tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Monday, October 26th, 6:16PM

News

rss
Latest Headlines

Labour plans to regulate property managers

Property managers will be regulated and subject to a Code of Conduct to ensure they meet professional standards if the Labour Party returns to power after the election.

Friday, October 2nd 2020, 4:05PM 3 Comments

by Miriam Bell

Labour Party leader Jacinda Ardern

The newly announced plan is part of the Labour Party’s new housing policy which was launched today by Labour Party leader Jacinda Ardern and housing spokesperson Megan Wood.

A big focus of the policy is to keep the construction sector moving in a bid to increase housing supply while stimulating the economy and creating jobs in the wake of Covid-19.

That means Labour is committing to delivering more public and transitional houses (18,000 by 2024) and repealing the Resource Management Act (RMA) to reduce the barriers to building new homes.

Recently announced initiatives like the $350 million Residential Development Response Fund, which aims to support the residential construction sector post Covid-19, and the Construction Sector Accord would fit into this.

The party also committed to continue supporting first home buyers via a progressive home ownership scheme and working to combat homelessness.

Ardern says Labour recognises that there is a significant issue with housing in New Zealand.

Their housing plan builds on the policies Labour has implemented in their first term, with momentum building in public housing, KiwiBuild properties and market developments, and pathways for home ownership, she says.

“Labour stopped the wholesale sell off of public housing, banned offshore speculation and has invested heavily in rebuilding our public and emergency housing safety net.

"We firmly believe that all New Zealanders have the right to live in warm, dry, healthy homes, whether we rent or own our homes.

“We will continue to ensure tenants and landlords have a fair deal by regulating property managers, following our work setting basic health standards for rental properties.”

That’s why, as part of their housing plan, Labour will introduce the regulation of property management services to ensure they meet professional standards and a Code of Conduct.

At the policy launch, Woods noted that multiple groups from Consumer NZ to the Property Council have called for action on lifting the performance of property management services.

This is true: A range of groups and organisations, including REINZ, Barfoot & Thompson and property management company Real-IQ, have been calling for regulation of the property management industry for years.

However, until recently, the Labour-led Government have not indicated any plans to move on those calls – although one of its coalition partners, the Greens, has long advocated for action.

It seems the time is now right to address the issue and today’s announcement was welcomed by many including REINZ, which has been campaigning for regulation for over 10 years.

REINZ chief executive Bindi Norwell says they are delighted that Labour would work with the industry to develop practical standards to ensure property managers comply with a code of conduct.

This is a positive step towards improving the lives of many people around the country, she says. “New Zealand is currently one of the few countries in the OECD that does not regulate its property managers.

“This lack of regulation has had a negative impact on tenants and landlords who have reported bad experiences due to property managers acting unprofessionally and not being held accountable for their actions. It also jeopardises the reputation of good property managers who are doing a great job in the industry.”

Having a level playing field, clarity and transparency in the property management industry will help ensure there is a better rental market for all New Zealanders, Norwell adds.

Read the Labour Party's housing policy here.

Read more:

Calls for property management regulation grow 

Govt must regulate property managers – REINZ 

Greens propose more landlord regulations 

Tags: building Code conduct consents construction Covid-19 developers first home buyers housing market housing shortage landlords Property Council property investment property management Real-iQ REINZ rental market supply tenants

« Free Investment Property Showcase Events: Auckland, Wellington and ChristchurchTenancy reforms, tax changes would go under National »

Special Offers

Comments from our readers

On 3 October 2020 at 1:17 pm WellyLL said:
Regulation of property management services - I am not sure what problems they seek to address as they have not articulated clearly what these are and how regulation would mitigate them. We already have the essential framework under the act and existing legislation to deal with improper conduct...so what is this about? I think it is simply a push by REINZ to restrict new entrants by creating regulatory barriers to entry into the market - with fewer players in the market it will make it easier to drive up prices for services. There is a danger that it will extended to make property management services mandatory (so no mum and dad landlords anymore) watch this space carefully. Wherever the government has pushed regulation into a sector it decreases competition. 'creating level playing fields' what does this actually mean?
On 5 October 2020 at 9:30 am Redflick said:
Why stop with Property Managers. Private landlords should also be included- more likely to be issues with Private landlords and they hold the majority of rental properties.
On 5 October 2020 at 12:03 pm Nice said:
No protection for tenants until Landlords have to go through some form of registration as well; any regulation of Property Managers will only safeguard Landlords, and is that really what Labour are trying to achieve ?

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
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 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.95 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 3.05 2.99 2.99
SBS Bank Special - 2.55 2.49 2.49
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.49 2.69 2.79
Median 4.55 2.94 2.99 2.80

Last updated: 23 October 2020 5:00am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com