Property managers to be regulated
Associate Housing Minister Poto Williams has released a discussion document for consultation on what a new licensing regime will look like for property managers in order “to make things fairer for renters and landlords”.
The new legislation will cover property management companies but not private landlords. New Zealand is one of the few countries in the OECD that does not regulate property managers.
About 59% of the country’s private rental properties are under management. At the beginning of 2020 this was 49% but there has been a significant swing to property management companies by private landlords since new government legislation and Reserve Bank tax rules have been introduced over the past two years.
Williams says property managers will have to comply a code of conduct, professional entry standards, established industry practice standards be
accountable through an independent, transparent and effective disciplinary and complaints resolution process, under the new regime.
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