REAL ESTATE INSTITUTE.

Otago Daily Times, Issue 20710, 7 May 1929, Page 3

REAL ESTATE INSTITUTE.

ANNUAL MEETING. '.l'lio twelfth annual meeting of Hie Heal Estate Institute of Otago was held yesterday afternoon in the board room of the secretary (Mr R. Hanning). The president (Mr L. t). Ritchie) occupied the chair, and there was a good attendance of members. The chairman reported that the scale of charges on sale transactions, etc., had been submitted to the Chamber of Commerco, and had been approved by the chamber. This scale would now be common in the South Island. In moving the adoption of the annual report and balance sheet, the chairman said he thought they had a record of good work for the 12 months, and, looking back over the 12 years’ existence of their institute. lie suggested that any dispassionate observer acquainted with a!) the facts would agree that its existence hud been, of considerable benefit to the public and its members alike. He was satisfied that a better feeling existed among real estate agents to-dny, that flic re was a stronger desire to give satisfactory service to their clients, that agents possessed a better underfunding of the business than was the case years ago, and that, broadly speaking, their clients were well served. That so large a volume of business was put through and so few eases came before the courts was evidence that, generally speaking, the real estate business was conducted on sound lines. For his own part, lie hoped that when the rules were revised it would be provided that no member should take a case to the court without putting the facts before the executive. Such a rule had obvious advantages, and it- was in operation in other real estate institutes. The examination conducted by the Real Estate Institute of New Zealand had attracted a lot of attention, and was now, he trusted, an annual event. It was pleasing to find that many younger men were taking up the course, and realising that in gaining the knowledge necessary to pass the examination they were, obtaining not only an asset for themselves, but something that would be of benefit to their employers and to those with whom they would do business. This brought him to another point, namely, the necessity of seeing that a purchaser was alive to the importance of any steps taken, hi'om time' to time he had been approached as president by members of the public who felt that they had a grievance. In some cases the agent concerned was not a member of their institute, so that the institute could take no steps. Sometimes the purchaser suggested that had he understood fully what he was doing the trouble would l not have arisen. For instance, a purchaser had been asked to sign an offer for a property. He suggested certain reservations in the offer but, after discussion, signed a definite formal offer. This was accepted in writing by the vendor, and the purchaser was surprised to find that a properly drawn offer and acceptance constituted a sale. He consulted his friends, and stated that all appeared to think with him that no sale could be made until a proper agreement of sale had been signed. Such ignorance might appear strange to them, but, alter all, most of them were woefully ignorant of things not concerned with their own routine and work. He, therefore, stressed the desirability of making everything plain to a buyer. Better in the long run no sale at all than a dissatisfied buyer. Care in this direction would create confidence and a goodwill in a business that both from a personal and a financial point of view was one of the greatest assets anyone could possess. Dealing with the property market, Mr -Ritchie said that reports from his brother agents, together with his own experience led him to the opinion that the market was showing signs of a revival. There was certainly more inquiry than there was some- time ago, and the volume of business transacted was larger. He concluded by paying a tribute to the good work being done by their secretary (Mr Hanning). '

The motion was seconded by Mr Douglas Spedding. He said it was very gratifying to know, that their institute was in a very sound financial position. He thought they might make an endeavour to secure members from the outside towns, particularly Oamaru, where they had only two members out of a total of something like 20 agents. The speaker referred to the value of the examinations. 8 ., . , aKree d with the chairman that their business outlook was much brighter than was the case a month or two ago. Mr P. W. Stabb said it was very gratifying to those who had done the spade work in forming the institute to see such a large attendance. He also paid a tribute to the work of their president, Mr Ritchie. He had held this position for 10 years, and had always led them along safe'lines. (Applause.) OFFICE-BEARERS. The following officers were appointed;— President, Mr L. D. Ritchie (re-elected amidst applause); vice-presidents. Messrs A. P._ Quelch (re-elected) and Douglas Spedding; four members of committee — Messrs H. F, Titchener, T. Irvine, T. Scurr, and E. L. Macassey; auditor, Mr C. Russell Smith (re-elected).