19-02-2009

Govt looks at regulating property managers

1. News
2. 2009
3. February

The government is looking at how property managers operate and whether they should be regulated.

It has issued a consultation document to gather information and views on the activities of property managers.

Justice Minister Simon Power says between 20% and 30% of residential property investors use managers to find tenants, collect rent and manage their properties, and there is also a substantial amount of commercial and rural property in the hands of property managers.

"This adds up to billions of dollars worth of property being looked after by someone other than the property owner. People need to have confidence that property managers will carry out their duties appropriately, and that if things do go wrong there are adequate mechanisms available for redress.

He says the document seeks perspectives on all aspects of the industry, but specifically asks whether there are any gaps in the law that are causing problems for property owners.

If the review finds that regulation is desirable, the public is also asked to comment on how property managers should be regulated."

The review is part of the changes included in the Real Estate Agents Act.