Regulation of Residential Property Management Industry Criticised After Housing Minister Chris Bishop Announcement

In a move that has sparked outrage within the property management industry, Housing Minister Chris Bishop's decision to abandon the regulation of the residential property management sector in New Zealand has been met with fierce criticism.

David Faulkner, Property Management General Manager for Property Brokers, a prominent figure within the industry, has issued a scathing critique of Minister Bishop's announcement. Despite widespread support for regulation from industry professionals and tenant groups alike, the decision to halt progress on the Bill is seen as a significant setback in ensuring fair practices, improving consumer confidence, and holding property management companies accountable.

Faulkner expressed deep disappointment, stating, "It is unacceptable that the Minister turned a blind eye to the rampant exploitation and mistreatment of tenants and landlords by certain property management firms. The absence of regulatory oversight has allowed unscrupulous practices to proliferate, leading to dire consequences for renters and investors nationwide."

Highlighting the urgent need for comprehensive regulations to safeguard tenants and landlords, Faulkner challenged the Minister's assertion that increased regulation would hinder housing supply. "Regulating the Property Management industry would help to increase supply by installing greater confidence within our industry and having a framework to expose cowboy practices with serious repercussions for poor practitioners," Faulkner added.

Property Brokers, a leading real estate agency in New Zealand, has been a vocal advocate for reforms to address systemic issues in the rental market. Faulkner reiterated the company's commitment to promoting fair and ethical practices within the industry.

"As responsible stakeholders in the housing sector, we will continue campaigning for industry regulation. The benefits will outweigh the costs associated with regulation. We run our company successfully as if the industry were already regulated."

The failure to regulate the residential property management industry perpetuates injustice and undermines the stability of the housing market as a whole. David Faulkner and Property Brokers call upon Minister Chris Bishop to reconsider a decision that would benefit the entire rental market in New Zealand.