Family, succession, and tech: Raine & Horne reflects on 143 years

The network first launched in 1883, when Tom Raine and Joseph Horne opened the first office on Sydney’s Elizabeth Street.

Since then, Tom Raine’s great-grandson, Angus Raine, has continued the family’s legacy as executive chairman, working in tandem with CEO Chris Nicholl.

Reflecting on his own real estate journey, Raine said early experiences with his father were pivotal to sparking his passion for the industry.

“In the 1970s, my father and I attended in-room auctions, and we’d sometimes bet the princely sum of 50 cents on what we thought the value of the property was going to sell for,” Raine said.

“Back then, the properties were presented using the old Kodak carousel slide projectors – there weren’t any digital presentations or videos in those days.”

He said when he initially began, customer relationship management (CRM) systems didn’t exist, and computers were scarce at his office, with agents having to prospect using traditional means.

“Marketing and lead generation involved cold calls using a phone book and landline phone, community networking events, some local sponsorships, door-knocking armed with printed brochures and flyers, and generating media mentions.”

Since then, Raine said the industry had changed tremendously.

Over the last decades, he said the role of the agent had become more multi-dimensional, as they were expected to master all matters of technology and artificial intelligence (AI) while constantly being available to clients virtually.

He said while the network was seeking to strengthen its office performance through expanding its tech and AI capabilities, it recognised the importance of the human element.

“AI can’t emulate or copy emotions, and property is a very emotional exchange for Australians. That human connection will always be important when dealing with Australia’s favourite asset class.”

“In my opinion, the most successful agents of the future will be those who can combine high-tech capabilities with high-touch personal service.”

Another key change in the industry had been the value placed on certain types of properties, noting terrace houses in Paddington, Sydney were once largely out of favour.

“To see the transformation in both their popularity and value since then has been remarkable, with terrace homes now considered among Sydney’s most desirable and valuable residential properties.”

While the industry had been changing, the value of Raine & Horne had remained, with the network having multi-generational family offices.

“A lot of people are surprised that there are people in our network who have been with Raine & Horne much longer than me. We’ve got close to 40 second-generation offices across our national network.”

He said that for many, real estate had been a family affair developed around the dinner table as parents would discuss the ins and outs of the industry.

Raine said that while the network had a lot of multi-generational offices, the company itself wasn’t solely family-run.

“Since the 1950s – and that was even before CEO was an acronym – we realised, as a family, we didn’t have all the answers.”

As a result, an independent board was established, as well as a succession of external CEOs, which was one of the business’s most important decisions made.

“Having a board with non-family directors that is aligned, cohesive and fully committed to the long-term success of the family business is critically important from a governance perspective,” he said.

According to Raine & Horne, Australian Made Week was the perfect time to reflect on the value of local brands and the contribution they make to the economy.

“As a brand with a blue-chip Aussie history, Raine & Horne is proud to continue its track record of helping each generation of Australians achieve their property goals,” Raine concluded.