Defecting McGrath agents to launch The Agency

Defecting McGrath agents to launch The Agency
Defecting McGrath agents to launch The Agency

Seemingly with the backing of mortgage broker John Kolenda, the veteran agents who recently quit the McGrath Estate Agency are set to launch as The Agency.

The website countdown clock has it scheduled to open in nine days. It advises "change is coming."

The partners in the foray are still unconfirmed but likely to be headlined by the departees who turned against the listed ASX McGrath Estate Agent group last year.

Longtime McGrath agents Matt Lahood, Stephen Chen and Ben Collier have all maintained a low profile since their departures last year. Their departures were preceded by weeks of avoiding any confirmation of any departure decision - and in some cases outright denials of any departure. It is widely assumed they will band together in the new outfit.

There were four estate agents initially tipped last October as taking on the new agency - with richly rewarding commissions - but one of the mooted four remains at McGrath.

Also not all associated team members have made the shift with their decisions fracturing the Edgecliff-based agency that dates back to the 1980s.

The non-descript website - the agency.com.au - is owned by Daring Investments with Paul Niradonne traceable as the contact.

Nirradonne is the chief executive officer at Ausnet Financial Services Ltd.

Daring Investments is directed by John Kolenda. There have been no amendments to ownership or shareholdings of any Daring's ASIC documents since 2015 when he changed his address from his then recently sold $10.2 million Vaucluse home to his current $7.3 million Darling Point address. 

Ausnet have run a little-known real estate practice out of Doubleview, Perth since 2006 called The Agency which offer a range of Ausnet financial services. Ausnet has offered finance broking, real estate services, settlement services, property management, project marketing, insurance and financial planning initially to the Western Australian market with an aim to be rolled out nationally. Ausnet’s target is to have 600 sales representatives nationally. 

A Double Bay agency, that traded at The Agency recently rebranded into the expansionary Stone Property Agency group with Daran Baran and Reece Coleman also changing the name of their operating company on December 17 from The Agency Australia Pty Ltd to SDB Pty Ltd. Their decision which was months in the making was the first Stone office east of the harbour.

The rebel agency is tipped to open next month on the strip at Bondi Beach.

Local landlord Eduard Litver declined to comment when approached last week by Property Observer.

Ausnet is backed by the retail finance broker, Finsure Group.

Ausnet is close to listing on the Australian Securities Exchange after Namibian Copper Limited raised $5.8 million in a heavily oversubscribed offer last month.

Ausnet is currently in the process of being acquired via reverse takeover by NCO, an ASXlisted gold, silver and base metals exploration company previously focusing on Namibia, Africa. 

Mr Niardone said via late 2016 press release a key reason for the heavily oversubscribed take-up of the offer was the enterprise value of $5.6 million only took into account the $1.1 billion loan book and not the new real estate business model called “The Agency” or the other business units on the referral platform.

“Our valuation was asset backed, no premium on hype," he advised late last year.

"Unlike our peers, Ausnet has built a proven concept over the past 12 months which has delivered record revenue of A$6.5 million in FY2016, up 37 per cent on the previous year,” he added.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Mcgrath Real Estate Agents

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