Nearly 40 years ago, Raine & Horne opened its first franchised office, marking a significant shift in company's strategy from selling real estate to providing franchise opportunities.

A celebration will be held on Wednesday 19 October at the flagship Raine & Horne Liverpool office to mark the 40-year anniversary.

Former Chairman Max Raine, who worked for 60 years at Raine & Horne, announced in 1976 that the company would open at least five franchise offices before the end of the year, making the 133-year-old company one of the first real estate agencies to pursue a franchise model. 

“This decision was a major turning point for Raine & Horne,” said Angus Raine, son of Max Raine and current Executive Chairman of Raine & Horne. 

In 1976, Liverpool was "a rapidly-developing suburb 32 kilometres south-west of the Sydney CBD. It was prime real estate territory as the local population had swelled 13.8% in just five years," said Angus.

John Pincham, an experienced Sydney real estate agent, opened the first franchised office, and today the business is owned by joint principals, Vince Labbozzetta and Michael Busdon.

“We even have John’s first franchise fee cheque from August 1976 in a display case in our head office,” said Angus.

Within months of the opening of the Liverpool office, Raine & Horne opened additional franchises in Lakemba, Randwick, Campbelltown, Parramatta and Maroubra.

“By 1978, a total of 26 franchises were in operation,” said Angus. 

Today, there are more than 300 Raine & Horne offices across the country, as well as  offices in Asia, the Middle East, North Africa and the Pacific Rim. Raine & Horne has also expanded into commercial and rural real estate, and financial services.

“The success of franchising relies on delivering key benefits to both the franchisor and the franchisee,” said Angus, who is the fourth generation of his family to lead Raine & Horne.

“It gives the franchisor such as Raine & Horne a cost-effective means to increase its footprint – while still controlling the integrity of the brand and expanding revenue," he said.

“For those with an entrepreneurial bent, franchising offers an opportunity to run their own business backed by an established brand and the support of the franchisor, eliminating many of the risks associated with starting a business from scratch,” said Angus.

“I’m blessed to be part of the Raine & Horne network," said Labbozzetta.

“I’m also excited about the next 40 years for Liverpool," he added, "now that the second Sydney airport at Badgery’s Creek has been gazetted. I feel we’re on the cusp of a major commercial surge for Liverpool, which will underpin residential real estate growth.”

See also:

Raine & Horne's international expansion gets serious

Angus Raine’s tips for beating the rental squeeze in 2016

Raine & Horne partners with lawlab for online conveyancing