When Paul Morris, director at St James Securities, took to social media last week to question the benefits he was getting from his RICS subs after paying his £539 renewal fee this month, he was not expecting hundreds of responses expressing similar disillusionment.
At the time of writing, there were 446 replies and more than 98,000 views of his LinkedIn post, in which he said he felt he did not “really need his letters anymore”.
This is just a portion of the volume of comments across various platforms voicing similar opinions.
The reaction has underscored the depth of feeling across the industry, as the 152-year-old organisation is rocked by calls for more clarity over the circumstances surrounding the dismissal of four seasoned non-executive directors in 2019.
The RICS, as revealed by EG, has refused to conduct an independent review into the situation as called for by a group of past presidents.
The body says its governance processes were “followed absolutely correctly at all times”.
It has been engaging with all of its stakeholders to discuss the outcome, including the Windsor Group – a collection of the UK’s 12 biggest property agents – which this week met with RICS president Kathleen Fontana, governing council chair Chris Brooke and chief executive Sean Tompkins.
What the RICS will not want as an outcome of this current situation is the major agencies rethinking their employee subscriptions to the institution.
“Many feel RICS is not there for its members anymore,” Morris tells EG, highlighting an absence of clarity over where the income from membership fees ends up, and a lack of communication, particularly for various individuals experiencing difficulties or seeking financial or professional help.
He also noted the consternation over the chief executive’s reported earnings, which are said to have reached £510,000 in 2019 including bonuses.
Fontana, who took up the post of president in November, does not deny that members should hold the RICS to account. She has contacted Morris to discuss the feedback he has received from individual members.
“All organisations are challenged on value for the money and it’s right and proper that our members challenge on that,” she said. “We acknowledge that we have a complex, diverse membership. And it’s really important that we make sure every member feels they can engage with RICS. We don’t take it for granted.”
The RICS now has its work cut out to ensure it remains fundamentally relevant to the industry.
“I’m sure the organisation will survive,” says Morris. “But does it need to change? Absolutely.”
See also: Q&A with RICS president Kathleen Fontana
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