Have you ever wondered what would happen at a wedding if the celebrant / minister when uttering the words (Does anyone know any just cause..?) actually had someone leap up from the back row screaming “I DO“!!
There is that momentary hesitation which is then quickly exhausted as silence pervades the audience gathered together for the happy day, and the service resumes as normal.
So what has this to do with real estate? – well let me explain.
Has anyone noticed that the newspapers have suddenly started carrying a large number of adverts in the Public Notices section from aspiring real estate professionals seeking to publicly proclaim their intention to take up a career in real estate. They are proclaiming in effect “Does anyone know just cause … as to why I should not be regarded as suitable to hold the position (license) of a real estate agent / salesperson”?
The key question I am keen to ask is – does anyone read these notices ? The fact is there is a legal requirement under the regulations set out in the Real Estate Agents Act 2008 for any person wishing to enter this profession to place an advert in one of an approved set of newspapers, in fact the requirement is to place 2 adverts.
What purpose does this process serve ? – certainly in today’s world of shrinking newspaper readership it is almost impossible for it to be seen as a viable means of allowing the general public to make a challenge to someones application to hold a license. There could be a better argument that the process would be better served by featuring a list of prospective applicants on the Real Estate Agents Authority (REAA) website or on the industry website. At least this approach would be in the knowledge that visitors would have context to the issue. In addition given this context a Google search for the term “Applicants for new real estate license in NZ” could then provide a link to such a list (a detail search on the current results show not one reference to any applicant or newspaper notice).
The sole beneficiary of this approach appears to be the newspapers who in the case of the major metropolitan dailies are charging around $500 for the privilege. This is the potential for a cool extra $1m for the newspapers given a typical flow of new entrants into this industry each year. This on top of the $555.75 levied by the REAA for a new application for a license and the fees for the education standards required to apply for a license (c. $1,000+) certainly has raised the financial barriers to entry into the industry.