Real Estate Regulator Dedicated To Protecting Consumers And Supporting Licensees To Meet 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 highly pressured real estate market without harm.

Real Estate Authority Chair Denese Bates says the strategic plan reflects the important role REA plays as the conduct regulator of the real estate profession.

“REA is a vital part of the real estate sector,” Denese says. “Both in protecting consumers and in supporting licensees to meet their obligations and the high standards expected of them.”

Chief Executive Belinda Moffat says the pressures facing the real estate industry are well documented, but the sector is well placed to meet these challenges with high standards of conduct. As the conduct regulator of licensed real estate professionals, REA is focused on promoting and supporting high standards and providing consumer protection.

“The Real Estate Authority has a critical role to play in the current real estate environment,’ Belinda says.

“We must continue to be an effective full-service regulator committed to protecting consumers from harm, and supporting licensees to fulfil their obligations as capable, trusted professionals.”

“However, we can’t achieve these goals without tackling the challenges currently facing the sector.”

“Our four-year plan acknowledges we are still operating in a highly pressurised market, in which the shadow of COVID-19 creates financial uncertainty for both consumers and licensees. As an industry we must also adapt to changes in the licensed real estate population.”

Under its refreshed strategy REA will address these challenges by:

• Supporting and promoting high standards of conduct by licensees, which will prevent harm to consumers.
• Providing information to empower consumers to safely navigate significant real estate transactions.
• Growing consumer confidence in the sector.

Belinda says the real estate industry has a strong regulatory framework but that the market can appear daunting to many New Zealanders.

“As the industry regulator we need to use all the tools in our regulatory toolbox to ensure the industry maintains high standards of professionalism and integrity,” Belinda says.

“The sector also needs to ensure that any barriers to accessing the benefits and services in the regulatory system due to age, ethnicity, gender identification and level of education are removed.”

“We want to create an environment where all consumers across New Zealand’s diverse communities can access information and support so that they confidently engage in real estate transactions.”

Key initiatives outlined in REA’s strategic four-year plan include:

• A commitment to better understand what drives poor conduct in the industry and how to mitigate the risks unprofessional behaviour creates.
• Creating a more efficient and effective complaints and disciplinary process.
• Promoting REA’s consumer information platform settled.govt.nz
• Empowering buyers and sellers from diverse communities to confidently engage in the housing market

A vital part of the Real Estate Authority’s enhanced approach to empowering communities will be increasing visibility of the organisation’s commitment to te Tiriti o Waitangi.

“We will increase our cultural capability and strengthen our relationships with Māori communities to ensure we are aware of the needs of iwi, hapu and whanau when they are buying or selling property. This focus is on understanding the needs of consumers and also licensees from a Māori perspective” Belinda says.

“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 enhanced service to consumers.”

“We are committed to growing consumer confidence in the sector and increasing the integrity of the New Zealand real estate profession.”

To help inform and educate consumers REA created settled.govt.nz in 2018.

Belinda says it great to see buyers and sellers using settled.govt.nz to equip themselves before embarking on significant property transactions. She encourages consumers and licensees to use this valuable resource, particularly in the highly pressured market.

“We want licensees to meet the standards expected on them. We have the role of holding them to account but are also here to help prevent harm and to assist licensees to meet their obligations. An important part of our mandate is to provide guidance to licensees, so we encourage all licensees to work with us.”

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