Real estate regulator dedicated to protecting consumers and supporting licensees to maintain high standards of conduct
The Real Estate Authority (REA) is confident its new four-year plan will help consumers and licensed real estate professionals navigate the pressured real estate market harmlessly.
Real Estate Authority Chairman Denese Bates said the strategic plan reflects the important role REA plays as a regulator of conduct for the real estate profession.
“REA is an essential part of the real estate industry,” says Denese. “Both to protect consumers and to help licensees meet their obligations and meet the high standards expected of them. “
Chief Executive Officer Belinda Moffat says the pressures facing the real estate industry are well documented, but the industry is well positioned to meet these challenges with high standards of conduct. As a regulator of the conduct of licensed real estate professionals, REA is focused on promoting and supporting high standards and protecting consumers.
“The Real Estate Authority has a critical role to play in today’s real estate environment,” says Belinda.
“We must continue to be an effective full-service regulator, committed to protecting consumers from harm and helping licensees meet their obligations as competent and trusted professionals. “
“However, we cannot achieve these goals without addressing the challenges the industry is currently facing.”
“Our four-year plan recognizes that we still operate in a market under high pressure, in which the shadow of COVID-19 creates financial uncertainty for consumers and licensees. As an industry, we also need to adapt to changes in the licensed real estate population.
As part of its updated strategy, REA will address these challenges by:
- Support and promote high standards of conduct by licensees, which will avoid harming consumers.
- Provide information to enable consumers to safely navigate important real estate transactions.
- Growing consumer confidence in the sector.
Belinda says the real estate industry has a strong regulatory framework, but the market can seem daunting to many New Zealanders.
“As an industry regulator, we must use all the tools in our regulatory toolkit to ensure the industry maintains high standards of professionalism and integrity,” Belinda said.
“The sector must also ensure that any barriers to accessing the benefits and services of the regulatory system due to age, ethnicity, gender identification and level of education be deleted. “
“We want to create an environment where all consumers in New Zealand’s diverse communities can access information and support so they can confidently engage in real estate transactions.
The main initiatives outlined in REA’s four-year strategic plan include:
- A commitment to better understand what motivates misconduct in the industry and how to mitigate the risks created by unprofessional behavior.
- Create a more efficient and effective complaints and discipline process.
- Promote REA’s consumer information platform colonized.govt.nz
- Enable buyers and sellers from diverse communities to confidently engage in the housing market
An essential part of the Real Estate Authority’s enhanced approach to empowering communities will increase the visibility of the organization’s commitment to te Tiriti o Waitangi.
“We will increase our cultural capacity and strengthen our relationships with Maori communities to ensure that we are aware of the needs of iwi, hapu and whanau when buying or selling property. The emphasis is on understanding the needs of consumers and licensees from a Maori perspective, ”says Belinda.
“The wisdom we gain from listening to and reflecting the experiences of our diverse communities will benefit all New Zealanders and help real estate licensees provide improved service to consumers. “
“We are committed to increasing consumer confidence in the industry and increasing the integrity of the New Zealand real estate profession. “
To help inform and educate consumers, REA has created colonized.govt.nz in 2018.
Belinda says it’s great to see buyers and sellers using colonized.govt.nz equip yourself before embarking on major real estate transactions. It encourages consumers and licensees to use this valuable resource, especially in the highly pressured market.
“We want licensees to meet the standards expected of them. Our role is to hold them to account, but we are also there to help prevent harm and help licensees meet their obligations. An important part of our mandate is to provide advice to licensees, so we encourage all licensees to work with us.
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