Is Your Property Manager a Cowboy?

Did you know that any individual can set up a residential property management business without abiding by any specific industry regulations, and therefore there is little protection for landlords and tenants?

Legislation made its way through parliament to address this, but on the change of Government, was abandoned. Harcourts was disappointed with that decision as it would have removed cowboys from the industry. So, when choosing a management firm to help you with your very valuable asset, ask them the following questions:

• What level of Professional Indemnity Insurance do they carry?
• Do they hold all rental funds in independently audited trust accounts?
• What specialised trust accounting software do they use that ensures the security of financial transactions and all other records attributed to managing the property?
• What industry bodies are they aligned with?
• Are they a Real Estate Institute of New Zealand (REINZ) member?

REINZ represents real estate and property management professionals across New Zealand. Members are committed to delivering the best possible services and upholding the highest standards of practice that are open, ethical and honest.

REINZ Members agree to support this objective by abiding by the REINZ principles in all their dealings with clients, customers, other REINZ Members and members of the industry. REINZ is not the industry regulator. Members must abide by the rules set out by the REA and the Residential Tenancies Act. They must also follow the REINZ Codes of Practice as a condition of their membership.

The Code of Practice for Residential Property Management covers:

• Professional conduct
• Landlord care
• Establishing rental figures
• The management authority
• Tenant selection and documentation
• Tenant care
• Care of property
• Care of landlord and tenant funds

You can view the full code here

Harcourts Taupo Rentals is proud to be a REINZ member.