In The Know
6 November 2019
Click the headings below to read more or visit the Property Management page
Life Membership Nomination
Bryan Thomson's nomination has been unanimously approved by the REINZ Board of Directors.
Bryan's nomination will now be voted upon by a member ballot which will be held at the 2019 REINZ Annual General Meeting, in accordance with Rule 12.2 on Tuesday 26 November 2019.
Read Bryan's nomination and biography here.
A Call for Change - Better Property Management Update
Following the recent launch of A Call for Change – Better Property Management an additional 30 organisations around the country have joined the Real Estate Institute of New Zealand (REINZ) in calling on the Government to state it will formally review the need to regulate the property management industry before the 2020 election.
Bindi Norwell, Chief Executive at REINZ says: “There are now 70 organisations around the country backing the need for the property management industry to be regulated. Some of these organisations include independent property managers who recognise the need for change.
Foreign buyers continue to make forestry investments
Over the past year (October 2018-September 2019), the OIO has signed off 27 special forestry consents since the new streamlined test was implemented in October 2018.
Forestry investments have been mainly in Gisborne, Marlborough and Hawke’s Bay.
80% of consented land (58,900 hectares) is existing forestry land.
All the consents were granted within the Overseas Investment Office’s (OIO’s) timeframe of 50 working days.
The test is considered to be the most straightforward pathway for overseas investors wanting to make forestry investments.
The OIO is monitoring trends in forestry investments to inform Government policies. A mandatory review of the forestry changes will be done before October 2020.
Working days over Christmas
For the purposes of the REINZ/ADLS Agreement for Sale and Purchase of Real Estate, ‘working days’ over the Christmas break do not include any day beginning from Tuesday 24 December and ending on Friday 3 January (inclusive). The first working day is Monday 6 January. This is in clause 1.1 (33)(c) of the sale and purchase agreement.
The exception to the above is the calculation of the 15 working days approval period for the LIM report under clause 10.2 (2). In that case, ‘working days’ does not include any day beginning from 24 December and ending on 15 January (both days inclusive).’
Ask Advisory: What is an introduction clause?
Most agencies used to, and some may still incorporate an ‘introduction clause’ into their agency agreements to claim commission.
This clause typically looks like the following:
“If the property or part of it is sold by or through the instrumentality of the Agent or to anyone introduced through the agency of the Agent, the Client agrees to pay a commission as set out in this agreement.”
A clause like this gives the agency right to claim commission if the property is sold to the person introduced by that agency (or where the agency has been instrumental in the sale) and is effective for an undefined period. So this means that this type of clause often survives termination or expiry of an agency agreement and, as a result, creates uncertainty to the client and the client’s newly engaged real estate agency as to who will be entitled to receive commission if a buyer who showed interest in the property in the past comes back to the newly engaged agency.
REINZ's Agency Agreement replaces the introduction clause with a set of clauses to strike a better balance between the client’s and the agency’s right.
Click here for the Agency Agreement Information Sheet
Click here for the REINZ Agency Agreement Template
Unsure about something? Head to Advisory Resources on our website
Advisory Resources is a virtual library that provides members with a variety of information, best practice guides and templates to assist with the compliance and legal aspects of real estate.
You can find help on various topics such as:
Click here to access Advisory Resources
Feel free to direct any compliance related questions you have to advisory@reinz.co.nz
- Agency Agreements
- Anti-Money Laundering
- Advertising and Marketing
- Auctions
- Conjunctional Arrangements
- Disclosure
- Overseas Investment Act
- Privacy
- Tenders
Verifiable Training
Auckland Verifiable Training - FINAL FACE-TO-FACE TRAINING
Wednesday 20 & Thursday 21 November
Registration deadline Friday 15 November - a $50 per person late fee will apply after this date.
Christchurch Fresh Starter Auctioneer Training
Monday 25 & Tuesday 26 November
Fun, interactive and engaging 2-day rookie auctioneer training facilitated by Mark Sumich. NV = 7 hours.
Book here
New Non-Verifiable Webinar Packages
REINZ is pleased to have launched 4 brand-new non-verifiable webinar packages. These have a great variety of topics and speakers and are an excellent way of completing your CPD hours before the year is over.
Click here for more information
Verifiable Dates for 2019
| Region | Dates | Location | |
|---|---|---|---|
| November | |||
| Auckland 3 | 20 - 21 | Events on Khyber | Book Now |
2019 REINZ Auckland | Waikato | Bay of Plenty | Taupo Golf Tournament - LAST CHANCE!
Monday 18 November, St Andrews Golf Course, Hamilton
Entry includes green fees, prize table, first drink and after match platters.
Thank you to our sponsors Ingham Prestige Mercedes-Benz and Skills.
This event is open to REINZ Members, partners and clients registrations close on Friday 8th November (unless sold prior). Registration will be open on the day from 10:30am with the Matte Black Restaurant open for Morning Tea, Lunch and Coffee. Shotgun start at 12:00pm.
Book here
REINZ | Real Women in Real Estate Cocktail Evening
Wednesday 27 November, Events on Khyber, Grafton, Auckland
Connect, engage and be inspired by like-minded, successful women in real estate!
Join REINZ and RWIRE as we partner together to bring three special guest speakers, Leanne Pilkington from Laing+Simmons Sydney, Megan Jaffe from Ray White Remuera and Lynette McFadden from Harcourts Gold for a cocktail evening with prize draws and goodie bags.
Book here
2019 Auckland Bowls Tournament
Thursday 28 November, Balmoral Bowling Club, Auckland
Each team is to be made up of at least one registered bowler and three other players. Please register the whole team in a single entry.
The tournament is open to REINZ agency members, their salespeople and administration staff. Friends and Family are welcome. At least one player from each team must have a REINZ ID number.
Registration closes Monday 25 November, 5pm.
Book here
2019 Hawke's Bay Mini Conference
Thursday 28 November, Brookfields Winery, Napier
A Life Unlimited
With special guest speakers; Jane Dougherty and Korrin Barrett.
Ticket sales close Thursday 14 November, unless sold out prior!
Book here
| November | |||
| 2019 REINZ Golf Tournament | 18 November | 12pm - 5pm | St Andrews Golf Course, Hamilton |
| 2019 REINZ AGM | 26 November | 10am - 11.30am | Events on Khyber, REINZ, Auckland |
| REINZ | Real Women in Real Estate Cocktail Evening | 27 November | 5.30pm - 8pm | Events on Khyber, Grafton, Auckland |
| 2019 REINZ Bowls Tournament | 28 November | 9am - 3pm | Balmoral Bowling Club, Auckland |
| 2019 Hawke's Bay Mini Conference | 28 November | 10am - 7pm | Brookfields Winery, Napier, Hawke's Bay |
Free webinar training
Register for a free webinar training session with one of our digital product experts, whenever you need a refresh or want to learn how to use one of the following REINZ digital products:
REINZ Statistics Portal - Thursday 7 November, 10:00am - 11:00am
PropertySmarts - Thursday 7 November, 11:00am - 12:00pm
FlexiSign Demonstration - Friday 8 November, 12:00pm - 12:15pm
AML legislation cost real estate profession in excess of $20 million to implement
Bindi Norwell, Chief Executive at REINZ says: “The AML legislation has required a significant level of upskilling across the industry as well as the implementation of new systems and processes and in many cases hiring new people as compliance officers; all of which comes at a cost.
“Conservative estimates are that it’s cost the profession in excess of $20 million to implement the systems and processes to meet the AML legislation, most of which has been absorbed internally rather than being passed on,” she continues.
REINZ AGM - Notice of Meeting
Notice is hereby given that the Annual General Meeting of members will be held on Tuesday 26 November 2019.
Registrations will commence on the day from 9.30am. The Meeting will begin at 10.00am and close at 11.30am.
The meeting will be held at Events on Khyber, Level 2, 155 Khyber Pass Road, Grafton, Auckland.
Pre-registrations would be appreciated by Monday 18 November, for the purposes of voting and catering and can be sent to agm@reinz.co.nz
If you have any items of General Business or any enquiries, concerns or apologies to be noted, these can be submitted to agm@reinz.co.nz by Thursday 2 November 2019.
Notice of Meeting | Register attendance or apologies
The 2019 Annual Report is now available online.
Confidence up in Auckland property market due to low interest rates
Bindi Norwell, REINZ Chief Executive spoke to TVNZ 1 Breakfast yesterday about current trends in the New Zealand property market.
The full interview is available here.
Health & Wellbeing survey coming soon
Boost your performance in 2020!
De-stress, build your resilience and roar into 2020 with your best frame of health yet! REINZ is developing a 6-month health and well-being programme designed to help you perform at your optimal level in 2020.
REINZ works in partnership with NetYourJob recruitment to provide maximum industry coverage when you’re looking for real estate staff. NetYourJob can provide REINZ Members with competitive marketing rates for job advertising. Contact NetYourJob on 0800 638 968 to find out more or click here to view new jobs this week.
