The top brass from McGrath Estate Agents are set to spearhead a new real estate agency in Sydney in the new year, rumoured to be headed up by the group’s recently departed executives.
The move comes amid a widespread reshuffle of agents between some of Sydney’s leading franchises, prompted by a combination of unprecedented low listing numbers and concerns about McGrath’s poor performance on the stock market this year.
McGrath’s head of sales Matt Lahood and project marketing division head, Steven Chen, both resigned earlier this month and are on “gardening leave” until Christmas.
Mr Lahood is believed to establish the new agency, though he did not comment on the story.
Industry sources suggest the new agency may well be an extension of Melbourne-based agency Hockingstuart which is understood to be planning to break into Sydney’s fractured real estate market. No comment has been received from Hockingstuart.