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Real estate agents bemoan industry changes

Real estate agents are up in arms over the changes taking place in the real estate industry, with proposed changes to the Real Estate Agents Act.

Thursday, June 28th 2007, 11:38AM

by The Landlord

Justice Minister Clayton Cosgrove detailed the proposed changes last month and deadline for submissions from the industry is 10 July.
 
Paul Slatin, director of First National Real Estate, “strongly believes” the proposals are anti-competitive and will be “in no way” beneficial to consumers.
 
Slatin says he’s not against moves to improve the standard and perception of the real estate industry among New Zealanders, but feels that “Cosgrove’s proposals are flawed and despite his intentions won’t serve Kiwi buyers and sellers well”.
 
“The move to ensure that all individuals working in the real estate industry are employed on a full-time basis as opposed to on contract is ultimately anti-competitive and will mean higher fees for consumers.”

“The move will put a huge strain on smaller offices, particularly in provincial areas. It will make them less viable, meaning less choice and higher fees for consumers.”
 
He says the effect of the proposals is that property managers will “no longer” have to be regulated, and that this will be a “bad move” for the profession. “Basically anyone, irrelevant of experience or qualification, will be able to take on the role of a property manager.”
 
Practicing auctioneers will, says Slatin, have the power to also take on the role of a licensed real estate salesperson. He says such a move will mean “a real lack of clarity when it comes to auctions, as currently the salesperson exists to represent the best interests of the buyer and seller”.
 
Making the new real estate licensing authority responsible for education “adds an unnecessary layer of bureaucracy”, Slatin says.
 
“Consumers are not properly represented by the proposed changes; they are aiming to slash the number of real estate salespeople and create a less viable industry.”

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ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
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BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
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China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
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ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 ▼2.67 ▼2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 2.79 2.79 3.15
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SBS Bank Special - 2.29 2.29 2.65
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The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.80

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