Work with REINZ - Head of Property Management
REINZ is looking for an experienced property manager for the newly established role of Head of Property Management.
Location: Auckland
Applications are sought from suitably experienced property managers for the role of Head of Property Management at REINZ. This newly established position offers an exciting opportunity to join REINZ and take a lead role in further developing REINZ’s offering for the property management industry. The Head of Property Management will work across all teams within REINZ, providing specialist residential property management advice and expertise. Acting as the liaison between the property management industry and REINZ, the Head of Property Management will assist REINZ to execute and deliver its strategic objectives for property management. As this is a senior role, we seek applications from candidates with:
- Proven, relevant residential property management experience;
- A thorough understanding of relevant legislation;
- Experience developing and delivering compliance and training material;
- Excellent communication skills, both written and verbal;
- Business development experience;
- Operations and/or project management experience.
Please forward applications (including a CV and covering letter) to Lisa Gerrard.
For enquiries, please contact Lisa Gerrard, CLO/ GM Membership and Advocacy, 021975630.
Anti-Money Laundering: flyer for vendors and purchasers
REINZ has produced a simple flyer for vendors and purchasers explaining that from 1 January 2019 real estate agents will be required to complete Customer Due Diligence (CDD) under anti-money laundering legislation. We recommend that agents provide copies to their vendors and make copies available at open homes, to assist the public to understand the up-coming identity verification requirements. This flyer is in addition to the flyer produced earlier this year regarding lawyers CDD obligations.
Property Management now excluded from capture under the AML/CFT Act
As a result of REINZ’s advocacy in relation to this issue, REINZ is pleased to confirm that The Department of Internal Affairs Real Estate Guideline has now been updated to reflect the change in position on the capture of property management activities.
The property management section on page 15 has been updated as below:
Property managers and property management services
Property management activities (as defined in the new Regulation 21B of the AML/CFT (Definitions) Regulations) are excluded from capture under the AML/CFT Act (except for some commercial property management activities*).
This means that a real estate agent or other person conducting property management activities will not have obligations under the AML/CFT Act in relation to those activities, even though they may involve managing client funds. Real estate agents who carry out property management activities alongside real estate agency work will be subject to the AML/CFT Act only in relation to their real estate agency work.
* The exclusion does not cover “acting, or offering to act, for reward in respect of the negotiation, grant approval, or assignment of a tenancy agreement for commercial premises (whether described as a lease, tenancy agreement, right to occupy, or otherwise)”. Anyone engaging in these activities has full obligations under the AML/CFT Act in relation to these activities.
Case Update: Tenancy Tribunal finds Landlord liable to pay Tenant on all accounts
Facts: The Tenancy Tribunal considered claims by both the Tenant and Landlord. The Tenant applied for the refund of her bond which had been paid to the Landlord but had not lodged with the Bond Centre. The Tenant also sought compensation for a week of rent that she claimed she was owed. The Tenant had prepaid three weeks’ rent (as per the terms of the tenancy agreement) and only used up two of those weeks at the conclusion of the tenancy. The Landlord for his part did not file an application for compensation. Nonetheless, the Landlord argued that the Tenant had cracked window glass at the Property and that he should be compensated for this damage.
Decision: Where a tenant applies for the refund of a bond, and the landlord seeks payment from the bond, the landlord must file an application setting out details of the claim. That had not happened here; therefore, the Tenant was refunded her bond in full. The Tribunal found that the Landlord committed an unlawful act by failing to send the bond payment to the Bond Centre within 23 working days of it being received. An award of exemplary damages of up to $1,000 was available to the Tribunal for this breach. In this case, an award of $400 was appropriate. This took into account that it was a genuine oversight on the part of the Landlord. The Tribunal explained that it was an unlawful act for the Landlord to ask the Tenant to pay more than 2 weeks’ rent in advance. The Tribunal awarded $300 exemplary damages in respect of this breach and ordered the Landlord to refund the third week of rent.
The Landlord’s claim relating to window damage was dismissed pursuant to the Court of Appeal’s decision in Holler and Rouse v Osaki. In that case the Court found that tenants are not required to pay for the cost of repairing damage where the damage is of a kind covered by the landlord's insurance, unless that damage is intentional. The Landlord was insured in this case and there was no suggestion that the damage was anything other than accidental. As a result, the Tenant was not required to compensate the Landlord.
Disclaimer: The information in these case summaries is for general informational purposes only and may only discuss some, not all, aspects of a case. It does not constitute legal or other professional advice and does not replace your company’s internal policies and guidelines. Always check your company’s guidelines, policies and information first and seek legal advice if you have any queries.
REINZ and Real-iQ deliver the NZ Certificate in Residential Property Management
Lift your professionalism and standards and prepare yourself now for potential industry regulation.
Click here for more information.
Case Update: Agent guilty of unsatisfactory conduct for misleading vendor’s bottom line
Facts: The Licensee was marketing a Property. He gave an initial appraisal price of “$590,000 - $650,000 - $720,000”. The Vendors told the Licensee that their bottom line was $700,000. The Licensee confirmed with the Vendors that the Property was to be marked at “Buyer Budget Up From $595,000”. The Property was advertised on TradeMe as such. The Complainant submitted a tender offer of $620,000. That offer was declined. The Complainant was subsequently told that the Vendors’ bottom line was $700,000. The essence of the complaint was that marketing the Property as “Buyer Budget Up From $595,000” was misleading as the Vendors were not willing to accept less than $700,000. The Complaints Assessment Committee found that the Licensee had engaged in unsatisfactory conduct. The Licensee appealed that finding to the READT.
Decision: The READT agreed that the Licensee’s conduct was in breach of the Real Estate Agents Act (Professional Conduct and Client Care) Rules 2012 and constituted unsatisfactory conduct. The READT adopted the reasoning of Justice Mallon in Commerce Commission v Whitehead, where the judge explained: “… If the seller has indicated that, although she hopes and expects to get a higher price, she is prepared to consider any offer that is over the [Buyer Budget Up] price, then the advertising is not misleading. If, on the other hand, the seller has said that she will not go below her expected price, then a [Buyer Budget Up] price that is below her expected price is misleading.” That finding was directly applicable here. The Licensee had been misleading and, as a result, engaged in unsatisfactory conduct.
The above is intended for general information only and does not constitute legal advice and does not replace your agency’s internal policies and guidelines. Always check your agency’s guidelines, policies and information first and seek legal advice if you have any queries.
'Working days' over Christmas and the New Year
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 Monday 24 December and ending on Friday 4 January (inclusive). The first working day is Monday 7 January.
The exception is the calculation of the 15 working days approval period for the LIM report under clause 10.2(2) of the Agreement. In that case, ‘working days’ does not include any day beginning from 24 December and ending on 15 January (inclusive).
Non-Verifiable Education
Anti-Money Laundering Nationwide Roadshow
Final Auckland seminar, due to high demand - Last Chance! Thursday 13 December.
If you would like to arrange individual training for your brand or office, please do not hesitate to contact AML Solutions at realestate@amlsolutions.co.nz
Verifiable Training
Don't forget to complete your 2018 verifiable training by 31 December 2018.
Book your online verifiable training here
Events on Khyber
Planning your 2019 event, training session or need a fresh space?
Early bird discounts available on room hire at Events on Khyber. See more here.
2019 Verifiable Training
Training dates for 2019 are now available to book. Check the Education Portal for dates.
Face-to-face training
Enhanced Statistics Site Training
Wednesday 12 December, 10am - 11am
Enhanced Statistics Site Training
Wednesday 12 December, 11.15am - 12.15pm
eForms Training - Auckland
Wednesday 19 December, 10am - 11am
FlexiSign Training
Wednesday 19 December, 11.15am - 12.15pm
Webinar Training
REINZ concerned ring-fencing rules could make rental ownership a less appealing investment choice
Bindi Norwell, Chief Executive at REINZ says: “REINZ is concerned about the impact the proposed loss ring-fencing rules may have on New Zealand’s rental market, particularly in high-density residential areas that already attract high rent prices.
“We consider restricting the use of rental losses for investors could negatively influence the rental market, either by investment property owners passing on the cost of the reduced benefits to renters through increased rental prices or making rental ownership a less appealing investment choice. This may lead to a reduction in rental properties, thereby increasing pressure on the rental market and driving up rental prices,” she continues.
“This is particularly undesirable in the current environment whereby home ownership is at its lowest level in 60 years and the number of people living in rental accommodation is increasing at a greater rate than those living in their own homes,” she concludes.
REINZ welcomes Tindall's KiwiBuild interest
The Real Estate Institute has backed Warehouse founder Sir Stephen Tindall's interest in KiwiBuild, indicating that if anyone can bring down house prices in this country, it's him.
Bindi Norwell, REINZ chief executive, welcomed Tindall's announcement that he was assisting one of the 102 off-site manufacturing KiwiBuild tender parties and said it was potentially great for the sector.
Read the full article here.
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.
