Regulation for property managers is overdue

Yes definitely a long needed change, my independent property managers have years of experience, are investors themselves, are fully trustworthy and are members of the Independent Property Managers Assn. It's the one off rogue companies that are not members of the IPMA or REINZ that are the problem. They are more than often set up by people who are not investors, have no knowledge on how to treat tenants and don't invest in property themselves. These property managers give other property managers a bad name.

Even the Real Estate Agents can be far from perfect.testDr

I can see why he would think it is a good idea. For anyone interested in the man just go and have a search on the net. Funny how his business interests influence his rhetoric.

I agree it's needed, landlords can lose a lot of money via poor property managers. I'm having a terrible time with what appeared to be competent people, but some seem to be less than enthusiastic about any sort of work beyond accepting the rent money. Not so good when they've put in bad tenants, failed to manage/resolve the issues that arose, and now don't want to put in the required effort through the Ten Trib process either. Time to fire them, but I haven't found any other good ones yet... Back to managing myself I think.

Caveat emptor I say. There are enough regulations around property and although the value of the investment can be high a bad property manager cannot abscond with a large amount of cash.The REINZ like to restrict competition and I have found the large name players as bad as any.

.... all of which reinforces a property owner's responsibility for choosing a property manager by reputation and proven trustworthiness. No rule or membership of a professional body such as REINZ say, in any industry or service niche can eliminate those who do not give value for money. Every industry has the bad eggs. At the end of the day individual reputation is all you have.

Aside from the fiscal areas of Property Management, there is also the ramifications of Property Management Companies that are Developer enforced and often in place prior to development completion and the 1st Body Corporate or Owners committee Meeting. This dis empowers the Body corporate Owners from selecting their own preferred Management company or the Owners Committee handling this role. Contracts of this nature are often binding with rights of renewal and can result in Body Corporate Owners being unable to replace the Management Company - would be interested in hearing from anyone with solutions to such a problem?