REAA - The Update
  December 2017
Tēnā koutou

2017 has been a challenging year for the real estate industry thanks to the widely reported slowdown in sales. We've also seen the first change in government since the REAA was established, with the impact of this to be revealed in coming months.

While the year isn't quite over, we're happy to report that we've significantly reduced the volume of complaints escalated to Complaints Assessment Committees. We're looking forward to continuing to work proactively with the industry to support complaint handling processes.

The new year will no doubt present its challenges, but we are excited about the possibilities 2018 brings.

One key change is to our name. From early 2018, REAA will be known as the Real Estate Authority (REA).

Our new name reflects our strategic objective of empowered consumers working with trusted real estate professionals. The rebrand will coincide with a new REA website and the launch of a consumer brand and website in February.

The implications of our name change should be minimal to real estate professionals, as signage used by the industry still needs to refer to being licensed under the Real Estate Agents Act (you will still be ‘Licensed REAA 2008', for example).

While the festive season beckons, we want to remind you to remember the impact that statutory holidays can have on settlements over this period.

On behalf of the team here at REAA, we wish you all the very best for the festive season.
 
Kevin Lampen-Smith
Kevin Lampen-Smith

Kevin Lampen-Smith
Chief Executive Officer/Registrar
 
 

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NZ introduces next phase of Anti-Money Laundering laws
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Changes to the overseas investment regime
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The importance of agency agreements
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REAA fees for 2018
There will be no change to real estate licence applications, licence renewal or licence suspension fees in 2018. However, as of 1 February 2018, manually applying for a new individual licence, and renewing or suspending an individual or company licence, will incur a $25 fee.
 
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Continuing Education Final reminder
A final reminder that all licensees need to complete 10 hours of verifiable Continuing Education and 10 of non-verifiable Continuing Education by 31 December 2017 (unless exempt) in order to be able to work in 2018.
 
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Agency complaints
Thank you to those who completed the survey in the last newsletter about how your agency resolves complaints it receives from buyers/sellers. We'll use this information to review how we can better support the industry to resolve complaints. In early 2018 we'll be meeting with agencies around New Zealand to discuss their in-house complaint processes in detail.
 
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New guides available in the New Year
From early next year we will have new Agency Agreement and Sale and Purchase Agreement Guides available. Copies will be sent to every agent and branch manager in February. New copies of both guides and the Professional Conduct and Client Care Rules will be available online and to order from February 2018.
 

REAA Christmas and holiday hours
Our office will be closed from midday Friday 22 December, and will reopen at 8:30am on Monday 8 January 2018.
 

 
DECISIONS
Unsatisfactory conduct
 
 
STATISTICS
Compliance
Licensing
 

 
 
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Please do not reply to this newsletter. If you wish to contact us please call us on 0800 for REAA (0800 367 7322) or 04 471 8930 or email us at info@reaa.govt.nz
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