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Property Institute move a ‘game changer’

Property Institute move a ‘game changer’ for residential property sector

Property Institute of New Zealand Chief Executive Ashley Church has announced plans to transform the residential property management sector in New Zealand by bringing the Independent Property Managers Association under the umbrella of the Institute – a move that he says will be a ‘game-changer’ for the sector.

“This has the potential to dramatically lift expected standards and bring residential property management into line with other property professions in New Zealand”.

The move was recently formalised in a memorandum of understanding signed between the Property Institute of New Zealand (PINZ) and the Independent Property Managers Association (IPMA) and means that IPMA members will become affiliate members of the Institute in a transition that will eventually see them becoming full members of the Institute, with their own professional standing under the PINZ umbrella.

Mr Church says it’s hoped that the move will significantly improve standards in the residential property management industry and will ultimately benefit tenants. He says the IPMA was chosen because their members already adhere to higher standards than other industry operators but that the agreement with PINZ will enable them to further improve their skills through the introduction of formal standards and continuing professional education and the strengthening of their existing ethics and formal complaints processes.

“Residential property management, in New Zealand, is not a heavily regulated industry, and we’ve all heard the stories about renegade property managers who’ve treated tenants and owners poorly. This agreement, with the IPMA, is a first step towards recognising those property managers who are operating at a higher professional level than the rest of the sector”.

“Residential Property Managers will also benefit from specific professional development and will also get the full services that PINZ offers which include stronger advocacy, quality assurance programmes, more networking, and administrative support”.

The announcement follows recent comments from Housing Minister, Phil Twyford, suggesting that the Government may look at regulating the Residential Property Management sector – something that Mr Church hopes will now not be necessary.

“I’ve talked to the Minister about this initiative and he’s agreed to give us time to implement it over the next couple of years – by which time I expect many additional residential property managers to have joined the Institute in order to be part of this new initiative with IPMA”.

IPMA chair Karen Withers says her members voted unanimously at their recent Annual Meeting to proceed with the MOU, which she believes is an overwhelming endorsement.

“Our members already represent the pinnacle of our sector and are excited at the opportunity to grow professionally and be part of an organisation that enjoys a high profile and a strong reputation. They want to do the best they can for their tenants and landlords and they see real opportunities through PINZ to mark themselves out as property managers who are going the extra mile to prove they’re professionals that people can trust”.

The Property Institute of New Zealand is a not for profit organisation with more than 2000 members nationwide, made up of Valuers, Commercial Property and Facilities Managers, Property Advisors, Consultants, Infrastructure Plant and Machinery Valuers and now, residential Property Managers.

Ends

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