In The Know
13 November 2019
Click the headings below to read more or visit the Property Management page
Health & Wellbeing Survey
In July we surveyed our members on general aspects of health, wellbeing and workplace performance. Based on general findings we identified a significant number of people were concerned about work/life balance and stress in the workplace. REINZ is currently developing a 6-month programme to help address these, alongside other wellbeing issues, so that you can optimise your performance in 2020.
We need your feedback to help shed more light on the issues identified in our earlier survey and to help shape our new 6-month programme. We’d appreciate you taking some time to complete our survey. You’ll also go into the draw to win a $150 Prezzy Card.
Click here to complete the survey.
New Sale and Purchase Agreement!
We are pleased to announce that a new edition of the REINZ/ADLS Agreement for Sale and Purchase will be released on 27 November 2019 via eforms. The new edition (Edition 10) has taken 18 months to prepare, following feedback from our industry and legal experts. The changes bring the Agreement up to date with current laws and include a number of significant and useful changes that licensees need to be aware of, including:
- Changes to the finance condition, requiring purchasers to provide evidence if they can’t raise finance;
- A toxicology report condition has been included in the general terms;
- A detailed process to resolve compensation disputes between vendors and purchasers has been added;
- 'Fixtures' and ‘chattels’ have been removed and replaced with new definitions and warranties;
- The GST clauses have been revised;
- The timeframe in which deposits may be released has been clarified;
- References to fax machines have been removed;
- Various other changes to language and formatting.
REINZ is releasing two free webinars on Monday, 18 November explaining the changes and we strongly urge agencies to ensure that licensees have viewed these webinars before the new form is released. Webinar details are as follows:
-
10th Edition: Key Changes for Real Estate Agents (45 mins)
Lisa Gerrard, REINZ -
GST Changes (30 mins)
Allan Bullot, Deloitte
Click here to register for the Key changes webinar
Click here to register for the GST changes webinar
REINZ announces new Director
REINZ has recently announced Jo Clifford as the new Appointed Independent Director - Region 1. This is a result of current Appointed Director Bryan Thomson having served his maximum number of years as a Director under the REINZ Rules.
Read more about the appointment here.
2019 REINZ Annual Report
The 2019 REINZ Annual Report is now ready and available to read here.
Commercial Leasing Customer Due Diligence(CDD)
The Ministry of Justice recently released a consultation paper requesting feedback on a proposal to change the timing of CDD for commercial leases. REINZ has written to the Ministry supporting change but we do not yet know if the change will take place. If it does take place, it will not come into effect until 2021. So, business as usual for now and we will keep you updated as matters progress.
Click here to read the submission.
What are the main exemptions from the Brightline test?
Main home
- The vendor's main home is exempt from the Brightline test
- The vendor will have to have spent more than 50% of their time using the property as their main home since owning it and used more than 50% of the area of the property.
Inherited property
- The Brightline test does not apply if the vendor sells a property that they inherited.
Relationship settlement agreement
- Property transferred under a relationship settlement agreement is excluded from the Brightline test.
Agents need to be aware of the potential effects of the Brightline test, however, must ensure that they do not put themselves in a position of providing legal, tax or accounting advice to vendors or prospective purchasers. It is not the role of an agent to advise vendors or prospective purchasers on whether the Brightline test or any other tax applies to a transaction.
Click here for our Brightline Test Information Sheet for more information
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).’
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 - LAST CHANCE!
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 |
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 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 |
PropertySmarts Street Report, a useful tool for prospecting
Look for subdivision opportunities in your farm area with Street Report in PropertySmarts.
Get started now:
- Select a location
- Set the land area filter
- Click on "Find Properties"
Email Gloria to find out more.
Receipt book orders
The cut-off date for Receipt Book orders is fast approaching. We recommend that you have your orders into us by the close of business on Wednesday 4 December for guaranteed delivery prior to Christmas.
You can start placing orders again from Monday 13 January 2020.
Order forms are available here.
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.
Southland highest performing region for investors with strong capital gains and yields
Bindi Norwell, Chief Executive at REINZ says: “The majority of the regions were high in one measure and low in the other, so for Southland to have a strong result in both capital gains and yields indicates that it was a very good region for investors to have investment property in over the past year.
Read the full report here or read the article on Stuff here.
On the blog: The biggest office leasing mistake to avoid
Faced with tight office leasing market conditions, occupiers need to limit their future rental costs as much as possible. This is best done by understanding how much space they need to occupy. Chris Dibble, Director of Research and Communications at Colliers International discusses some recent research in this latest blog piece.
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.
