What are the new real estate booklets about?

Friday, December 23, 2011 12:31 PM

Real estate salespeople have been giving out little booklets which much be read before making an offer on a property. What are they all about?

The booklets are guides produced by the Real Estate Agents Authority (REAA), which govern over the real estate industry. They provide an independent oversight of the real estate industry, ensure a high standard of service and professionalism within the industry, and provide increased protection for buyers and sellers of real estate.

The REAA is a Crown Entity, established under the Real Estate Agents Act 2008.

They REAA produce booklets on buying a property, selling a property and the code of conduct that all real estate licensee agents and real estate licensee salespeople must adhere to. Before you make an offer on a property, or sign a listing form to sell your property, you must be given a copy of the appropriate booklet/s.

Take the time to read through the booklets. It’s important to know how all the processes work and what to do if you are concerned you’ve been treated unfairly.

What is the difference between to a licensee salesperson and a licensee agent?

A licensee salesperson holds a license to sell real estate but must be employed, usually through an independent contract, to a licensee agent either through a company or by an individual. Both agents and salespeople must obtain their license after competing the necessary training through the REAA. Renewal of licenses is on an annual basis.

If I am concerned about how I have been treated by a salesperson or an agent, who do I complain to?

Each real estate company must have a complaints procedure, which you may chose to follow, or you can complain directly to the REAA which will assess and investigate where necessary.

For more information on making a complaint or any other real estate industry information go to the REAA website, www.reaa.govt.nz.