Ex-McGrath boss Geoff Lucas to head real estate rival

In a major shake-up of the real estate sector, former McGrath CEO Geoff Lucas has been named new boss of The Agency.

Geoff Lucas, when he was at McGrath

In a major shake-up of the nation’s real estate sector, the former CEO of celebrity property group McGrath is to head the company’s rival, The Agency.

In a long-rumoured move among Sydney’s eastern suburbs agency circles, Geoff Lucas has been appointed chief executive of the listed The Agency, overseeing around 400 staff compared to the 1900 employees under his control at McGrath.

Mr Lucas has negotiated a $550,000 annual salary package for the first two years, plus incentives.

With the initial backing of mortgage broker John Kolenda, The Agency launched in 2017, recruiting several high-profile McGrath agents such as Steven Chen, Ben Collier and Matt Lahood. Their defections led to heightened tensions between the two companies – both of whom have been ASX listed with mixed results.

Mr Lucas has been on “gardening leave” since he resigned from the McGrath network in August last year.

Mr Lucas has significant executive experience across a number of industries, including chief operating officer with artisan bread maker Sonoma and two periods with McGrath, including as chief executive from 2018 to 2020 and chief operating officer from 2008 to 2016.

“We are pleased Geoff has agreed to join The Agency, given his immense experience and success in the real estate sector,” The Agency chairman Andrew Jensen said in a statement.

“The appointment comes at a time when The Agency is looking to use the foundation of its strong balance sheet and industry leading operational performance to continue to drive growth across its business,” he said.

Joining The Agency, which has just reported revenues of $29.4m for the half year, Mr Lucas said the business was now in a position of financial strength, and was beginning to dominate market share in a number of key markets.

“The recent expansion into Queensland, and now a national commercial business, both demonstrates a true national presence providing our people and customers with the benefit of shared knowledge and broad network ensuring consistency in the delivery of service and value to our customers.”

Mr Lucas starts at The Agency next Monday.

Separately, high-profile REA Group economist Nerida Conisbee will join the Ray White Group network in its first ever appointment of a chief economist.

Ray White said Ms Conisbee is Australia’s most quoted property commentator and will join the national real estate agent from mid year.

Ms Conisbee, who is also the deputy chair of the Construction Forecasting Council and is on the South East Queensland Housing Supply Expert Panel, was employed with REA Group for five years.

“Nerida’s decision is a huge endorsement for everyone in the Ray White Group, and helps our customers be informed, not influenced,” said Ray White Group Managing Director Dan White in a statement.

With more than two decades of property research experience throughout Asia Pacific, Ms Conisbee said she was looking forward to working at Ray White.

“There has never been a time where there has been more interest and speculation in the property market. Consumers want real time insights and I am keen to work with Ray White’s members — all 10,000 of them,” Ms Conisbee said.