Steven Chen follows Lahood and Shalhoub out the door at McGrath Group

Steven Chen follows Lahood and Shalhoub out the door at McGrath Group
Steven Chen follows Lahood and Shalhoub out the door at McGrath Group

The McGrath Group has lost another senior estate agent with Steven Chen departing the listed estate agency.

The McGrath veteran Steven Chen's departure was announced internally on Monday.

He has been the director of its besieged project marketing division. His most recent annual sales tally was $168 million, with a $1.2 million average sale price.

His career spanned over 19 years with the McGrath Group. He was a board member in 2011-12.

"I have to announce the resignation of Steven Chen as director of project marketing, from McGrath Limited," the newly installed McGrath Group chief, Cameron Judson advised staff Monday afternoon.

It followed the departure of the director of sales Matt Lahood.

"Both Matt and Steven have had a long and important history with McGrath. Since joining our business they have built and established lifelong friendships within the McGrath family and both will be greatly missed. Their commitment, contribution and dedication to the success of the McGrath brand, its people and business is immeasurable.They each continue to be shareholders in McGrath, with individual holdings in excess of 2% of the company," 

Chen boasted he had personally transacted in excess of $2.5 billion in projects and residential sales.

Establishing the McGrath Projects division, Steven lead a team of over 60 agents and support staff in Sydney, Brisbane & Gold Coast.

He also directed a specialist team of 20 experienced Chinese agents catering for the local and international Asian market, selling Australian property in Hong Kong, Shanghai, Beijing, Xiamen, Guangzhou and Wuhan-China. 

His division attracted blame in April when the listed real estate group announced a profit downgrade, and lowered its dividend target following a revision to forecast volumes and sales.

Postponed project launches by the project division was one of the reason for the revenue decline.

Last week McGrath lost its Millers Point specialist, Richard Shalhoub, who was also involved in the sale of the former CEO John McGrath's personal portfolio of harbourfront apartments through the years.

In 2014-2015 he sold $92 million worth of property and in 2015-2016 he sold around $117 million, at a $2.5 million average.

Lahood, Chen and Shalhoub have worked a combined 50 plus years in real estate.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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