Does Using an Accredited Firm Provide a Guarantee?
No - the Institute does not offer any guarantee, or provide any warranty in relation to work performed by an accredited firm. The Institute does not accept responsibility for any loss or damage however caused (including through negligence) that a client may suffer in connection with services provided by an accredited firm.
The accredited firm is solely responsible for: the quality of its work; complying with its quality management system; and ensuring that it complies with the Terms of Participation (the terms that the firm must adhere to in order to maintain its accreditation with the Institute) at all times.
Initial Requirements of Accreditation
The core requirement for a firm gaining accreditation with the Property Institute is producing a robust quality management system demonstrating how the firm complies with professional standards - a template which can be used as a starting point is available here.
Companies who already operate a quality management system can have their existing system assessed against the Institute's requirements.
Ongoing Requirements of Accreditation
Once accredited, firms must comply with the Terms of Participation Agreement, including:
- participating in an annual self-evaluation activity,
- participating in biennial onsite accreditation visits,
- holding professional indemnity insurance, and
- declaring any and all investigations against them
Further information on these can be found in information for applicants.
The structure of the scheme was determined over the course of a seven month consultation project.
The scheme is governed by the respective communities that comprise the Accreditation Committee, which is tasked with the evaluation of new applications to the scheme and the consideration of concerns about accredited firms.
- Self-Assessment enables organisations to determine where they are on their journey towards best practice and plan out the next steps too ongoing organisational improvement.
- The self-assessment criteria are based on determining your current position against fundamental best practice industry concepts of excellence. For each concept, there is a definition describing what we would expect to see in an organisation both at a policy and procedure level and also what types of evidence will need to be demonstrated to prove competency within a specific organisational focus area.
- By rating your current level of competency, you can get a very quick overview of your strengths and potential areas of improvement. Self-assessment incorporates the ongoing processes an organisation can use to engage in systematic, evidence-driven, self-evaluation.
- The self-assessment criteria are based on an organisation demonstrating their strategic direction and purpose, adhering to governing legislation and/or standards, developing and managing their governing documentation and/or quality management systems. The outcome of the self-assessment should allow an organisation to develop a strategic plan of ongoing organisational improvement.
Costs for accreditation are on a cost recovery basis, to manage administrative and development costs.
Applying for accreditation
Accreditation application fees are on a per-firm basis, but are generally less than $3000 for a mid-sized firm. This varies based on the amount of hours the application requires and the size of the firm. A firm can reduce the number of hours needed to evaluate their application (and therefore the fee) by self evaluating their quality system against the criteria used by the Accreditation Committee before submitting their quality system.
Annual administration fee of $750+GST + $50 +GST per individual business site
Onsite visit fee
The fee for onsite visits is $100.00 per hour. A typical onsite visit may run around eight hours total, including:
- Preparation for the visit- submit valuation or business reports 1 hour
- Onsite visit 4 hours
- Preparing visit report and submitting findings to Accreditation Committee 2 hours
- Accreditation Committee response to report 30 minutes
- Findings and action plan requested from firm- 30 minutes
If there are findings during the onsite visit the costs for the visit will be relative to the amount of time taken to address the findings.
Travel costs such as flights will be spread amongst the number of firms visited on a given day. A minimum of two firms are visited per day (where possible) and flights are always booked well in advance to ensure cheaper rates.
All prices exclude GST.