LJ Hooker Lower North Shore jumps ship to take Kingsley Yates's Ray White office
The Mosman-based LJ Hooker Lower North Shore group is joining the Ray White network in a shock defection.
LJ Hooker Lower North Shore has been operating for 60 years and employs more than 50 people.
It has been run by the same directors for the last 20 years, having come to the fore under the prior stewardship of the late Ron Wilson.
LJ Hooker Lower North Shore directors Richard Harding, Geoff Smith and Bernard Ryan are to undertake the re-brand, seeing the potential for expansion across the region from their already large footprint.
Last October the veteran agent Kingsley Yates departed the Ray White group ending his three decade long franchise association due to "differing directions."
It was reported his departure was the most dramatic sign that the future of franchise is set for turbulent times given lowered agent commissions along with the market listings contraction while all the time lumbered with geographic boundary restrictions of the franchisor. In a small way, the Purplebricks incursion has set the cat among the pigeons too.
There are also whispers a small father-son LNS office is set to be snapped up by the burgeoning ASX-listed, The Agency.
On the Yates exit from the Ray White Lower North Shore last October, Ray White head office indicated it had been keen during the renewal negotiations for wider penetration.
So while it has taken many months longer than anticipated Ray White is now likely to set up more offices across the lower North Shore as an outcome of the defection by the trio and their team.
Ray White Lower North Shore was the largest North Shore agency in the Ray White Group, with a team of 60.
The LJH Mosman move to Ray White represents "a long term strategic step for both businesses" in one of Australia’s largest and most dynamic pricey real estate markets.
Harding said there was no doubt his business had been operating at its highest level.
“We are incredibly proud of what we have achieved over the past 20 years - and thankful to LJ Hooker for their support and commitment over that time,” he said.
“However we know we are ready to take the next step and have put significant thought into this decision.
“Joining the Ray White Group provides the ideal vehicle for us to become an even greater force in our local area.“
LJ Hooker Lower North Shore director Geoff Smith said the new partnership gives access to the ambitions and values of the White family.
Ray White Group director Dan White, fourth generation of the 115-year-old White Family owned business, welcomed LJ Hooker Lower North Shore.
“This promises to be one of the most important partnerships we have ever entered into and we expect the changeover will formally occur before the end of the financial year,” Mr White said.
“The re-brand of this exceptional business is the first step in a strategic plan that Ray White has been working on for quite some time that specifically targets Sydney’s crucial lower north shore region, one of the key property markets in Australia.”
LJ Hooker Lower North Shore were a leading office in the LJ Hooker Group and achieved record results in March and again in April.
It operates four departments - residential and prestige property sales, their specialised Urban Living apartment and townhouse sales division, property management, projects and development, managed by director Tim Abbott, as well as retail and commercial, managed by director Scott Stephens.
LJ Hooker Lower North Shore directors Richard Harding and Geoff Smith pictured above.
