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  Make Sure You Have EVERY Initial Before Commencing Celebrations! -Best Practices Series- The requirement for initials on each page of the Sales & Purchase Agreement, should NOT be treated as optional .      Let's find out why. So, the image above is near and dear to every agent, because it represents an impending commission. This same ASP Agreement is also a minefield and far too many agents have fallen foul to treating it lightly and later wishing they had not done so. Here we will examine one small, but highly explosive bit... the "Initials". For our purposes here we will not need to enlarge these pages, but the orange boxes, at the lower right corner of all but one of the pages is our target. Wait, did I just say all but one page? Yes, but can you guess why page 10 isn't included? That's because there will be signatures and no initial is needed, as long as no additional material changes have been made on that page. So, back to the remaining nine pa...

  The REA & REINZ Who Are They; What Sets Them Apart;  & Why Is It So Important? Up until twelve years ago these questions would have been meaningless, because until the passage of the Real Estate Agents Act 2008, there was only REINZ to contend with and it had been that way for decades. You wanted to obtain a real estate license, you called REINZ. You had a complaint with another real estate agent, you called REINZ. You needed current sales data, yes, you called REINZ. Sounds nice and neat, but there were problems. For one, unlike most other English speaking countries, New Zealand agents historically only served the vendor/seller. This left the buyer dealing with a system that was clearly biased against them and with an influx of new Kiwis from the U.S.; Canada; Australia; and the U.K., questions were raised and soon the politicians heard the commotion. After reviewing the local and international models, the uniquely Kiwi Real Estate Agents Act 2008 passed through par...

The "Open Home"; Nearly Everyone Does Them, But Too Few Do Them Well! Please do not take the following as criticism, ok it is, but it is meant to point out significant issues and offer significant solutions, so chill out and give these bullet points a bit of consideration: Generally speaking, open homes represent extra work for both you and your vendor. If the property is not "Ready To View", it should be. Few agents mind holding opens in listings that sparkle or are so much better than competing listings.  At the same time, you might feel it useless to show off a "dog", but the real question for you and your client should be... will the listing sell as well "as is", or should some effort and or cash be applied to making the most of what you have to work with. Obviously, this question will require substantial commitment (read as time and cash) to provide any benefit. It will also require honesty!  Speaking of effort, what precisely is p...

Ask, any 10 randomly selected real estate agents, "What is Buyer Agency?" and you will likely receive answers like this: A Buyer Agent works for the listing agent. A Buyer Agent assists a listing agent in finding possible buyers. A Buyer Agent assists a listing agent with "Open Homes". All of the above. None of the above. So what did you select?  (Spoiler Alert) The correct answer is 5, None of the above, or at least that has become the right answer as of the passage of the 2008 Real Estate Agents Authority . To see the actual language regarding Buyer Agency I recommend reading section 11 of the REA Code of Conduct (2012) . OK, so you have been in practice for decades; have had Buyer Agents assist with sales and are at a loss to understand what this is all about. So, just a wee bit of history. When MP Clayton Cosgrove placed the 2008 REAA Act before Parliament, its stated purpose was to reduce marketplace confusion, with regard to agent/salesp...