REINZ calls to review property management regulation before 2020 election

“Every time a story of consumer harm arises in the media as a result of a property manager behaving in a manner that is dishonest or lacks transparency, this just strengthens our view that the property management industry needs to be regulated,” says Norwell.

Following the recent launch of A Call for Change – Better Property Management an additional 30 organisations around the country have joined the Real Estate Institute of New Zealand (REINZ) is calling on the Government to state it will formally review the need to regulate the property management industry before the 2020 election.

Bindi Norwell, Chief Executive at REINZ says: "There are now 70 organisations around the country backing the need for the property management industry to be regulated. Some of these organisations include independent property managers who recognize the need for change.

"Additionally, we've had a number of landlords and tenants share their stories of how the lack of regulation has impacted them personally. We've had stories of financial losses, extreme emotional stress, health problems, regulations being ignored, damage to property and a loss of faith in using property managers. Some of the stories we've received have been extremely distressing to read," continues Norwell.

"Every time a story of consumer harm arises in the media as a result of a property manager behaving in a manner that is dishonest or lacks transparency, this just strengthens our view that the property management industry needs to be regulated," says 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," she continues.

There are approximately 184,000 homes that are managed by property managers.

"If the Government can look into regulating the energy industry due to 33,000 households having their power disconnected, surely, they can agree to review regulation of the property management industry which is an issue that affects more than 180,000 homes," concludes Norwell.