Perhaps more than any other service-related industry and with a significant contrast between the most reputable Real Estate Agency and the most mediocre, or “the rest”.
In the years leading to the peak of 2007, it became apparent that there was a lot of money within the field. Many who were struggling with their current jobs at the time, saw the industry as a highly lucrative, job that was easy to get into. The standards were generally low and there was no self-regulation in the industry and the general public evidently, was not convinced. Some opening their own Agency made great marketing capital in being different/better/more ethical or whatever – frequently with little Real Estate Investor substance behind their claims.
Then followed The Global Financial Crisis, second and third tier lenders fell and some of the most prominent mainstream banks discovered their recklessness of lending caused their demise and the business was unable to retain its luster. Anyone who required the assistance from an Real Estate Agency knew they faced a challenge and were more discerning in their selection. The real estate industry was given a serious real-world test.
In the meantime the Government intervened and established an outside agency to oversee standards. It was called the Real Estate Agency Authority was created by the Government of New Zealand giving a platform that allows the public to file complaints. They can rest assured that an independent investigations and appropriate disciplinary measures would take place.
In the aftermath of the GFC Many Real Estate Agencies have struggled to stay profitable, with many shutting their doors. Others, in particular those that consistently maintained high standards of ethics and were adamant about the fundamentals of service , have grown its market value in an decreasing volume market.