Real Estate Institute Wins

5 September 2008
Media release

FOR IMMEDIATE RELEASE
Real Estate Institute Wins

The Real Estate Institute of New Zealand (REINZ) acknowledges the new Real Estate Agents Act is an improvement for people involved in real estate transactions, but that it does not go far enough.

“We were in total agreement the old Act needed updating and we are pleased that a new independent Authority has been put in place. We know that an open and transparent disciplinary process is an important consumer protection.” REINZ National President, Murray Cleland, said today.

Mr Cleland says the process has been a long and sometimes frustrating one. The Real Estate Agents Act was passed today and it has not been without significant work with the Select Committee and other members of parliament. “We have worked to implement many refinements to make the Bill effective and workable,” Mr Cleland says, “these include the upholding of the current auction process, removal of the employment status review and the inclusion of compulsory continuing education.”

REINZ involvement in the appointment of industry representatives on the Independent Authority was another decision sought by the Institute.

“However, there are some areas where we still feel that the consumer protection is not as strong as it could be” says Mr Cleland. There are still some categories of people exempted from regulation and the experience requirement for an agent is less than before.

The promised Property Management Review to be conducted before this Act comes into force is also welcomed by REINZ as it has been a key concern for REINZ that this group of consumers are not currently protected.

Mr Cleland thanked those members of the Select Committee and members of parliament who took time to listen to the Institute’s submissions and take these into account in the final legislation. “Now we can get on with the job as it should be done.” he said.

“We’re now looking forward to working in the new environment.”

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