Real estate dynamo and Luxe Listings star Gavin Rubinstein’s TRG agency is to lose its Ray White branding, but will stay part of the White “happy family” — with their blessing to “expand”.
Coming off the back of his $83m worth of sales in just 31 days last month, Rubinstein is overjoyed, saying the move acknowledges “the mutual respect the White family and I have for each other” and will allow him “to operate with unlimited creativity”.
Announcing the change to other Ray White franchise holders in a letter sent this morning, Ray White managing director Dan White said the decision was made “collectively”.
“Gavin and his business will remain part of our broader family group, but from 1 July it will no longer be branded under the Ray White name,” he said.
“It will be branded TRG.”
The business will sit alongside the White family’s other boutique brands, which include its hotels division HTL Property; mortgage broker Loan Market, investment and advisory firm White & Partners and insurance broker Concierge.
Dan White explained that the change was necessary because of Rubinstein’s plans to expand, keeping the current Woollahra office and moving to a new Rose Bay headquarters in September.
“Gavin is ambitious to expand his business and open an additional office,” he said in the letter.
“However, we can’t facilitate this aspiration under the Ray White brand without impacting the ambitions of the other Ray White business owners in that market.”
The Ray White offices directly affected would be Ray White Woollahra, located around the corner from TRG’s Queen St office in Moncur St, and Ray White Double Bay, which is where Rubinstein was lead agent prior to their “parting of ways” in April, 2019, accelerating his plans to go it alone.
But, as was the case back then, Ray White is keen to hang onto its star performer, and it seems the star performer wants to hang onto the White family.
Dan White tells the other business owners in the letter: “In dealing with this issue, one option for us would be to simply farewell Gavin and his team.
“By doing so, we gain a competitor and lose all the creativity and energy that would have otherwise remained in our group.”
He also reminds them that Rubinstein, now 34, having started his career with Ray White as a 19-year-old, has “worked extremely hard to become one of the most successful agents across our international group”.
And having set up Ray White TRG, the office has done “extremely well” and is home to six top-performing “Chairman’s Elite and Elite members”.
He adds: “Their success has benefited all of us in many different ways and played an important part in the momentum we all enjoy.”
TRG had contributed to Ray White’s 23.4 per cent market share of eastern suburbs sales — a $17 billion market.
In an exclusive interview ahead of today’s announcement, I asked Dan White about how he believed other Ray White franchises would feel about the move.
“They realise Gavin wants to keep growing …. like everything, as a business develops, there’ll always be sceptics, always be people questioning it, but I think at the heart of the decision is backing our people and the group moving forward,” White said.
“And Gavin valuing the group … I mean the option is for Gavin to go on his own but he’s decided to retain a connection to the group; that’s a great reflection on every Ray White member.
“And it doesn’t cause any harm for any Ray White member.
“It only really validates being in the broader group.”
The growth of TRG in just three years has been extraordinary, starting with the five original team members in 2019, who all remain, to 30 now.
Rubinstein says the addition of the Rose Bay office and retainment of Woollahra will provide space for 75.
He says he’s excited about the new arrangement, which allows him to stay a part of “the best real estate community in Australia”.
“Since the start of my career it’s been a community I’ve valued and still value today; one I want to remain a part of.”
Despite losing Ray White branding, TRG would continue to have access to most of the existing resources including infrastructure, some of the technology platform and participate in training and recognition programs.
Rubinstein added that being simply known as TRG would allow him more creativity with property and agent marketing and “create a brand that I know will showcase our vendors’ home in a special light: ambition and creativity can be an exciting combination”.
He acknowledged the help of his brother, Jarryd, who joined the firm as managing director in late 2019 and the recent arrival of Sarah Myer (ex PwC and Compass in New York) who will head up the brand roll-out with him.
TRG projects (developments) is “moving along nicely” as is TRG property management and he’s planning a commercial division in the coming months (TRG Commercial).
“We are all very excited by what’s ahead,” Rubinstein said.
“TRG already has great momentum — this to me is the final piece; a true representation of who we are as a group and what we offer to the marketplace.”
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