Perth-based The Agency spreads its wings to Sydney

The Agency network is about to take on the management of 4000 properties as well as 30 additional agents.

The ­Agency chief executive Matt ­Lahood.

Western Australia’s acquisitive The Agency network is about to take on the management of 4000 properties as well as 30 additional agents across Perth and Sydney.

Speaking ahead of his official start date on Monday, The ­Agency chief executive Matt ­Lahood said he expected the acquisition of the major real estate agency would be bedded down within four weeks, adding 24 new agents in Sydney and six in Perth.

The purchase adds to the growing network, which is controlled by the Ausnet Group, a Perth-based diversified financial services company specialising in finance broking, property management and insurance and financial planning.

“With those acquisitions we will have 90 agents in Perth and Sydney,” Mr Lahood said.

The Agency network’s Sydney headquarters will set up offices in the former Swiss Grand Hotel in Bondi Beach and will open within weeks, while its inner-west offices are already operating in Johnston Street, Annandale. The Agency had also set up for business in ­Darlinghurst, taking a short-term office space lease, Mr Lahood said.

Apart from high-profile agents such as Ben Collier, Brad Gillespie and James Ledgerwood, Mr Lahood said there were several additional well-known agents joining the network, but he would not divulge details, saying they had not yet resigned from their employers. Mr Lahood said the former McGrath agent Ben Collier had achieved upwards of $600,000 worth of commissions in his first month of work with The Agency.

Mr Lahood admitted the real estate market was “very tight for stock” but said his agents did not have problems finding listings. “The serious players that have joined us don’t have that problem,” he said. “We will be hammering it out there.

“My main challenge is to get all the team into the Sydney office in Bondi Beach, which will have concierge parking given the size of it.”

The Agency acquired West Australian outfit Beaufort Realty this week. The Mount Lawley- based agency was acquired for $2.56 million. The sale is expected to complete tomorrow, subject to due diligence.

Under the deal, Beaufort Realty will trade unchanged with no alterations to its management structure. Beaufort Realty normally carries 30-40 listings at any one time with sales over the past year similar to 2015 levels, despite the general softening in the Perth market, according to a statement.