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Real Estate Companies Opt For Independent Real Estate Trust Account

Fuseworks Media
Fuseworks Media
Real Estate Companies Opt For Independent Real Estate Trust Account

New Zealand Real Estate Trust, launched by Mike Pero in 2010 to save real estate companies money and time with audit costs, has proven popular with the Real Estate Industry of New Zealand.

According to the company's newly appointed managing director Tracey Kellett, more than 50 real estate companies across the country are registered and using the service for buyers' deposits.

Ms Kellett, an ex bank manager, who was a shareholder from inception and has previously held the role of operations manager for the company, has purchased all Mr Pero's shares and has taken over the director's role. Mr Pero has moved on to establish a new business venture.

"New Zealand Real Estate Trust was established to help reduce compliance and administration costs for real estate offices, by providing an independent third party trust account to hold buyers' deposits explains Ms Kellett.

The deposit funds are held under the custody of Public Trust. Public Trust provides a Government guarantee of independence. "The new Real Estate Agents Act 2008 provides for more protection for the public and agents. Our product not only provides independence and transparency, but it also means that the real estate office no longer incurs auditor costs for property deposits," says Ms Kellett.

The new Real Estate Agents Authority recognises New Zealand Real Estate Trust as an independent third party trust account provider.

Once both the buyers and sellers lawyers confirm that the property agreement is unconditional and funds have cleared, the real estate office can immediately release the payment online - the ten working day holding period no longer applies.

"New Zealand Real Estate Trust is a free to use, online application. As well as cost savings, there's online record keeping, less paper, less administration and better cashflow for the real estate offices. This all comes at a time when all business operators are looking for ways to improve their office efficiencies and profitability," says Ms Kellett.

"The feedback from those offices around the country using the service has been very positive - we think it's a win-win for all parties," she concludes.

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