The Agency Group has bucked the trend by delivering a strong June Quarter 2019 including top results in key areas, despite the lingering property market downturn.
The company reported its busiest quarter on record in some areas, with a nine per cent jump in number of exchanges to 674, and its highest number of properties under management (4337) – a 29 per cent increase on PCP.
The Agency Group clocked up more than $600 million worth of property sold during the period, with a Gross Commission Income of $10 million, which was consistent with last quarter’s result.
The Agency Managing Director Paul Niardone said the results highlighted the company’s ability to perform strongly in a housing market which has experienced a prolonged downturn.
“The June quarter result was a significant achievement for The Agency Group, especially when considering the prevailing tough conditions in our key markets on both the East and West Coasts during the period,” Mr Niardone said.
“In particular, The Agency (WA) delivered a stellar quarterly result with records across all key metrics, while The Agency (East Coast) and SLP continued to perform strongly.”
Over the past 12 months, the Agency Group has grown to 272 agents – a 42 per cent increase compared to the same time last year – which Mr Niardone said was a sign the company’s innovative non-franchise, high-commission model was attracting top agents nationally.
During the period, The Agency achieved a number of landmark sales, including Scott Thornton’s $8 million Cremorne conjunction sale, and Nic and Kingsley Yates’ Mosman sale at more than $5 million.
Also contributing to the impressive figures were several strategic East and West Coast expansions during the quarter, in particular The Agency’s Ben Olofsen and Cameron McKillop, of McKillop Property, joining forces under The Agency banner to target the lucrative Southern Highlands, Southern Tablelands and Wollondilly regions of New South Wales. The operation is one of the largest in the region with 200 listings and a team of 15 agents and staff.
The Agency also commenced operations in Mandurah – Western Australia’s second largest city – through the recruitment of highly-experienced agent Renee Hardman.
Mr Niardone said the expansions were further evidence that The Agency’s disruptive model attracted top talent and put them in good stead for the future.
“Should the market start to turn around, this will only aid in improving our results,” he said.
“Considering our significant achievements during the downturn, we will be well placed when the property market rebounds.”