The strategic framework below outlines our vision, overarching strategic goal and strategic priorities for the next 4 years.
People confidently engage in fair transactions with trusted real estate professionals
REA is the conduct regulator for licensed real estate professionals. Our purpose is to promote and protect the interests of consumers engaging in real estate tranactions and to promote public confidence in the performance of real estate work.
REA is successful if people in New Zealand can confidently engage in fair transactions with trusted licensed real estate professionals. This means that all people involved in real estate transactions are well informed and feel they can trust the real estate professionals involved.
Informed consumers across New Zealand's diverse communities confidently engage in real estate transactions without harm
Buying and selling property is one of the biggest investment decisions New Zealanders make. There are many risks, and when issues occur with a real-estate transaction, the financial and emotional impact on consumers can be significant and long lasting.
REA provides clear and accessible information to consumers and consumer groups through a range of communication channels including settled.govt.nz to mitigate the risks of consumer harm and to help them confidently engage in real estate transactions without harm.
REA is focused on reaching New Zealand's diverse communities across age, ethnicity, gender identification, and ability. Through research and engagement, REA will increase our understanding of the needs of New Zealand's diverse communities that participate in real estate transactions.
Importantly REA will increase understanding of the needs of Māori consumers and licensees and enhance the ability to protect Māori consumers and help shape acceptable licensee conduct.
Licensees fulfil their obligations and are capable, trusted and professional
Public confidence in the performance of real estate agency work will be increased if licensees meet the conduct standards expected of them and can demonstrate that they are capable, trusted and professional.
REA will support licensed real estate professionals to meet the high standards of conduct and client care expected of them through education and engagement activities and using all the tools in the regulatory toolbox. This includes issuing clear and concise guidance and information, offering an effective continuing professional development programme that focuses on issues where the greatest risk of harm arises, holding licensees to account where conduct falls short and disseminating learnings from Tribunal and CAC decisions so that licensees understand the standards expected of them.
This work will be data and evidence led and will be built on REA's understanding of the drivers of risk arising in real estate agency work. Through this, REA will prevent harm and increase confidence in the real estate profession.
Awareness of and confidence in REA as the conduct regulator is increased across New Zealand's diverse communities
REA will increase public awareness of its role as the independent conduct regulator of licensed real estate professionals so that all New Zealanders are aware of the services that REA offers and can access them. Awareness that there is a conduct regulator that supports high standards of conduct and that can take action when standards are not met will help to increase confidence in the real estate profession overall.
REA will communicate with all New Zealanders across New Zealand’s diverse communities and provide useful information that empowers consumers to navigate the property transaction process with confidence. REA will proactively communicate case decisions of public interest to ensure the public are aware of the effectiveness of our disciplinary process and have confidence that they can seek help from REA when they Awareness of and confidence in REA as the conduct regulator is increased across New Zealand's diverse communities.
Standard of conduct by licensed real estate professionals is increased
REA will support the increase in standards of conduct by the provision of clear and concise standards and rules that provide practical and enforceable guidance for licensees and through our proactive efforts to engage with agencies and individual licensees who present the greatest risk of harm.
In the coming years, REA will grow its knowledge-transfer capabilities to ensure licensees have a strong understanding of the rules, standards and guidance. REA will also ensure meaningful and precedent-setting decisions or complaint outcomes are communicated effectively to licensees and the public.
REA will review the complaint process to ensure it remains fit for purpose. This includes surveying participants about the process and making efficiency and effectiveness improvements to improve regulatory impact. REA will deepen our understanding and awareness of the needs of Māori to ensure protection and help shape high standards of conduct.
REA will work with stakeholders to evolve its regulatory impact and increase effectiveness of the real estate regulatory system to address the drivers of harm.