Editorial: As safe as houses

OPINION: Today marks the beginning of a new era for New Zealand's real estate industry.

Concern about the poor performance of a few agents has brought about tighter regulation for the many, and the establishment of an independent body to oversee licensing, professional standards, complaints and discipline.

The former maximum fine of $750 for any transgression, in force since 1976, is replaced with fines of up to $15,000 for an individual agent and $30,000 for a company, and the new Real Estate Agents Disciplinary Tribunal can order an agent to pay compensation of up to $100,000 for actual loss to a complainant. The old order was overseen by the industry itself through the Real Estate Institute of New Zealand. The new one stands alone, and has teeth.

Naturally, many of those within the industry have not been wholly supportive of the changes, which are far-reaching and will involve them in a great deal of additional work. However, to its credit, the REINZ did recognise the need for reform. The vast majority of salespeople and the companies they work for are honest and trustworthy – in an industry that relies so heavily on reputation, they have to be. However, as in all walks of life there are a few who let down the rest. The new rules introduce a level of transparency that will make it harder for the bad eggs to get away with malpractice, and punish them more severely. That is good for customers and ultimately it will benefit the industry too.

The venue is superb, the public keen and there is an established culture of gardening experts available to run workshops, displays and the like. The Festival of Opportunities is one model – another is the World of WearableArt Awards. Nelson might not be the country's cultural or art centre, but it has the climate and location to build a reputation as a horticultural centre of excellence. The organisers could be encouraged to consider a two or even three-day event, which might make additional landscaping events more viable.

- © Fairfax NZ News

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