As planning is well and truly underway for the 2020 election, the Real Estate Institute of New Zealand (REINZ) is today calling on the Government to formally review the need to regulate the property management industry, including public consultation, and to announce its recommendations for reform before the 2020 election.
This is particularly important as New Zealand is one of the few countries in the OECD that does not regulate its property managers. This lack of regulation has a negative impact on tenants and landlords who are reporting bad experiences due to property managers acting unprofessionally and not being held accountable for their actions. It also jeopardises the reputation of good property managers who are doing a great job in the industry.
Bindi Norwell, Chief Executive at REINZ says: “REINZ is supported by 40 organisations around the country to call on the Government to formally review the need to regulate the property management industry, including public consultation, and to announce its recommendations for reform before the 2020 election.
“This is in order to provide more transparency and protections across the industry and help to safeguard some of our most vulnerable members of the community,” she continues.
“REINZ is committed to raising standards across the real estate industry for the benefit of consumers which is why today REINZ has launched A Call for Change: Better Property Management, whereby we’re asking people to visit the website www.acallforchange.co.nz and share their stories,” continues Norwell.
“We strongly believe regulation is required to create an industry where all property managers operate ethically and with honesty and transparency, where tenants are looked after, and where landlord’s assets are protected. We also believe that minimum education standards should be a pre-requisite to working in the industry and that property managers should hold all client money in a trust account in order to protect both tenants and landlords,” says Norwell.
However, commitment from the Government to formally review the need for property management regulation is needed to achieve real success.
“It must be remembered that property managers are the gatekeepers of housing for many of New Zealand’s most vulnerable residents. As a result of the lack of controls currently in place, many tenants feel reluctant to complain to, or about, their property manager for fear of losing their homes or jeopardising their ability to rent houses in future,” concludes Norwell.
REINZ PRESS RELEASE