New Rules for Real Estate Agents

​From today the rules that govern New Zealand’s almost thirteen thousand real estate agents change announced Real Estate Agents Authority (REAA) Chief Executive, Kevin Lampen-Smith.
“The changes to the Professional Conduct and Client Care Practice Rules (Code of Conduct) are designed to further protect buyers and sellers of real estate.”
“Changes include agents having to explain to clients when an agency agreement ends, recommending to all parties that they get legal advice before signing agency or sale and purchase agreements and having to explain to a prospective client that how they chose to sell their property can impact on the benefits the agent receives.“
 “There is also a new rule that is designed to help protect sellers from the risk of paying two commissions and new rules for buyers’ agents” continued Mr Lampen-Smith.
“The old Code of Conduct worked well, however after three years it was time for it to be updated.  We consulted with the industry, consumers and the wider public to develop a Code of Conduct that continues to protect buyers and sellers and improve standards in the real estate industry” said Mr Lampen-Smith.
“These are positive changes for both the industry and consumers.  The new Code of Conduct, along with continuing education, helps ensure a professional industry and informed buyers and sellers. We are excited to be taking this next step in improving industry standards.”
The Code of Conduct sets the minimum standards required of agents and is used as a reference point for discipline. More information about the new Code of Conduct and what has changed can be found on our website.
We are the independent government agency that regulates the New Zealand real estate industry. Our job is to promote a high standard of service and professionalism in the real estate industry and help protect buyers and sellers of property. We provide information for buyers and sellers, provide guidance for agents and deal with complaints about agents’ behaviour.
Ngaire Vanderhoof
(04) 815 8466