The Agency Group has reported continued growth, notching up $402 million worth of property sales in April and May, and $34.8 million in year-to date Gross Commission Income (GCI) to the end of May, 2019.
West Coast operations, which incorporate The Agency and SLP brands, achieved the highest GCI of $1.3m in May, while the group delivered a total of $3.6m for the month, building on $3.2m GCI in April which was affected by Easter and Anzac Day holidays.
The strong GCI growth is a reflection of the unprecedented number of exchanges during May, totalling 247 for the group, with The Agency WA accounting for a record 143 exchanges, while East Coast Residential completed 104 exchanges.
Across the Group, The Agency sold more than $402 million worth of property in April and May. Properties under management also continued to be a source of strength for the Company, with The Agency’s east coast and west coast operations recording a record total of 4,324 for May 2019.
Since 31 December 2018, The Agency has recruited 44 agents, with 30 agents joining the east coast operations and 14 agents aligning with the brand in the west coast.
The Agency Group’s Managing Director Paul Niardone noted the recruitment spike was further proof the company’s non-franchise, high-commission model was continuing to attract top agents nationally.
As at 31 May, The Agency comprised 280 sales agents in total.
“While real estate markets on the east and west coasts have been subdued, we have bucked the trend with a stellar few months, delivering unprecedented record growth across key metrics,” Mr Niardone said. “I am proud of what our east and west coast teams have and continue to achieve and look forward to providing a comprehensive update to investors for the June quarter next month.”
Meanwhile, the strong results have been supported by further expansion. The Agency has now commenced operations in Western Australia’s second largest city, Mandurah, through the recruitment of highly-experienced agent Renee Hardman.
The new Mandurah operations denotes a hastening expansion by The Agency into prestige regional areas, with Ms Hardman to establish Team Sauvage, an office of five agents based in the coastal city.
Ms Hardman has operated her own real estate business for 13 years in Mandurah, where she holds the claim for selling the highest-priced property in Halls Head Canals for $5.8 million.
“I would like to welcome Renee Hardman and her highly-experienced team to The Agency family,” Mr Niardone said. “This appointment is further proof The Agency’s business model attracts the best agents in Australia and continues to move from strength to strength, while other real estate businesses have experienced contraction.”
He further noted Ms Hardman joined a stellar lineup of high-profile agents, including the recent arrival of Sydney-based Gavin Lewis, who is the former senior associate with Australia’s number one ranked agent.
In subdued market conditions, the group’s agents achieved a number of landmark sales this year, including:
• February: Ben Collier’s Centennial Park sale in the vicinity of $13 million; and Rose Bay sale at above $23.5 million
• March: Bethwyn Richard’s Bronte sale at approximately $9.5 million
• April: Scott Thornton’s Cremorne conjunction sale at approximately $8 million
• May: Nic and Kingsley Yates’ Mosman sale at over $5 million