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The ASX-listed network in Western Australia has notched up the highest number of total sales in the latest REB rankings, thanks to its tailored employment packages for agents and high property demand.
The 2022 REB Top 50 Sales Offices report has revealed that the total value of sales more than doubled from $572.7 million in 2020 to almost $1.3 billion in 2021 at The Agency in Western Australia, the third-highest across this year’s rankings.
A booming property market enabled the company to sell 2,306 properties last year, the highest among the top 50 sales offices, while it listed 2,477 properties, the second-highest in the rankings.
The significant surge across the key metrics saw The Agency jump from 34 to seventh position this year, the REB report showed.
The REB Top 50 Sales Offices rankings data is compiled using a range of indicators, including sales volumes, settlements, listings, and an efficiency rating that is determined by the ratio and sales support staff.
Speaking to REB, The Agency general manager, Western Australia, Stuart Cox said recruiting agents drives the business and attributed its performance to customising employment packages to match the agent’s ambitions, goals, and career phase.
“We know that some people do it for the high income, while others do it because they enjoy interacting with people. There are more people who do this job for lifestyle and enjoyment rather than just high incomes,” Mr Cox said.
“We acknowledged this a while ago and began tailoring our employment packages to suit the individual and provide flexibility. While we don’t put every single person on a different employment contract, we provide four options for them.”
For example, agents driven by earning high incomes through strong sales figures could access a package that provides back-end support and enables them to employ teams.
On the other hand, those who prioritise lifestyle could opt for a package with a lower commission but more social media and database support.
Recruitment numbers have consistently grown by 20 per cent a year, which Mr Cox attributed to the availability of the flexible employment packages.
Establishing a centralised office, providing back-end support as well as training for the use of new technological tools have enabled agents to communicate effectively with clients and increase business, he added.
The Agency recently reported in its financials that 345 agents sold 2,910 properties for a combined value of $3.1 billion in the six months to 31 December 2021, increasing gross commission income by 39 per cent year-on-year from $38.1 million to $52.9 million.
Mr Cox said it is aiming to grow to over 400 agents by the end of 2022 and maintain a 20 per cent year-on-year growth in recruitment over the next five years.
He also observed that there is pent-up demand for property in Western Australia from interstate and overseas buyers (particularly due to better housing affordability compared to Sydney and Melbourne) and said he expects the market to accelerate again over the next few months as borders reopen.
“We are constantly getting enquiries from potential buyers. We get over 15 emails a week from people who are either interstate or overseas and are looking to move back to Australia and Perth later this year,” Mr Cox said.
“We know full well that once the borders open properly, there will be this pent-up demand. We think we’ll probably have a three-to-four month run on both rental and sales properties.”
To download the full REB Top 50 Sales Office rankings and report, click here.
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