Wellington, February 1, 2018
New Zealand’s real estate industry regulator is changing its operating name to the Real Estate Authority (REA).
The organisation, which was previously known as the Real Estate Agents Authority, is an independent government agency that regulates the New Zealand real estate industry.
Its aim is to promote and protect the interests of consumers involved in real estate transactions, and to promote a high standard of professionalism and service in the industry.
The operational name change comes after consumer and industry research found there was confusion about the organisation’s role and purpose.
REA chief executive Kevin Lampen-Smith said that the new name better reflects the organisation’s unique role.
“Our research has found that many New Zealanders are not well-informed about real estate transactions, which means they can take unnecessary risks when selling and buying property. It’s important that we reinforce our independence in the crowded market of real estate messages. The change also signals a shift in strategic direction,” he said.
“While the REA remains a regulatory body that licenses real estate agents, we are becoming more proactive and focused on consumers’ needs. A new consumer website, to be launched tomorrow (February 14), will further that aim,” he added.
The organisation’s new operational name includes a te reo Maori translation, ‘Te Mana Papawhenua.’
The REA has a new website at rea.govt.nz, which provides consumers with information on the organisation’s role and function, including how to search the public register and how to make complaints against real estate agents.
The new website also provides a platform for licensed real estate agents to apply for and manage their licences and keep up with their obligations.
For more information about the Real Estate Authority, please visit rea.govt.nz