ASX Announcement
The Agency Group has become the leading disruptor and fastest growing national real estate agency in Australia with the finalisation of The Agency Group's acquisition of Top Level (The Agency east coast).
As announced on the Australian Securities Exchange on the 17th of January 2019, The Agency completed its acquisition of Top Level real estate (operating as The Agency on the east coast of Australia). The merger creates a formidable national force within the real estate industry and comprises two brands; The Agency and Sell Lease Property.
Paul Niardone retains his position as Managing Director of The Agency Group and Matt Lahood (CEO Top Level) will commence his role as Executive Director of The Agency nationally. The Agency Group's combined performance over the six months leading up to the 31st of December 2018 outlined below:
- 293 agents
- 1,121 properties sold
- $1.2 billion in value of properties sold
- 4,209 properties under management
- 1,394 listings
- $24.5 million in revenue
The Agency WA is ranked the number one office in the region by the REIWA and its founder, Paul Niardone, conceived the brand's unique non-franchise model that has changed the way real estate operates in Australia. The business has been built for scale, with the ability to grow the number of agents and properties under management with limited corporate overheads.
"We are only a start-up that has, in a very short space of time, achieved significant growth in terms of revenue, market share and recruitment," Paul Niardone says. “In 2019, we expect there will be further consolidation in the industry with our disruptive model attracting more attention from those agents wishing to change as they look for a more attractive offering and stronger brand and business model.
“I would like to thank everyone who has been involved in this significant transaction and, most importantly, to our loyal investors who through their continued and unwavering belief in our company and proven disruptive real estate model have made this transaction a reality.”
Paul Niardone and Matt Lahood have worked closely together over the last year to bring this important acquisition and merging of businesses to completion. With the deal finalised, the company will now focus on utilising its powerful economies of scale and talented team of real estate professionals to take the business to the next level.
“We are excited that our transaction with The Agency has now been completed, making us Australia’s leading disruptive, high-growth real estate brand," Matt Lahood says.
“With this transaction finalised, we are focusing on significantly enhancing our already impressive east coast offering and results, to the benefit of our national business. Our attention will now turn to the opening of our second Melbourne office in Hawthorne, the first quarter of this year, and also to a new office on the Central Coast of NSW. These openings are in response to a strong demand from agents wishing to join The Agency.”