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Auckland, May 8, 2017
Recent advice distributed by an Auckland property investors’ group should serve as a wake-up call to both property owners and real estate agents, an official of the Real Estate Agents Authority, real estate industry watchdog.
Real Estate Agents Authority Chief Executive Kevin Lampen-Smith said advice distributed by an Auckland property investors’ group, which included suggesting collusion between property investors to keep prices low and targeting vulnerable sellers, was a reminder to real estate agents to protect their clients.
Understanding trends
“Real estate agents are expected to continually upskill to stay on top of changes to legislation and current requirements. They should also be aware of trends in the market that may have an impact on their clients so that, given the circumstances, the best price is achieved,” he said.
Mr Lampen-Smith said that the recent case of Mangere pensioner Sarah Ewe, who sold her home to a no-commission house trading company without receiving advice from her family or lawyer, underscored the need for people to be mindful of their rights and responsibilities when considering selling their properties.
“No matter what channels they go through to sell their property, we suggest that people engage a lawyer to help them navigate the process right from the start. Property transactions are complex deals that involve big sums of money and a lot of emotion, so impartial legal advice is invaluable.
“We also recommend that people work with a licensed real estate agent when selling a property. If you sell your home privately, you do not have the same access to redress if things go wrong. A licensed real estate agent is there to help you navigate the process and get the best result,” Mr Lampen-Smith said.
The REAA has a free online public register of licensed real estate agents at www.reaa.govt.nz
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Photo Caption: Kevin Lampen-Smith
