We applaud the Government's proposed licensing scheme for Property Managers. Here's why.
As Property Managers we are the gatekeepers of housing for some of New Zealand’s most vulnerable residents.
However, at present, any Tom, Dick or Harry can set themselves up as a Property Manager, without any qualifications or experience.
Speaking frankly, we are sick of seeing poor Property Management practice making the front pages, dragging the industry's name through the mud. Putting a stop to unethical behaviour will be welcomed by all.
But, it’s not just a case of repairing the industry’s reputation.
At stake is the security, safety and happiness of the 1.4m people who rent their home in New Zealand. Regulation of Property Managers will provide tenants the consumer protection that they deserve.
The proposals span a wide range of issues, but the areas that I am most excited to see change on are management of landlord and tenant funds, insurance, education/training and appropriate fines and sanctions for bad practice.
Specifically, Property Managers will need to:
- collect rent and tenant’s funds in an audited Trust Account
- hold appropriate insurance
- be educated to a certain standard and undertake regular training to be on top of all law changes
- at all times adhere to a Code of Conduct
- be subject to fines or sanctions if they don’t follow the Code of Conduct
At WRE, we adopted all these measures many years ago, and we welcome their introduction to the whole industry.
These regulations are a clear win-win for our tenants and landlords alike.
We’re excited to see the industry evolve for the better!