The real estate sales game, alongside property management in New Zealand, often gets a bad wrap from tabloid-style news shows in New Zealand. We’re constantly hearing about families who have been ripped off or mislead by those within the real estate industry, and the media create a flurry in reporting these cases because until now, there has been nothing those families could do.

This is all set to change next year when anyone who has had a grievance with somebody within the property industry can go to a crown agency with their complaint, and will be able to receive up to $100,000 in compensation if a complaint is upheld.

Currently, there are no provisions for compensation, and real estate professionals are only liable for a maximum fine of $750 for individuals, and $5000 for companies. Offences that will draw these fines include: practicing without a license, giving false or misleading information, failing to disclose conflicts of interest and rendering false accounts, among other breaches.

Due to be implemented in late 2009 or early 2010, this approach aims to reinstall faith in the real estate industry. The system will ideally make sure that reliable property management and property sales companies get the credit and respect they loose by the few cases of sour experiences with others from their profession.