A range of measures has been proposed to protect landlords, tenants, and property managers
The Real Estate Institute of New Zealand (REINZ) has called for a range of measures, including training and insurance, to protect everyone involved in the rental industry.
Read more: Govt urged to support build-to-rent development more
Following major changes to rental rules in recent years, Kiwi landlords increasingly tap property managers to help them navigate compliance for rental properties. Experts, however, are concerned the government isn’t taking action to ensure renting is fair for both landlords and tenants.
Jo Rae, REINZ head of property management, said there are approximately 440,000 privately owned investment properties in the country according to latest figures from Stats New Zealand, and that around 40% of rental homes are managed by a property manager, AM reported.
Read next: Rental prices across New Zealand continue to rise
“We want to see some levels of education and training like real estate salespeople, a licence, so you apply for an annual licence every year,” she told AM. “Client fund protection, so rental money that's collected must go into a dedicated client fund account known as a trust account that needs to be audited annually. Business Insurance, some basic fundamentals around running a good business, so it's transparent for everyone – for the landlord, for the tenant, and the property manager.”
