PHOTO: John McGrath, founder and executive director of McGrath Ltd. FILE
McGrath has expanded its east coast real estate agency network to Tasmania, opening an office in the northern city of Launceston with another soon to launch in Hobart as part of plans to double the number of outlets over the next few years.
Company founder and executive director John McGrath said the ASX-listed business, which endured a tough few years before returning to profit, aimed to add 25 offices to its east coast network each year.
The entrepreneur, a former investor on the Shark Tank television show, made a similar growth statement last April when the business had 103 agencies, but progress has been slow with the number creeping to 109, including Launceston.
“We think within our existing footprint there is absolutely opportunity for at least doubling the size of our network without expanding into new geographic territories,” Mr McGrath said on Tuesday.
“We’re very focused on the east coast at this point, we’re not looking beyond there to either New Zealand or central or Western Australia.
“We don’t want to have an office in every suburb because we think the world has moved on from that. We want to have offices that cover a lifestyle. Offices that cover a region.
“Our thinking is 225 offices in that footprint over the next few years.”
Despite the slow network growth, the business has performed relatively well on the financial front, due in large part to the booming residential sales market across the states in which it operates – NSW, Queensland, Victoria and now Tasmania.
READ MORE VIA AFR
https://www.instagram.com/p/CZAKs5hh-X1/?utm_source=ig_web_copy_link
