PHOTO: SUPPLIED – Bindi Norwell: “At the moment anyone can become a property manager.”

New Zealand’s Real Estate Institute says the government should regulate property managers, not focus on banning letting fees, if it wants to help renters.

Submissions close on Wednesday on the proposal to stop landlords charging letting fees to tenants who want to secure a property.

These fees are often equal to a week’s rent, plus GST.

But Real Estate Institute chief executive Bindi Norwell said while a ban on letting fees might help renters initially, a better long-term impact would be achieved by introducing appropriate standards for property managers and better consumer protections.

READ MORE: Unregulated property managers hold keys to tenants’ fortunes