INDEPENDENT NEWS

REINZ Auction Code Supported

Published: Tue 17 Dec 2002 05:21 PM
Barfoot and Thompson Supports REINZ Auction Code
Auckland’s leading real estate company, Barfoot and Thompson, compliments the Real Estate Institute of New Zealand on its initiative in preparing a draft auction code of conduct.
The code will ensure more transparency at auctions by requiring vendor bidders to declare themselves.
Barfoot and Thompson Director Peter Thompson congratulates the REINZ in taking this important step in the right direction.
“Barfoot and Thompson has its own policy on vendor bidding which goes a step further than the proposed REINZ code. Since 1993 we have not allowed either vendor or phantom bidding at any of our auctions.”
“Our stated policy, which is available to both vendors and potential purchasers, is that Barfoot and Thompson auctioneers will not make any bids on behalf of vendors nor will they make or accept what they believe to be a phantom bid.”
Barfoot and Thompson sold 1,324 properties by auction this year, which was almost ten percent of total residential property sales.

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