RICS and the American Society of Appraisers (ASA) have agreed to work together to ease fragmentation in the valuation industry. This partnership solidifies their commitment to provide clarity around valuation for the public, and enhanced resources for valuation practitioners.

“RICS and ASA are united in our efforts to enhance trust and provide consistency in the valuation profession,” said Neil Shah, Managing Director of RICS in the Americas. “We’re formalizing our relationship to reduce confusion in the marketplace for the public.”

The two professional bodies have signed a Letter of Intent to develop collaborative work streams on a variety of priorities. This includes building a partnership to support all asset classes in valuation, from real estate and personal property, to machinery, business valuation, and gems and jewelry. RICS and the ASA will work to offer dual qualifications, deliver online training and hold valuation events to bring awareness of issues of importance to the profession.

“ASA and RICS are dedicated to elevating the quality of valuation services worldwide. This is an important step for the valuation profession as we continue to work more closely, even though we are competitors, to ensure that the needs of all who rely on valuation services, and those who perform them, are met with best-of-class solutions,” said Robert Morrison, ASA International President. “Together, ASA and RICS firmly believe we can work collaboratively to improve not only how valuation is seen globally, but the way valuation professionals see themselves. I am excited to see this effort grow and wish to thank our partners at RICS for helping to craft a vision of the future of valuation that focuses on the end benefits to the public.”

RICS and the ASA are participants in the International Valuation Standards Council and the Appraisal Foundation, and are committed to protecting the public interest through ethical practices and the confluence of standards.