New strategy aims to help sector navigate highly pressured market
The Real Estate Authority (REA) has announced its four-year plan to help consumers and licensed real estate professionals navigate the highly pressured real estate market without harm.
Under its new strategy, REA will address the challenges facing the real estate sector by:
- Supporting and promoting high standards of conduct by licensees to prevent harm to consumers;
- Providing information to empower consumers to safely navigate significant real estate transactions; and
- Growing consumer confidence in the sector.
“REA is a vital part of the real estate sector – both in protecting consumers and in supporting licensees to meet their obligations and the high standards expected of them,” said REA chair Denese Bates.
The key initiatives outlined in the conduct regulator’s four-year plan include:
- A commitment to better understand what drives poor conduct in the industry and how to mitigate the risks unprofessional behaviour creates;
- Creating a more efficient and effective complaints and disciplinary process;
- Promoting REA’s consumer information platform setted.gov.nz; and
- Empowering buyers and sellers from diverse communities to confidently engage in the housing market.
REA chief executive Belinda Moffat said the real estate sector is well placed to meet challenges with high standards of conduct.
“The Real Estate Authority has a critical role to play in the current real estate environment,” Moffat said. “We must continue to be an effective full-service regulator committed to protecting consumers from harm and supporting licensees to fulfil their obligations as capable, trusted professionals.
“Our four-year plan acknowledges we are still operating in a highly pressurised market, in which the shadow of COVID-19 creates financial uncertainty for both consumers and licensees. As an industry, we must also adapt to changes in the licensed real estate population.”
Read more: Complaints against real estate agents reach 10-year low
A vital part of REA’s enhanced approach to empowering communities is increasing the visibility of its commitment to te Tiriti o Waitangi.
“We will increase our cultural capability and strengthen our relationships with Māori communities to ensure we are aware of the needs of iwi, hapu, and whanau when they are buying or selling property. This focus is on understanding the needs of consumers and also licensees from a Māori perspective,” Moffat said.
