Go Gecko, founded five years ago, has called in an administrator and has replaced its chief executive officer, a report said today.
The real estate group, which has more than 50 real estate outlets, largely based in Queensland, said eight company-owned agencies were under review, a report in the Courier Mail said.
The founder of Go Gecko Geoff Doyle was also removed from his role as chief executive and replaced by Noel Scully.
Mr Scully said market conditions were largely to blame for the decision to bring in an administrator, although he cautioned that only two of the eight outlets might end up being closed.
Franchisees, of which 40 attended a meeting on Tuesday, would not be affected, he added.
The company, which caps its commissions, made the announcement at the same time new discount group Refund Real Estate opened its first store in South Brisbane.