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Colliers International is the first Romanian investment team to announce publicly they will only charge fees to one side of a transaction with a commercial property.

The broker said that in what will seem like a logical step to many western-based property professionals its investment division has taken a step in a more professional and ethical direction by stating they will not charge fees from both sides, which has been a common practice in Romania and other emerging markets.

The firm is continually working towards improving the professionalism of its real estate activities and establishing and maintaining common ethics among employees, clients, partners and associates. 'By accepting this standard, every Realtor pledges to respect a moral code of conduct which also implies never charging both vendors and buyers in an investment transaction, said Blake Horsley, manager of the Investment Division within Colliers International Romania.

'Accepting commissions from both parties involved in a certain transaction sets up a severe conflict of interest', Horsley added.

When a broker, hired by the owner of a commercial property to find suitable buyers, accepts that his client (the party who is paying his commission) is therefore the vendor - this should prohibit the acceptance of further commission from buyer's side, he said.

'There are occasions where one is representing both the vendor and buyer exclusively, though when these situations arise a broker needs to discuss this position with both parties and decide for whom they will act - you simply cannot ethically represent and take fees from both sides. Almost always vendors and buyers understand this position and an agreement can be reached whereby the agent acts for and receives commission from only one party.'