Real estate agents welcome new law

Wanganui real estate agents have welcomed the new Real Estate Agents Act that comes into effect today.
After 33 years of regulation under the old act, they feel it's high time for a change for the better.
Harcourts branch manager Bob Weaver said yesterday the new legislation was at last putting in the checks and balances that had been needed for years.
"It's means upgrading and upskilling all the people in our industry."
Real estate agents have suffered from too much bad press for too long, he said.
"The new laws mean greater protection for us, our clients and consumers. I'm very pleased with it."
The new law, which means agents must provide a booklet to both the client and the consumer, detailing every aspect of a contract, means no one is left in the dark and the whole process is entirely transparent, Mr Weaver said.
"Everything will be exactly right from the start, which means it will totally rule out any unscrupulous operators."
To comply with the new legislation, agents will have to know their obligations, which include:
A 24-hour (working day) "cooling down" period for a client/vendor after a listing has been signed.
Clients will be able to cancel the listing after 90 days.
If the agent doesn't give the client a copy of the Real Estate Agents Authority Guide prior to the listing, the agreement will not be binding on the client.
Deposits will have to be held in a trust account for 10 working days.
Appraisal and pricing of property must be given in writing to the client and realistically reflect current market conditions and supported by information on sales of similar property. Licencees must not mislead customers as to price expectations of the client.
Agents will have to disclose any rebates and commissions they get (if any).
Wanganui property broker Philip Kubiak said the change meant there was now a clear focus on the consumer.
"This new act is about ethics, honesty and accountability, and I'm thrilled."
However, the branch manager for L J Hooker Wanganui, Steve Ellis, said he thought parts of the new law were just a little bit over the top.
"But the good aspects mean it's made the whole process much clearer, with everything having to be spelt out."
Professionals Wanganui Branch manager Jamie Doble said he was excited with the new act.
"Our team of salespeople are all working hard to embrace all the new industry and legislative changes. These changes can only be beneficial for all of us - agents, clients and consumers - which is fantastic."