Regulation of property managers to be reviewed
The Government is calling for public comment on property managers and how they should be regulated.
A public consultation document was released today by Justice Minister Simon Power.
National opposed the Real Estate Agents Act which became law in September and at the time Kate Wilkinson said property managers should be covered by its provisions.
Today, Mr Power said the consultation sought perspectives on all aspects of the industry, but specifically "whether there are any gaps in the law relating to property managers that are causing problems for property owners".
"People need to have confidence that property managers will carry out their duties appropriately, and that if things do go wrong there are adequate mechanisms available for redress."
The Justice Ministry, which is leading the review process, wants to gather the views of property owners, property managers, real estate agents, industry organisations, tenants, tenancy advocates, accountants, lawyers and consumer organisations.
The Real Estate Agents Bill established the Real Estate Agents Authority, oversees licensing, sets industry standards, fees and levies and deals with complaints and disciplinary action against agents.
Then associate justice minister Clayton Cosgrove introduced the bill after numerous buyers and sellers complained about being ripped off by agents, and the lengthy and often ineffective in-house procedure for dealing with those who broke the rules.
At the time he said property managers could easily be brought under the legislation if there was evidence that they should be.