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In The Know

9 February 2018

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REINZ has today launched a joint research report with on the relationship between asking and sales prices. It shows just how accurate agents are when it comes to pricing a property.

Read the full report here.

2018 Verifiable Education

Good news, all 2018 Verifiable Training Seminars are now available to book online

Final days to book in for the North Shore Verifiable Training Seminar on 20 - 21 February – closing Monday at 5:00pm

The Christchurch Verifiable Training Seminar is scheduled for 7 - 8 March and spaces are limited.

Check out our Education page for all our nationwide sessions happening this year.

Please note: numbers are limited in some locations, so please make sure you secure your spot.

Region Dates Location  
North Shore Auckland 20 - 21 Netball North Harbour Book Now
Christchurch 7 - 8 The Atrium Book Now
Queenstown 21 - 22 Mercure Queenstown Book Now
Dunedin 11 - 12 The Dunedin Centre Book Now
Gisborne 11 - 12 Emerald Hotel Book Now
Thames 2 - 3 War Memorial Civic Centre Book Now
Whangarei 9 - 10 Toll Stadium Book Now
New Plymouth 16 - 17 Novotel Book Now
Hamilton 23 - 24 Hamilton Working Mans Club Book Now
Invercargill 23 - 24 Ascot Park Hotel Book Now

Tickets for 2018 REINZ 15th Annual Fishing Tournament are now on sale!

Friday 2 March 2018, weigh-in from 3pm - 4pm at Auckland Sailing Club.

We have over $1,000 of amazing prizes from Topcatch and $2,250 worth of cash prizes up for grabs. - check out the poster.

If you want to join in on the fun, but don't have a boat, get in quick and secure your spot on on the Property Press charter boat - available now!

Get your tickets here!

Property Management Survey

Please take our 2-question survey, to help us understand what you see as the main concerns facing property managers in 2018.

Click here to take the survey

REINZ Property Management Forum

REINZ invites its property management members to attend the REINZ Property Management Forum on 27 February 2018 from 10:30am - 12:00pm at the REINZ Centre of Excellence in Auckland.

Hear Steve Watson, National Manager Compliance and Investigations for Housing and Tenancy Services, discuss the review of the Residential Tenancies Act and other industry specific issues, from a regulatory perspective. REINZ will also reveal further details of its new property management membership offering, which is due to be launched in the second quarter of this year. The Forum will conclude with an opportunity for the industry to discuss key issues of concern.

Spaces are limited so please register your attendance here by 23 February 2018. Please note, this is a members-only event.

Click here to register

Case Update: Tenants awarded compensation for damp premises

Facts: The tenancy began in June 2015. The Tenants complained that the premises leaked, were damp, cold and difficult to heat. They claimed $5,500 comprising $1,250 for pain and suffering, $2,050 for loss of amenity and $2,200 for loss of items damaged by mould.

In particular, the Tenants served a breach notice in July 2017, which required the landlord to repair leaking conservatory roofs and remove mould from the conservatory carpet. However, the Tenants claimed the Landlord was put on notice about these matters much earlier, when they verbally informed the Landlord but had not put anything in writing. The Landlord dealt with the items raised and during an August inspection, the Tenants said there was no further leaking but wanted compensation.

The Tenants also sought compensation and exemplary damages by alleging that the Landlord failed to comply with legal requirements relating to the condition of the premises.

Decision: The Tribunal found the Landlord acted reasonably and promptly to the issues the Tenants raised in their breach notice. It did not accept the Tenants’ argument that the Landlord was put on notice about the leaking conservatories much earlier than claimed, as it would have expected the Tenants to put something in writing to the Landlord if there were significant leaks prior.

The Tenants were awarded compensation of $2,500 for their limited use of the conservatories and because the dampness would have affected their use and enjoyment of the premises. However, they were not awarded any compensation for loss of their items damaged by mould – the Tribunal held the Tenants should have removed their items at the first sight of mould and had they done that, their items would probably not have suffered permanent damage.

Click here for the decision

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.

"Dear Advisory..."

I have a conjunctional agreement with the listing agent. I have an employee who wants to purchase the listed property. Do I need to provide a valuation and make disclosure under section 134 of the Real Estate Agents Act?

Subject to the sole agency’s agreement, you may be able to enter into a conjunctional agreement with the sole agency to share the commission.

However, it is important to remember that under a conjunctional agreement, you are still acting as an agent for the vendor (and hence the vendor is your client). This also means that you should still comply with section 134 of the Real Estate Agents Act (“the Act”), if you or a person related to you wants to purchase the client’s property.

To recap, section 134 states that where a licensee is carrying out agency work in a transaction, they must obtain their client’s consent in the prescribed form (including providing a registered valuation at the licensee’s expense), if they or a related person is purchasing or wants to purchase their client’s property.

“Related person” includes a licensee’s employee, pursuant to section 137 of the Act.

In a December 2017 CAC decision, the licensee was a licensed Agent Company which was found guilty of unsatisfactory conduct for failing to comply with section 134. The licensee in that case had a conjunctional agreement with the listing agent. A prospective purchaser of the property was employed by the licensee, in another branch, as an administrator. The CAC found that the licensee should have followed section 134 under these circumstances.

REINZ has an Information Sheet on conjunctional arrangements here.

Please email any advisory or compliance questions to Sonia Ng, Lawyer, REINZ Advisory Services, and we may feature your question and our response here. This column 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.

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.