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New Real Estate Agents Act New Real Estate Agents ActWe welcome this new Act which comes into force on November 17 and covers business brokers as well as real estate agents. One important requirement is for brokers to provide a written appraisal at the time of listing. Having sold over 6,500 businesses ourselves and with access to BizStats, the national transaction database, we have always been able to provide credible evidence of market value. Another clause mandates that salespeople must communicate regularly and in a timely fashion with clients. Professional business brokers already understand this and recognise their duties to both sellers and buyers. Baby boomer bubble business bonanza??? A recent bank survey suggested that we could expect a flood of businesses for sale as baby boomers reached retirement age and that this would depress prices. We don?t believe it! The survey was focussed on business with sales of $5m to $150m ? which excludes about 98% of New Zealand businesses. The reality is that most people are living longer and healthier, saving less and have no faith in the government supporting their lifestyle in this old age. They would miss the cashflow and challenge that owning a business provides ? and the purpose in life. |
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