Real Estate Institute Launches Advertising

News Release 13th April 2000

REAL ESTATE INSTITUTE LAUNCHES ADVERTISING CAMPAIGN

The Real Estate Institute of New Zealand (REINZ), the industry association for real estate agents and salespersons, has launched a $350,000 advertising campaign to underline the benefits and scope of activity undertaken by its members, in anticipation of forthcoming moves to deregulate the industry.

“The advertising explains the advantages of dealing with licensed real estate agents who display the Institute’s ‘R’ symbol. Only REINZ members can claim to be qualified ‘real estate specialists’,” says Mr. Max Oliver, the National President of the Real Estate Institute.

The Government has signaled that it intends reviewing the legislation controlling real estate, a move that is accepted by the REINZ with some qualifications.

Max Oliver says; “While the REINZ believes the current Act should be updated, we must ensure that the consumer protection measures it offers are not eroded. Other important features that need to be retained are the requirement for real estate agents to be licensed by an independent authority and that all people acting as agents or salespersons in real estate transactions remain subject to one regulatory regime.”

“The REINZ stands behind the conduct, professionalism and ethics of our members. This is crucial because buying and selling their home is the most significant financial transaction most New Zealanders will make, and we believe dealing with a REINZ member will offer the best safeguards in a deregulated environment.”

The Real Estate Agents Act 1976 sets out the regulatory regime for real estate. It enables the Institute to investigate and, where necessary, discipline members who are subject to complaints from members of the public.

“Our Rules of Practice and Code of Ethics govern members conduct and help prevent malpractice. Where there is a breach of the Rules, members can be fined, and for a breach of the Act they face either suspension, losing their license, or a fine,” Max Oliver says.

The REINZ controls entry to the industry, both through its membership examinations, which ensure that its members are suitably qualified, and the requirement that applicants be of ‘good character’.

Each of the campaign advertisements addresses a facet of real estate sales or property advisory services undertaken by members of the REINZ.

“The common perception is that real estate agents only sell residential property. In fact our members are involved every day in conducting property auctions; marketing and selling rural and lifestyle property, and commercial and industrial property; acting as business brokers; and providing property management services.

The ever increasing need to master new disciplines and deliver superior service demonstrates the need for real estate salespersons to meet the REINZ’s educational requirements before they become certificated and for the ongoing professional development training we provide for our members,” Max Oliver says.

The campaign will run from the 16th April through until the end of October.

Currently, all licensed real estate agents in New Zealand are members of the REINZ; in addition there are some 13,000 certificated real estate salespersons. Real estate salespersons are contracted to licensed real estate agents – Licensees. Salesperson certificates and real estate licences are issued by an independent statutory authority, the Real Estate Agents Licensing Board.

ENDS

For further information, please contact:
Max Oliver, National President Telephone: 09 520 3008
Real Estate Institute of New Zealand Mobile: 025 812 614

Issued by Shandwick (NZ) Ltd: Telephone: (04) 472 4190
Real estate information is also available via the Institute’s official property directory – RealENZ – on the Internet. RealENZ is a search facility providing comprehensive information on residential, lifestyle, rural, commercial, investment and rental properties. RealENZ’s Internet address is: www.realenz.co.nz

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