The Real Estate Agents Authority has changed its operating name to the Real Estate Authority.
The independent government agency regulates the New Zealand real estate industry. Its aim is to promote and protect the interests of consumers involved in real estate transactions, and to promote a high standard of professionalism and service in the industry.
The REA says the operational name change comes after consumer and industry research found there was confusion about the organisation’s role and purpose.
“Our research has found that many New Zealanders are not well-informed about real estate transactions, which means they can take unnecessary risks when selling and buying property. It’s important that we reinforce our independence in the crowded market of real estate messages,” says REA chief executive Kevin Lampen-Smith.
The organisation’s new operational name includes a te reo Māori translation, ‘Te Mana Papawhenua’.