In The Know
17 July 2019
Click the headings below to read more or visit the Property Management page
Thriving in Changing Times - RPM Conference Mid-Winter Sale
Buy your ticket to the 2019 REINZ Residential Property Management Conference before Sunday 21 July and save 15% off the individual ticket price.
Join us at Hilton Auckland on Friday 2 August with MC Simon McKinney for a day packed with speakers giving tips and tricks about keeping up and thriving in changing times.
Case Update: Keep on keeping it professional
The complainants in this case were the owners of 450 hectares of farm land.
Their complaint concerned two Licensees, Licensee 1 (selling agent) and Licensee 2 (listing agent).
The property was sold to the owners in 2012 and the Licensees represented the previous vendor at the time.
The owners claimed that the Licensees misrepresented the property in relation to the amount of the property that consisted of effective land and stock carrying capacity. This meant that the property was less productive and therefore, less valuable than originally represented.
When the owners first purchased the property in 2012, they decided to lease out the property to an unrelated lessee and Licensee 2 acted for them. After the property was leased, the property was farmed (growing stock) and then leased to the owner’s son. The owners intended on selling the property to him however, claimed that they would suffer a loss of $500,000 and wanted the Licensees to pay a percentage of the loss.
The Licensees responded to the owners claim and stated that they relied on the information acquired from the previous vendor who had farmed the property for many years and that the previous vendor was in a position to know the effective land use area as it was linked to the areas covered in fertiliser throughout the years, evidenced by receipts. Licensee 1 also checked with a stock agent to independently verify the stock units. Given the above, the Licensees denied any misrepresentation.
Finding
The Complaints Assessment Committee (CAC) stated that there was no reason for the Licensees to believe that the information acquired from the previous vendor was inaccurate. The previous vendor had in-depth knowledge about the property and also the owners had leased the property, occupied it themselves and as did their close family, throughout the years. No concerns had been raised over this time clearly evidencing that the representations were not obviously questionable.
The CAC stated that unless the Licensees chose to speak for themselves, or failed to accurately communicate what their vendor had informed them, their representations did not constitute personal representations or guarantees and were representations of the vendor and were entitled to rely on what the previous vendor had informed them on the land area and stock units.
The owners, therefore, did not establish their claim.
No further action was taken by the CAC and no finding of unsatisfactory conduct was made.
Key Takeaway:
- This case reiterates that while agents must not act as a mere channel between their vendors and purchasers, they will need to exercise their own skill and judgment on whether they can rely on the information provided to them by their vendor.
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.
Verifiable Training
Nelson Verifiable Training - LAST CHANCE!
Wednesday 24 & Thursday 25 July
Registration deadline Thursday 18 July - a $50 per person late fee will apply after this date.
Kerikeri Verifiable Training
Wednesday 7 & Thursday 8 August
Registration deadline Thursday 1 August - a $50 per person late fee will apply after this date.
New Workshop: Dog Workplace Safety
Thursday 22 August
Visiting properties with dogs? Keep safe around dogs by coming along to this course. Learn how to 'read' dogs, dog expressions and what to look out for so you stay safe when visiting properties.
Book now
AML Roadshow 3
REINZ is delivering AML sessions in 15 locations across New Zealand this July and August. These sessions have different content from previous roadshows and they are not-to-be missed! Highly-practical with expert presenters, these sessions are also an excellent opportunity to bring all your questions.
Find a session in your area and book now.
Check out the Roadshow poster.
Residential Property Management Qualification - Second Intake
Due to high demand, there will be a second intake starting 9 September.
Verifiable Dates for 2019
| Region | Dates | Location | |
|---|---|---|---|
| July | |||
| 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 |
Superstars Breakfast - Strategies for Success in Challenging Times
Thursday 8 August | GridAKL
Join us for this year's Superstars Breakfast where we will be discussing 'The Strategies for Success' with our panel, hosted by Shane Cortese from Harcourts Cooper & Co.
This year's panel is made up of: Edward Pack from Bayleys Ponsonby; Nick Wilson from Barfoot & Thompson Auckland City; Nicky Malloy from Harcourts Henderson Heights; Ritesh Verma from Property Brokers Whanganui; Rohan Thompson from Ray White Mt Roskill; and Colleen Strachan from UP Real Estate.
Find out more details, or book now here.
2019 RPM Conference - Thriving in Changing Times
Friday 2 August, Hilton Hotel Auckland
This not-to-be missed Property Management Conference is hosted by Simon McKinney and filled with a great line-up of speakers such as Lisa O’Neill, Dr Annette Beautrais, Steve Watson, Lisa Gerrard and Sheree Nicholas.
Breakout sessions will be available for Property Managers and Business Owners.
Find the full agenda here
Registration includes Cocktail Networking Drinks where the winner of the ‘2019 Recognition of Contribution to the Property Management Industry’ will be announced.
2019 REINZ Awards for Excellence
Tuesday 27 August, Cordis Auckland
We are returning to Cordis Auckland for another Gala Dinner presentation of awards with MC Laura McGoldrick.
Buy tickets for the Gala Dinner here.
Enter the Awards here.
Inspire | Motivate | Connect - 2019 YPIRE Conference
Wednesday 18 September
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 Tom Panos, Jake Millar and Lisa King, the 2019 YPIRE Conference is one you do not want to miss!
Group booking discounts available for 5 or more!
For all REINZ Events, click here.
| August | |||
| Thriving in Changing Times | 2 August | 9am - 7pm | Hilton Hotel Auckland |
| Superstars Breakfast | 8 August | 7.30am - 10am | GridAKL |
| Awards for Excellence Gala Dinner | 27 August | 6pm - 10pm | Cordis Auckland |
| Septmber | |||
| Inspire | Motivate | Connect Conference | 18 September | 10am - 7pm | Shed 10, Auckland |
Quickly find "Sale As Is" properties in the Statistics platform
It is now easy to find properties sold "as is" and export your results, thanks to the “Sale as is” filter.
- Enter a location in the search bar
- Click on “More Filters”
- Select “Sale as is"
- Go to Table and Export as PDF and CSV.
Watch the "How to" video.
Our shrinking back-yards: Goodbye to the quarter-acre dream
Bindi Norwell, REINZ Chief Executive said: "As the size of sections has tended to fall, the price of land has increased accordingly. Therefore, it's not surprising that Ponsonby not only has Auckland's smallest section size per square metre, but it is also the most expensive suburb when looking at land prices per square metre.""
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.
