Residential Property Management

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The Real Estate Agent’s Act does not require a property management agency to hold a Real Estate Agent’s licence to operate. The Real Estate Institute believes that this is not only an important concern for consumers but for legitimate licenced agencies that risk being tarred by the same brush as a few brigand companies.

REINZ membership of non-licensed Residential Property Management agencies provides them with a level of legitimacy through the requisite Code of Practice and audit requirements. As a REINZ agency member, Residential Property Managers must meet the following criteria:

  • They must conduct themselves and their businesses under the rules and codes of REINZ.
  • They must operate a trust account and have all monies deposited into that account. They must have that account audited, and make that audit available to REINZ on request.
  • They must hold current professional indemnity insurance cover to the minimum standard prescribed by relevant REINZ code; and provide evidence of such insurance upon request by REINZ. 

REINZ has worked closely with the industry ITO to develop new qualifications for Residential Property Managers. This demonstrates the commitment of REINZ to excellence in Property Management.