Real estate body clamps down on rental services

The tough stand follows a call by Real Estate Institute president Graeme Woodley for the industry to be cleaned up, possibly with the help of more regulations. He has pleaded with the Government to consider amending laws to bring all property managers into the licensing system which would make them subject to the law and the institute's own code of conduct...

This would mean all property managers needed to abide by the Real Estate Agents Act or the institute's code of conduct, which includes rules about where landlords' money goes, having trust accounts with landlords' money in it audited, checking out tenants, inspections of properties and keeping landlords informed.

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