The old Standard 5 put it as the agency firm has to get written evidence from other firms (that previous engagements had been terminated). This is not really practical/logical – as the outgoing firm might not be cooperative. Thus, in this NEW Standard 5, it has changed to getting it from the Client for this termination. Then, it becomes a new engagement.

Clearer subsection on soliciting other’s client:

5.2.6 not to engage with client who has been engaged with other firms under exclusive or sole agency in accordance to Rule 97 of VAEP Rules 1986.

  • to get engagement from client that there is no exclusive or sole agency engagement with other firms.
  • had been deleted. Indeed, it is only right as this OLD statement had put the new firm (who received new engagement) to inform old firm(s) of this change. This might not be practical or logical as OLD firm who had been discontinued engagement (lost business) might have bad feelings against the NEW firm. This is unnecessary yet unable to impact any benefit to the client.

“Harassing” also had an expanded definition which include “annoying” and NOT just “causing offence”.

“Comparative” market analysis has been changed to “competitive” market analysis probably giving a distinction that Estate Agents are not Valuers, so the technical comparative analysis is not suitable.

Overall, the word “appointment” or “appointed” is replaced by “engagement” or “engaged” to reflect changes in Standard 3 – Types of Estate Agency Engagements. Estate agents are no more “appointed” but “engaged”. Maybe this is a better way to describe the relationship of principal-agent being equal partners

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