Fight to regulate property managers far from over

REINZ chief executive Jen Baird says in an industry where a modest one-person property management business can oversee assets totaling $60 million, it is inconceivable that such a significant sector remains unregulated.

"No other profession handling assets of this magnitude operates without oversight in New Zealand."

Nearly one in three households rent, that number will continue to increase and REINZ will not give up on the bill without a fight, she says.

“There are no minimum standards requiring residential property managers to ensure they are up to speed on landlord and tenant laws.  There is no legal requirement for property managers to hold insurance.  There are no checks and balances to ensure tenant bonds and landlords’ rent monies are protected in an independent trust account.  Rent and bond fraud is not uncommon. Having no safeguards for client funds puts landlords and tenants at risk,” Baird says.