The Government has unveiled its proposals to regulate New Zealand property managers.
Measures include a new licensing regime requiring residential property managers to comply with a Code of Conduct and minimum training requirements for new property managers and established property managers.
Tenants or landlords would be able to complain about the behaviour of property managers with fines of up to $40,000 on an individual, or $100,000 on a company.
“This Government is committed to improving the wellbeing of all New Zealanders and housing plays a fundamental role in that,” Williams said.
“We have heard the calls of the sector, which has said the lack of regulations mean renters feel reluctant to complain to, or about, their property manager for fear of losing their homes or jeopardising their ability to rent houses in the future.
“Property owners are also vulnerable to poor conduct by property managers, and we know of some instances were unregulated property managers have misused rental income and bonds and provided little or no property inspection and maintenance.
“We have made a number of changes to tenancy laws in recent years and committed through the Labour Party’s 2020 manifesto to further improve the rental sector by regulating residential property managers in a manner that protects property owners and tenants.”
New Zealand is one of the few countries in the OECD that does not regulate property managers.
Consultation will run until April 19, and it’s expected that the draft Bill is introduced to Parliament in 2023.