In The Know
28 August 2019
Click the headings below to read more or visit the Property Management page
2019 REINZ Awards for Excellence
The 2019 REINZ Awards for Excellence in Real Estate Gala Dinner was held last night at Cordis, Auckland. With nearly 500 attendees, it was a great opportunity to celebrate success across the industry.
Congratulations to all the finalists and winners from the evening/
Final reminder: AML Annual Report due 31 August 2019
Your AML annual report is due 31 August 2019 and covers the period 1 January 2019-30 June 2019.
The report needs to be submitted to the Department of Internal Affairs (DIA), who supervise the real estate sector.
Ensure you are registered with the DIA and that your AML Online account is activated because this is where you will submit your annual report.
If you are not registered with the DIA, you can do this here.
AML Online is a new technology platform that will allow you to engage with the DIA in relation to submitting documents and sending queries to the DIA. For more information on AML Online, click here.
The DIA have also provided a helpful webinar on annual report obligations. Click here to access it.
Ask Advisory: Can I claim commission from both the vendor and the purchaser in the same transaction?
Answer:
The short answer is no.
Agents must not work for a vendor and purchaser in respect of the same property as this would be a conflict of interest and could attract two commissions.
The specific rule that would be breached in this situation is Rule 9.14 of the Real Estate Agents Act (Professional Conduct and Client Care) Rules 2012 (the Rules).
Rule 9.14 stipulates that an agent must not act in a capacity that would attract more than one commission in the same transaction. This means if you claim commission from both the vendor and purchaser then, you are breaching the Rules and you could end up with a complaint made against you.
To access the Rules, click here.
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.
EQC to provide relief to those affected by defective or missed repairs
Home owners of on-sold properties since the 2011 Christchurch earthquakes can now apply for a Government payment so that they can get on with repairs.
These home owners had bought ‘repaired’ properties after the earthquakes only to find out, that they had not been properly repaired and that the new bill was going to exceed the $100,000 cap on EQC payouts and that they could not access private insurance.
The Government has estimated that around 1000 homes which require repairing will cost them approximately $300 million.
Home owners will have 12 months to make a claim to EQC for defective repairs or missed damage. EQC will then work with home owners to agree on an amount to enable repairs to take place.
The Government is urging home owners who believe that they are eligible for payment to contact EQC directly to discuss their potential claim.
Verifiable Training
Tauranga Verifiable Training - LAST CHANCE
Wednesday 4 & Thursday 5 September
Registration deadline Thursday 29 August - a $50 per person late fee will apply after this date.
Auckland Verifiable Training
Wednesday 25 & Thursday 26 September
Registration deadline Thursday 19 September - a $50 per person late fee will apply after this date.
Property Management Roadshow
Check out the poster here | Find a session near you and book here
Last chance for Hamilton
Auctioneering Fresh Starter Training
Monday 7 & Tuesday 8 October
Fun, interactive and engaging 2-day rookie auctioneer training facilitated by Mark Sumich. NV = 7 hours
Book now
New AML Webinars
Residential Property Management Qualification
Intake Two starting 9 September 2019
Only one week left to register
2019 Special available now
Verifiable Dates for 2019
| Region | Dates | Location | |
|---|---|---|---|
| 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 |
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 Josh Tesolin, Tom Panos, Jake Millar and Lisa King, the 2019 YPIRE Conference is one you do not want to miss!
Last chance to use the code AUGUST8 for 8% off individual tickets until the end of August!
For all REINZ Events, click here.
| Septmber | |||
| Inspire | Motivate | Connect Conference | 18 September | 10am - 7pm | Shed 10, Auckland |
Changing data in PropertySmarts
PropertySmarts combines data from a variety of sources. Our members supply us with data on properties through our data returns, other data points come from council rates, council sales and realestate.co.nz. We can’t always deteremine which data source is correct if there’s a discrepancy. In that case, we list the data in order of preference (with realestate.co.nz overriding council sales, and council sales overriding council rates – because on average we find council rates to be the least reliable data source, and realestate.co.nz to be the most up to date).
To arm the user with as broader picture as possible you have the ability to hover over any of the data points in the property details part of the platform and it will show the source of that particular information. If you believe the other source to be more reliable simply follow the steps below to change it.
1. Click "Edit Property"
2. Hover over the information in the "Property Details" tab
3. Click in the white box to edit the figure
4. Click "Finish"
Please note this will only save the change of information for your individual login, not on the entire platform.
For more information, or help navigating this feature, please contact statistics@reinz.co.nz
Branders - New REINZ Member Benefit supplier
Shop through a selection of quality real estate merchandise and supplies - branded fridge magnets, calendars, notepads, pens, playing cards, printed flyers and more!
Get 10% off online merchandise with promo code REINZ10
This week on the blog: Residential Tenancies Amendment Act 2019 now in effect
One of the most significant changes is in regard to liability for careless or accidental damage to a rental property. From today, tenants may be held liable for the cost of careless damage up to four week’s rent or the landlord’s insurance excess, whichever is lower.
ASB Housing Confidence Survey results
ASB chief economist Nick Tuffley said confidence among the 2786 respondents surveyed has increased across all three measures the bank analysed. Overall 9% of Kiwis thought it was a good time to buy a house. This was the highest level since January 2013.
Click here to read the full story.
Housing Affordability - Does anyone want to solve it?
REINZ Chief Executive, Bindi Norwell was recently part of The Property Foundation's Expert Panel Discussion along with Minister of Housing Hon. Dr. Megan Woods; CEO of Infrastructure NZ, Stephen Selwood and others as they discussed housing affordability and potential innovative solutions.
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.
