In The Know
10 April 2019
Click the headings below to read more or visit the Property Management page
2019 Online Verifiable Training
REINZ recently released its online verifiable training webinars for 2019, available in 5 different packages.
Book your online package before 5pm this Friday 12 April to receive 10% off!
Misleading potential purchaser in favour of own client
A complaint to the Real Estate Agents Authority (Authority) was made on 25 September 2017 by the seller of a property.
The seller claimed that their licensee, Ms. T had blocked an unconditional cash offer from a potential purchaser and withheld information about the offer from the seller. He also claimed that the eligible officer of the agency Mr. P failed to adequately address the complaint.
In or around December 2016, the seller listed the property with the Agency. The property failed to sell, and it was taken off the market however, due to the pressure of settling another purchase, he agreed to reduce the price considerably for a week.
The property was tenanted however, Ms. T was given full access. Ms. T made appointments for two viewings of her own buyers on Friday, 7 April 2017. Ms. T informed the seller that a family was interested but it may or may not eventuate (potential purchaser).
On Sunday, 9 April 2017 at 4:47p.m, Ms. T called the seller up and informed him that she had an offer. The offer was $730,000 and after negotiation, the agreed price was $780,000 and a signed Sale and Purchase Agreement (Agreement) took place at 9pm that night.
Viewing on Friday 7 April 2017
The licensee who acted on behalf of the potential purchaser first contacted Ms. T on Friday 7 April 2017 and was advised by Ms. T that the potential purchaser could not view the property as she needed to give notice to the tenants and that she was going to be away (despite having full access).
Ms. T then decided to cancel her trip and contacted the seller and requested to bring in two of her own buyers through the property.
The Authority found that Ms. T misled the licensee from the other agency when she in fact did have access to the property and she had brought two of her own buyers to the property.
As a result, the Authority found that she did not act in good faith and deal fairly with all parties under Rule 6.2 of the Professional Conduct and Client Care Rules 2012 and provided misleading information (Rule 6.4) by not facilitating the viewing of the property.
Holding off offer and not informing complainant of the offer
The potential purchaser instructed the licensee that they wanted to make an offer straight away and this was conveyed to Ms. T on 7 April. Ms. T then informed the licensee that the seller wanted to see the outcome of the next day’s open home. Ms. T then arranged for her agency administrator to draw up an offer for her buyer and informed the seller that her buyer could potentially make an offer. She had informed the other licensee that the situation would be a multi-offer situation and to present their offer on Monday 10 April.
The seller had told the Authority that he never instructed Ms. T to wait until after the open home on Sunday 9 April, to receive all offers.
As a result of the above, the Authority found that Ms. T had stalled an offer from the potential purchaser and failed to inform the seller that the potential purchaser asked to make an offer on 8 April. The Authority also did not accept that the seller was not willing to accept offers prior to the open home.
The Authority accordingly found, that Ms. T had favoured her buyers over the other licensees and she misled the licensee and her buyer therefore, she breached Rule 6.4. She breached Rule 6.2 by not acting in good faith and breached her fiduciary obligations under Rule 6.1.
Presenting an offer without disclosing another offer
Ms. T stated that the seller was aware of the potential purchaser’s licensee. The seller informed the Authority that Ms. T had mentioned a “part Māori” gentleman.
The Authority stated that there was a material difference between indicating interest and telling the seller that an offer was going to be made.
Ms. T responded and said that her buyer instructed her to present the offer on 9 April or they would withdraw it.
The Authority found that Ms. T had been misleading as to her buyers’ instructions and did not accept that the buyer would have withdrawn, had Ms. T told them to wait until the next Monday morning to consider the potential purchasers offer together in a multi offer situation.
Mr. P
The Authority found that Mr. P failed to instruct Ms. T adequately in relation to a potential multi offer situations.
Finding
A finding of unsatisfactory conduct was made.
You can find the decision here.
Easter Trading
Real estate agencies are not covered under the Shop Trading Hours Act 1990 and hence are not subject to the restricted trading hours during the Easter break and ANZAC Day.
Although the legal position allows it, we ask our members to bear in mind the special nature of these days when deciding whether to conduct open homes and auctions, e.g. after 1pm may be a more appropriate choice.
Remember that the following days are not “working days” under the Sale and Purchase Agreement for the purposes of calculating condition and settlement dates: Good Friday, Friday 19th April 2019; Easter Monday, Monday 22nd April; and Anzac Day, Thursday 25th April.
Verifiable Training
Thames Verifiable Training
Wednesday 1 & Thursday 2 May
Registration deadline Thursday 26 April - a $50 per person late fee will apply after this date.
Whangarei Verifiable Training
Wednesday 8 & Thursday 9 May
Registration deadline Thursday 2 May - a $50 per person late fee will apply after this date.
Check online for a full list of regional training sessions or the newly released online training packages!
REINZ Rural & Lifestyle Roadshow
5 locations between 30 April - 15 May
REINZ has organised a 2-hour workshop for our rural & lifestyle sector, presented by John Abbott.
This session will cover getting your head right; prospecting; winning the pitch; presenting compelling information; increase marketing/campaigning; managing clients and closing sales.
Sessions are available in Hamilton, Invercargill, Christchurch, Cromwell and Kerikeri.
Book Now
REINZ presents the Anti-Money Laundering Roadshow - Part 2!
Practical, hands-on and detailed training. Check out the poster
Find your suitable session and book now.
Last chance to book for Tauranga, Rotorua and Invercargill.
C&I Workshop: Advanced Negotiation Strategies to clinch that deal
Wednesday 1 May
Staying ahead in C&I real estate is tough. You need advanced negotiation skills and strategies to get ahead in challenging market conditions.
Presented by John Abbott, this workshop aims to hone your skills so you can get ahead of the pack and clinch that deal
Book Now
Appraisals and You - Staying safe with the REA
Friday 10 May
Hosted by Graham Crews, this is a must-see 2-hour workshop that ensure you have the clarity and understanding required when it comes to appraisals. This detailed session will get right to the heart of appraisals, covering off what you need to know in order to be compliant.
Book in now!
Can't make the session in Auckland? Join the Live-Streamed Webinar
Verifiable Dates for 2019
| Region | Dates | Location | |
|---|---|---|---|
| May | |||
| Thames | 1 - 2 | Thames Civic Centre | Book Now |
| Whangarei | 8 - 9 | Northland Events Centre | Book Now |
| New Plymouth | 15 - 16 | Novotel | Book Now |
| Hamilton | 29 - 30 | Workingmen's Club | Book Now |
| June | |||
| Taupo | 5 - 6 | Suncourt Hotel & Conference Centre | Book Now |
| Invercargill | 5 - 6 | Ascot Park Hotel | Book Now |
| Rotorua | 19 - 20 | Copthorne Rotorua | Book Now |
| Timaru | 19 - 20 | The Grosvenor | Book Now |
| July | |||
| Palmerston North | 3 - 4 | Hotel Coachman | Book Now |
| Nelson | 24 - 25 | Trailways Hotel | Book Now |
| August | |||
| Kerikeri | 7 - 8 | Kingston House | Book Now |
| Napier | 21 - 22 | Napier Conference Centre | Book Now |
| September | |||
| Tauranga | 4 - 5 | Waverly on Wairoa | Book Now |
| Auckland 2 | 25 - 26 | Events on Khyber | Book Now |
| October | |||
| Christchurch 2 | 16 - 17 | The Atrium | Book Now |
Regional Events
Thames Regional Meeting
Wednesday 1 May, 4:00pm - 5:30pm
Join REINZ Chief Legal Office Lisa Gerrard as we bring you the 2019 Thames Regional Update held at the Novotel Hotel. Drinks and nibbles will be supplied, registrations for catering and CPD purposes.
Sports Tournaments
Auckland Golf Tournament
Thursday 16 May, 10:30am - 5:30pm
Entry includes green fees, prize table, first drink and after match platters. Thank you to our sponsors Property Press, Mercedes-Benz and Barfoot & Thompson. This event is open to REINZ Members, partners and clients. Registrations close on Friday 9th May (unless sold prior).
Registration will be open on the day from 10:30am. Prizes will be awarded for Stableford Competition and Men's & Ladies Gross.
For more information, please contact Events@reinz.co.nz
Inspire | Motivate | Connect - 2019 YPIRE Conference
For young professionals in real estate, those new to the industry, the young at heart or anyone interested in the amazing speaker lineup.
With a great lineup of speakers including Phil Harris, Tom Panos, Jake Millar and Lisa King, the 2019 YPIRE Conference is one you do not want to miss!
Grab your earlybird tickets before 5 May for the best pricing!
For all REINZ Events, visit the Education Portal.
| May | |||
| Thames Regional Meeting | 1 May | 4.00pm - 5.30pm | War Memorial Civic Centre |
| New Plymouth Regional Meeting | 15 May | 4.00pm - 5.30pm | Novotel New Plymouth |
| Auckland Golf Tournament | 16 May | 10.30am - 5.30pm | Akarana Golf Club |
| June | |||
| NZ Auctioneering Championships - Draw | 23 June | 5.30pm - 7.30pm | REINZ, Auckland |
| NZ Auctioneering Championships - Heats | 24 June | 10am - 5pm | REINZ, Auckland |
| NZ Auctioneering Championships - Finals | 25 June | 10am - 6pm | REINZ, Auckland |
| Septmber | |||
| Inspire | Motivate | Connect Conference | 18 September | 10am - 7pm | Shed 10, Auckland |
REINZ Statistics: Set your default location
Are you running weekly reports and searches for the same area? Why not set your default map location to your farming area?
By setting your default map location, you won't need to zoom in or search the map to find your area. Once set up, the map will open directly to your defined area, saving you extra time.
Watch the how-to video here.
Face-to-face Training
How to use eForms to create a Sale & Purchase agreement and offer - FREE
Friday 12 April, 10am - 11am
Events on Khyber, L2 REINZ Head Office, Auckland
How to use FlexiSign to negotiate offers online - FREE
Thursday 11 April, 10am - 11am
Events on Khyber, L2 REINZ Head Office, Auckland
Albany 1 & 2 bed apartment sales surged
REINZ CEO Bindi Norwell says the lift in the median price highlighted the strength of the Albany apartment market.
"The median price of one-bedroom apartments sold in Albany during the 12 months to February 2019 increased by 16%, from $421,040 to $488,500, while the median price for two-bedroom apartments saw a 17% increase," she says.
Read more in the full article here.
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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.
