Data includes complaints from July 2019 to June 2020
Formal complaints against licensed real estate agents reached their lowest level in 10 years, according to 2019 to 2020 data by the Real Estate Authority (REA).
REA revealed in its 2019/2020 Annual Report that it received only 288 formal complaints against real estate agents from July 2019 to June 2020, marking an all-time low. The volume of complaints dropped by 37% compared to 10 years ago when REA was first established to regulate real estate professionals in New Zealand.
Of the 288 complaints, 82 resulted in finding unsatisfactory conduct or misconduct against the licensee, which equates to less than 1% of the 15,520 professionals who hold an active real estate licence.
REA chair Denese Bates QC said the drop in complaints reflected the work of the regulator to lift professional standards, as well as an increased focus on early intervention to resolve issues before they became complaints.
“REA has worked hard to support high standards of conduct for licensed real estate professionals through our continuing professional development programme, improved guidance, and by responding to a high number of enquiries from the sector. The reduction in complaints shows that this work is having a positive impact,” Bates said.
Read more: Advisers oppose Reserve Bank’s DTI plan
The REA Annual Report also showed that public confidence in real estate professionals continues to increase.
REA chief executive Belinda Moffat said they had seen an increase in the number of buyers and sellers who consider agents to be professional, well-regulated, well-monitored, and fair.
“Buyers and sellers of property deserve to feel confident that there’s a regulator out there setting a robust minimum standard for conduct, training, and expertise for real estate work,” Moffat said.
“Our research and case load indicates that the vast majority of real estate licensees are professional, competent, and trustworthy. More than anyone, it’s these seasoned real estate professionals who want to see those who break the rules be held to account for their poor behaviour.”
