Tony Brazier
The Press - Wednesday 12 May 2010
Reincarnation in the Same Body
Now that the new Real Estate Agents Act 2008 is in operation and membership to the Real Estate Institute of New Zealand is no longer compulsory for agents it may be a little safer for me to share some history with the public that was never allowable under the old regime. So listen up.
It was not widely publicised and possibly contrary to popular belief, but the REINZ was never very comfortable with the job handed down to it by the old legislation of disciplining its own members. In fact for the last two decades or more (as per various articles in the industry magazine) it had been pleading with various governments to re-visit this part
of their requirements. You see the 1976 Act had handed the REINZ the unenviable hospital pass of trying to keep strict industry discipline with nothing but the threat of a wet bus ticket. With a maximum fine of $750 to even the worst offender it was an unfair position to be put in.
With that in mind the Institute did a sterling job maintaining order for many years, as selected established agents in the various districts volunteered their time to adjudicate over their peers, all of the way through wishing that they had more power. Not that they needed it often, as the majority of issues were more to do with communication and procedural problems than misconduct. The new REAA, in a recent media statement seem to be coming to the realisation that they too need to spend many hours to come up with just a handful, among the thousands of transactions done, that are worth further investigation.
The buying and selling of real estate is one of the most emotional and nerve-wracking transactions a person will do in their lives. Something as simple as missing out on a purchase or not achieving a desired result when selling can lead to complaints being made. All must be investigated. Therefore to the agents of the REINZ who gave the tens of thousands of voluntary hours to do this, I tip my hat, for you were always on a hiding to nothing. Viewed with suspicion by your peers who hoped you would be fair in judging your business opposition, treated with disbelief as the client was told that, in monetary terms, no more than $750 is the punishment, and for years of being ignored by the various governments who left you to fend for yourselves, I say, well done. Admittedly REINZ had the power to make further, more drastic, recommendations to the Licensing Board but the verdict wasn't theirs to make.
Operating with shoe-laces tied together brought forth criticism from the industry's ranks also, as career focused salespeople pleaded for their Institute to do something about the industry tarnishing so few were doing to so many. I, personally, was among a group to challenge the Institute in the 90's. They did what they could but without the act change they sought, nothing else would have been legally based.
And so when the talk of a new regime evolved I was among the first who thought, "What took you so long?" Thankfully the idea, which started as political grandstanding, was picked up and massaged into an excellent working document including the taking back of the disciplinary process which includes the ability to instigate inquiry. A policy that was never allowed before and now even requires agents to report misconduct in others to the REAA.
The old REINZ is dead, long live the new. It can now concentrate on its members without the stigma of also being their policeman. The REAA is handling that part now and I'm sure the Institute will be happy with that. The reinvention of the REINZ is underway and it will now have to prove its worth to its voluntary members. A reincarnation in the same body, so to speak. With the opportunity to concentrate solely on positive aspects like industry legal advice, supply of education, construction of codes of conduct and templates for daily use, the attitude of the members to the REINZ should become one of reliance on an old mate.
I believe, given time we will look back on the old REINZ and ask how did it ever work but for the dedication of its officers and voluntary licensees.
Footnote:
Tony Brazier has worked in the property industry for 23 years and owns a real estate company selling and managing residential and investment properties.
This columns information is of a general nature only. Readers should seek professional advice before acting upon it.
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