Michael Coombs departs McGrath
The status of leading Mosman agent Michael Coombs has become slightly clearer just days after McGrath Estate Agents ended its the franchise agreement on the Lower North Shore.
The Coombs profile, along with four team members, came down from the McGrath group website this morning.
Coombs has quit the LNS franchise, but yet to announce what his 2019 plans involve.
Property Observer wrote earlier this week the franchise decision by head office meant the future of one of the McGrath group's top performers was in play.
Coombs had previously held equity in the Mosman franchise but sold it back to the principals around 18 months ago.
It allowed him the freedom to quit the McGrath office just days after McGrath head office gave their advisory that they'd be ending their agreement with the franchise principals who are listed as Dean Mackie, Piers van Hamburg and David Howe.
Coombs has always rated highly with his sales tally among the McGrath agents, although his sales tally hasn't been public since he pulled out of the REB Top 100 ratings two years ago.
Coombs ranked 26 in 2016 with $276 million in property sales.
In 2015 with 13 year's experience, and three support staff his sales tally was $180 million. There was a $4 million average sale.
Coombs sold 41 properties in 2014 for a $140 million total.
McGrath is currently considering the "optimum" structure for the continuation of the McGrath presence in the key markets of Mosman, Neutral Bay, Chatswood and Northbridge.
The cost cutting decision was couched has providing the opportunity of strengthening the profitability for the publicly listed estate agency.
McGrath opened its first office in Sydney’s Lower North Shore in 1996.
“We have a clear plan to rejuvenate our presence in the region," McGrath chief, Geoff Lucas told shareholders last Friday.
The shareholders were told by Lucas the LNS profitability had "fallen below expectations in recent years.”