Hon POTO WILLIAMS: As the residential property market has grown, so too has the role of property managers within it. Ministry of Business, Innovation and Employment bond data suggests that property managers are responsible for managing around 42 percent of all rental properties. That's why there's a strong interest for both landlords and tenants to have confidence in the service provided by property managers. These changes will provide more security and certainty to both landlords and tenants by putting in place a regulatory system that will provide property managers with more guidance, as well as a robust process for tenants to raise their concerns.