Raine and Horne

From Homesteads to High-rises Celebrating 140 Years of


From Homesteads to High-rises Celebrating 140 Years of 3

Copyright: Raine & Horne, 2023 4 Project Editor Anthony O’Brien anthony@corpwrite.com.au Project Art Director Sam Grimmer samgrimmer@iinet.net.au Production Manager Sam Grimmer Printed and bound in Australia by Ligare International & NSW Level 11, 447 Kent Street, Sydney, 2000 02 9258 5400 Queensland 189 Kelvin Grove Road, Kelvin Grove, 4059 07 3031 0333 South Australia 35 Dequetteville Terrace, Kent Town, 5067 08 8361 3078 Victoria Level 11, 552 Lonsdale Street, Melbourne, 3000 03 9510 2777 Tasmania Suite 8, 136 Davey Street, Hobart, 7000 03 6231 0000 Western Australia PO Box 464, Subiaco, 6904 0456 564 545 New Zealand Ground floor, Princes Court, 2 Princes Street, Auckland, 1148 +64 274 933 477

Contents 1 Evolution of a Super Brand . . . . . . . . . . . . . . . . .10 2 Property: It’s in Our DNA . . . . . . . . . . . . . . . . . . 20 3 Maxwell Scott Raine: An Eye for Expansion . . . . . . . . . . . . . . . . . . . . 34 4 Angus Raine: New Century, New Leader . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 5 Expansion: The Super Brand Spreads its Wings . . . . . . . . . . . . . . . . . . . . . . . 58 6 Culture: The Foundation of Success . . . . . . . . . . . 68 7 Building a Foundation of Community Giving . . . . . . . . . . . . . . . . . . . . .78 8 Guiding the Super Brand Into a New Century . . . . . . . . . . . . . . . . . . . . . .84 9 No Place Like Home . . . . . . . . . . . . . . . . . . . . . .92 10 A Super Brand in the Commercial Market . . . . . . . . . . . . . . . . . . .102 11 Bring Expertise to the Bush . . . . . . . . . . . . . . . . 110 12 A Global Force: Taking the Super Brand to New Markets . . . . . . . . . . . . .116 13 A Holistic Approach . . . . . . . . . . . . . . . . . . . . . 122 14 Reminiscences of Long Term Staffers . . . . . . . . . .126 15 The Future is Looking Bright . . . . . . . . . . . . . . . .136 Contents 5


Foreword AFTER SOME 40 YEARS of talking to Australians about money, on tv, radio and in Money magazine, you don’t need to tell me that as a nation we are passionate about property. We love to buy, renovate, and invest in real estate. More than a national passion, home ownership can also be the key that allows many Australians to enjoy prosperity throughout their lifetime and especially in their senior years. I am a great believer in the important role property ownership plays in our financial wellbeing. While at times we love them, and at times they have us tearing our hair out, there is no argument that real estate agents play an integral part in our journey to property ownership. It is a rare thing in Australia for a property to be bought or sold without the involvement of a professional agent. In a competitive market, it is even rarer for real estate brands to survive the cut and thrust of market highs and lows for more than a decade, let alone more than a century. That Raine & Horne has grown and thrived for 140 years is truly remarkable. What is exceptional, is that the brand has achieved this growth with the same family at the helm. There are not many other Australian family-owned businesses that started back in the 1800s – in the case of Raine & Horne in 1883, which have prospered to become a major national and now international brand. The longevity of the Raine & Horne brand is nothing short of amazing. I’m honoured to have met the late Max Raine, and enjoy a solid friendship with Angus Raine, now the fourth generation Raine to captain the family business. Today, the Raine & Horne concept of ‘family’ extends far beyond the Raine clan. Over 3,000 people around the world are part of the Raine & Horne network, which in 2022 sold $10 billion worth of real estate globally. It’s an impressive achievement and not one that is easy to replicate. It requires a strong and consistent strategy. Real estate is obviously all about property. But a real estate agency is not – it is all about people. It has to employ people who fit with its corporate culture, and professional staff who enjoy working with people. It may be selling my or your home, our investment property, or finding a tenant and managing our rental property. This inevitably means complex conversations. Having bought and sold quite a few properties, I know it also means looking after quite stressed buyers and sellers! This is not a simple task, particularly when happy clients and repeat business are a key to success. Obviously, none of us have been around long enough to follow Raine & Horne’s success since 1883, but this extraordinary history of family continuity could not have happened without terrific people and quality leadership. Understanding this, lies at the heart of the Raine & Horne success story. It’s a lesson many other businesses could take onboard in our digital age, where consumers are increasingly being directed to deal with machines rather than people. In Australia, property will continue to be your friend. Property is very easy to understand, and it is driven by people. Thanks to being such a great country to live in, we enjoy population growth not only through births, but critically, immigration. This obviously generates demand for property. In this environment, property as a home or investment, along with our very favourable tax laws for property, gives property a very positive future for us and of course, a solid base for the future success of Raine & Horne. The story of Raine & Horne over the last 140 years provides wonderful insights into the history of Sydney, the growth of the suburbs, changing social trends and of course the colourful characters who have left an indelible mark on the Raine & Horne brand. Sit back and enjoy reading From Homesteads to High-rises: Celebrating 140 years of Raine & Horne. It is a unique story and one that tells us more about our passion for property and the important role Raine & Horne have played in what is our favourite asset. Paul Clitheroe AM Chairman, ‘Money’ That Raine & Horne has grown and thrived for 140 years is truly remarkable. What is exceptional, is that the brand has achieved this growth with the same family at the helm Foreword 7

In the journey of crafting From Homesteads to HighRises: Celebrating 140 Years of Raine & Horne, we owe a debt of gratitude to the unwavering support and leadership of Angus Raine, Executive Chairman of Raine & Horne. This book would not have come to fruition without his dedication and guidance. A pivotal moment in this project arose when Angus met with Money Magazine writer the late Chris Walker, a close mate. Chris presented a compelling case for a follow-up to Raine & Horne’s 115-year book, “Private Property,” published in 1999. Drawing on that moment, Chris laid the foundation for this book through an outline that has since stood as the guiding force throughout its creation. The writing was guided by Anthony O’Brien, who, together with the invaluable contributions from Nicola Field and editor Lisa Calautti, breathed vibrant life into the pages. Our heartfelt gratitude also goes out to Mrs Susan Raine and Mr Graeme Skarratt for their unwavering support throughout the manuscript’s journey. Additionally, special thanks to Georgina Howard and Tash Raine, who diligently sourced numerous excellent photos from the firm’s and the Raine family’s past, adding further depth to the project. In preserving the rich heritage of Raine & Horne, the tireless work of James Bosanquet, Principal Archivist at Archives & Ephemera, proved indispensable. Additionally, we acknowledge Max Raine Jnr, whose expertise in diving into the picture library and matching photo images and news clippings with the book’s chapters proved extremely valuable. The marketing team at Raine & Horne, notably Shaun Mathieson and Mike Carroll, worked diligently to fill gaps in the pictorial library, contributing to the quality of the final product. Lastly, our gratitude extends to the publishing wizard, Sam Grimmer, whose patience and counsel throughout the design phase brought finesse to the book. His wealth of experience with projects of this nature added a touch of magic to the final presentation. Acknowledgements 8

Introduction FROM HOMESTEADS TO HIGH-RISES: Celebrating 140 Years of Raine & Horne tells the remarkable story of an iconic Australian business and real estate enterprise that began its journey on 23 May 1883. To provide some context, Raine & Horne has a history predating prominent financial services giant Commonwealth Bank and renowned retailers Coles and Myer. The origins of our firm go back even further than the flying kangaroo, Qantas, which only took flight after World War 1. In 2023, we’ve celebrated the incredible milestone of 140 years in business. As one of the oldest privately-owned firms in the southern hemisphere and Australia’s oldest family-owned real estate company, Raine & Horne occupies a unique spot in corporate history. Our company’s resilience has enabled us to overcome numerous challenges, including economic downturns, world wars, and pandemics, establishing the brand as a global leader. Today, Raine & Horne’s influence extends across residential, commercial, and rural property markets, as well as financial services and international territories. Boasting over 3,000 employees in Australasia, the Pacific, the Middle East, Africa, and Asia, our firm remains a formidable force in the real estate industry. From the outset, Raine & Horne has championed positive partnerships, symbolised by its iconic ampersand. This philosophy extends to agents, buyers, vendors, property managers, tenants, principals, employees, and community partners. Investing in a diverse talent pool and agile governance ensures rapid decision Guided by its core values, strong partnerships, and innovative practices, Raine & Horne remains committed to delivering exceptional service, cementing its place as a true Australian icon Introduction making in today’s fast-paced real estate market. We have also been a leader in embracing digitalisation and AI, investing in cutting-edge technology to maintain our market leadership. Nevertheless, we refuse to rest on our laurels, as evidenced by our commitment to growth by opening offices every other week while launching industry-first products and services. As we celebrate 140 years of success, Raine & Horne stands tall among family-owned businesses. Guided by our core values, strong partnerships, and innovative practices, we remain committed to delivering exceptional service, cementing our company’s place as a true Australian icon. Looking ahead to the next 140 years, our firm will continue to embody the spirit of Australian entrepreneurship and the dream of property ownership for generations to come. With a brilliant past and a bright future, I’m proud to say that Raine & Horne stands as a beacon of success in the real estate industry, reflecting our enduring commitment to shaping the property landscape for years to come. We are confident that you will enjoy the enthralling tale of business and real estate triumph that Raine & Horne embodies and wouldn’t have been possible if it weren’t for the dedicated efforts of the hundreds of principals and thousands of staff members in our international network. Much like the pleasure we derived from crafting From Homesteads to High-rises: Celebrating 140 Years of Raine & Horne, we trust you will enjoy reading it just as much. Angus Raine Executive Chairman, Raine & Horne 9


1 Chapter One ION Evolution of a Super Brand 11

Evolution of a Super Brand NE FIRM. FOUR GENERATIONS of family leadership. More than 140 years in business. This is the story of an Australian icon – the journey of a brand that has become so entrenched, so connected with the Australian psyche, it can quite rightly lay claim to being a super brand. This is the story of Raine & Horne. From family business to national icon The entrepreneurial spirit burns brightly among Australians. More than 2.4 million businesses actively participate in the domestic marketplace, and according to Family Business Australia around 60 percent of these are family enterprises that collectively employ almost half the nation’s workforce. Despite their value to the economy, running a family business is no walk in the park. These enterprises are demanding, often calling for longer working hours and greater input from family members compared to other ventures. Yet despite their best efforts, not all family businesses will succeed. Some will gradually peter out – often the result of the long hours required to ‘make a go’ of things. Others will underperform, only to be recognised for their potential and purchased for a song by competitors. Few will become household names, and only the tiniest percentage will build a legacy spanning more than a century. This is exactly what Raine & Horne has achieved. In 2023, led by current Executive Chairman Angus Raine, Raine & Horne celebrated 140 years in business, making it one of only a handful of the oldest privately-owned firms in the southern hemisphere and the oldest family-owned real estate firm in Australia. It is a remarkable legacy, and one worth putting in perspective. When Raine & Horne was founded by Thomas Raine and Joseph Horne on 23 May 1883, a 64-year old Queen Victoria ruled the Commonwealth. Through six British heads of state, Three centuries. One remarkable history Previous page main: Raine Chambers: Raine & Horne’s shopfront offices at 70 Pitt Street Sydney. Previous page inset: Raine & Horne was headquartered at The Clocktower in Sydney’s renowned The Rocks area from 1990 to 2018. Above right: From day one, Raine & Horne earned its reputation for taking care of buyers and sellers alike. O This is the story of an Australian icon – the journey of a brand that has become so entrenched, so connected with the Australian psyche, it can quite rightly lay claim to being a super brand 12

Above right: Raine & Horne: The leading light in achieving excellent sales. two world wars, multiple economic downturns (including the Great Depression, the global financial crisis and the COVID pandemic), the Raine & Horne brand continues to flourish and thrive – all with a Raine family member remaining at the helm. It is quite an achievement, in particular because it spans one of the most extraordinary periods in history, where the commercial landscape has been shaped by takeovers, mergers and even corporate collapses; where small firms are regularly swallowed by larger companies; and where once iconic Australian brands such as Mark Foy’s, Waltons, Brashs, Grace Bros and more recently, Dick Smith, have been relegated to the history books. In short, Raine & Horne can quite rightly claim to be a super brand, a household name that has strengthened and expanded to cement the firm’s longevity, not just in Australia, but increasingly across the globe. Today more than 3,000 people work under the Raine & Horne brand, which extends across residential, commercial and rural property markets, as well as financial services, and also internationally. To understand how Raine & Horne has achieved super brand status, it is worth understanding the firm’s highlights during the last 140 years and how this shaped the brand that remains so trusted among Australians to this day. Birth of the brand The story of Raine & Horne begins with the meeting of a young Sydney-based entrepreneur - Tom Raine, and Scotsman Joseph Horne. As land agents, the pair set up shop in Sydney’s Elizabeth Street in 1883, and the fledgling partnership enjoyed a strong start managing the immense Cooper Estate that extended from Double Bay and Bellevue Hill in the east, through to Waterloo and Pagewood in the south. Comprising 800 separate lots, the sale of the entire estate would not be completed until 1952, by which time it would have amassed total sale proceeds of £4.5 million – well over $214 million in today’s terms. Towards the end of the 19th century, an ailing Joseph Horne retired from the firm leaving only his name as a legacy. By contrast, the much younger Tom Raine was intoxicated by property, and the Raine & Horne brand continued to grow in line with Sydney itself. Family business usually have far lower debt levels, certainly always below industry average. They are usually managed more conservatively, as more often than not, they are dealing with their own money. Family businesses in Australia, both large and small, have traditionally contributed significantly to the economic and community life of the nation. $521k+ $15.8m+ $15.8 + $8.6b+ 3000 over 300 Year in Review FY 2022/23 13

Evolution of a Super Brand By the early 1900s Raine & Horne was managing sales in the then ‘outer’ suburbs of Ashfield and Concord as well as ‘country resorts’ in locations as diverse as Sans Souci, Hunters Hill, Richmond and even as far away as Tuggerah Lakes on the Central Coast and Moss Vale in the Southern Highlands. With good management and smart business practices, Raine & Horne successfully navigated the Great Depression, and went on to flourish in the post-war era of population growth – the baby boom years. After 30 years with the firm, second generation Raine – Edmund (Ned) Raine, took on the role of Chairman leaving Raine & Horne well positioned to enter the 1960s, a period of prosperity that extended through to the 1970s. The brand expands It was in the 1950s that an enthusiastic teenager, and third generation family member – Max Raine, joined the firm, bringing with him a genuine passion for property and a keen awareness of the need to innovate and grow. From the beginning, Max was eager to explore options for growth, while still maintaining Raine & Horne’s high ethical standards and proud reputation for individual customer service. Importantly, Max recognised the need for corporate expansion, and through his lobbying, Raine & Horne opened its first suburban branch in Double Bay in 1968. This was Top: Raine & Horne’s 140 years of success are built on core values that prioritize clients and people. Above: Angus and Tash Raine celebrate Raine & Horne’s induction into the Family Business Australia’s Hall of Fame in 2012. followed by offices in Crows Nest, Burwood and Pymble, and later, Bondi Junction. In the 1970s, Max, by this time Chief Executive Officer of Raine & Horne, was keen to explore the possibilities for growth offered by the new business model of franchising. More than just a means of sustainable long term growth, franchising would allow Raine & Horne customers in any location to benefit from local knowledge, while still enjoying the strength of a well-known and highly respected brand. The first Raine & Horne franchise opened in the Sydney suburb of Liverpool in 1976, and the company grew exponentially from this point. The next generation In 1998, Max Raine’s son Angus joined the family business bringing a fresh injection of passion – and quite possibly the property DNA, of a fourth generation Raine. Angus was no novice to the property industry. He had invested 15 years honing his skills with other firms. While his broad experience has undoubtedly proven an asset to Raine & Horne, it wasn’t always an easy path for Angus. The Raine name initially made it difficult for him to secure a role outside the family firm because as he explains: “Employers thought I was either the black sheep of the family or a spy.” Nonetheless, Angus did gain independent employment, developing a diverse skill set, fresh perspectives, and drawing on the experience of a variety of leading property companies along the way. By the late 1990s he had developed an impressive resume – one that would hold Raine & Horne in good stead as it navigated the new century with all the challenges it would bring from the bursting of the ‘dot com’ bubble to the global financial crisis. Under Angus’ leadership, Raine & Horne has continued to prosper, grow and expand. By 2023, the Raine & Horne Group had more than 300 offices across Australia and has broadened its reach far beyond national borders to encompass markets as diverse as Malaysia, where it has 12 offices, to the United Arab Emirates (two offices) and Fiji (three offices). In the first half of 2023, the super brand opened eight offices across New Zealand’s North Island And is expanding to the South Island. There are plans for further international expansion.. Success where others failed Australia’s corporate history is packed with family dynasties, many felled by poor succession planning, greed, indifference We’re about our people and their clients. The Values we're built on... Integrity We pride ourselves on always doing the right thing – acting in our clients best interests' is non-negotiable. Innovation We embrace creativity, innovation and continuous improvement. We implement cutting-edge technology to create a seamless customer experience. Knowledge We embrace change through perpetual learning and development. Reliability We are there every step of the way. We are authentic, dependable and aim to deliver consistency always. Collaboration We are greater than the sum of our parts and know that working together is crucial for success. Professional We support and develop our teams to be the best they can be. Raine & Horne’s shopfront offices at 70 Pitt Street, Sydney, 1915. We’re about our people and our clients. The values we’re built on... 14

or plain incompetence. Yet the company Angus heads today, celebrates more than 140 years of successful trading and holds a distinguished place in Family Business Australia’s Hall of Fame, into which the firm was inducted in 2012. How is it that in a more than a century of tremendous social upheaval, huge technology changes and an increasingly competitive commercial environment, Raine & Horne has soared from strength to strength and still enjoys continuous Raine family ownership? There is no single formula to achieve super brand status. But for Raine & Horne it has been the result of adhering to several deeply held family and corporate philosophies. An advocate for the great Australian dream First among them is a rock solid commitment to personalised service and meeting each client’s needs. It was a credo first established by Tom Raine and Joseph Horne, and their commitment lives on to this day. Quite simply, Raine & Horne has an overarching goal to help ordinary Australians achieve the dream of owning property. Two out of three Australians own their home. Many more aspire to. Raine & Horne has advocated for this goal for more than a century, helping multiple generations of Australians take their first, and subsequent, steps on the property ladder. To this end, Raine & Horne have not only helped shape Australia’s culture and communities, but also continues to give back to local communities through support of local associations, schools and sporting groups. Launch of an inspirational foundation This close relationship with the community was reinforced with the launch of the Raine & Horne Foundation. A representation of 140 years (and counting) of charitable giving, the Foundation is dedicated to providing support for Raine & Horne fun facts • Raine & Horne didn’t have a phone line in its earliest years but, are listed in the 1891 telephone directory with the phone number ‘1088’. • In 1968 the first suburban office opened in Double Bay, Sydney. The first franchise office was Liverpool in Sydney in 1976 and in 1982, the 100th office opened in Armidale, NSW. • It took Max Raine over 30 years to purchase all the shares in R&H from family and employees which he completed in 1998. • When Raine & Horne first started, Tom Raine was 22 years of age, whereas Joseph Horne was 43. • Max Raine started in 1950 and retired in 2011. • Angus Raine joined the firm in 1998 after 15 years working for a number of rival firms. • The company’s longest serving employee was Mr Harold Horsley, who chalked up more than 60 years. • For R&H’s 135th year, corporate headquarters (above) purchased and built a state-of-the-art facility in Sydney which is used for training, events and continuous development for the network. $6000+ $211k+ 120 820k 17k+ 7800+ 15

Australia’s future well-being, welfare and environment. Each year worthy causes are selected for focus, with the Foundation just another way for Raine & Horne to work together and improve the lives of people in local communities. Since its launch, the Raine & Horne Foundation has raised an impressive $500,000 for charity by early 2023. It is partnered with an exceptional not-for-profit organisation called Dignity, who aim to combat and ultimately end homelessness in Australia. Valuing a diverse talent pool Few things can derail a successful company more quickly than nepotism, especially if top employees discover a hint of favouritism, or hit a glass ceiling that only family members can go beyond. For Raine & Horne however, running the business has always been less about family and more about having the right corporate structure, the right strategy, and the right people in place to successfully run the firm. By embracing the value and diversity of its people, Raine & Horne has never been burdened by issues of nepotism or questions over succession. Not only has Raine & Horne developed and nurtured a wide talent pool, but it has also employed non-family Chief Executive Officers, non-executive board members, directors and senior managers since the 1950s – a rare practice among Australia’s family-owned businesses. In February 2013, Angus told Money Magazine: “The whiff of favouritism can cripple a company … in some family businesses, every man and their dog are working there and, dare I say it, they’re probably not qualified. If you’re looking for a job and there’s any number of cousins in a company, someone from a non-family background will see there is definitely a glass ceiling, which is a real drawback in retention and recruiting. It’s not a problem here. We’ve had non-family CEOs running this business since the 1960s. There are non-executive board members. We run it like a corporation, not a family picnic, and that’s a reason we’ve been around for so long.” Equally, from a governance standpoint, one of the greatest points of difference for Raine & Horne is that it has a small board. This is a major benefit as its nimble and agile board can make decisions rapidly and can agree to opportunities within the space of one boardroom meeting, even within an hour. An agile board is important in today’s real estate market, where everything moves fast, particularly technology. From that very first professional partnership between Tom Raine and Joseph Horne, Raine & Horne has actively nurtured positive partnerships Above left: The passing of Max Raine on the 22nd of February 2023 was marked by a rowsing ovation at the Raine & Horne National Awards, Sydney Town Hall, March 2023. Above right: In 2023, Raine & Horne marked its remarkable 140th anniversary with a licensed Monopoly board game featuring bespoke tokens that paid homage to the super brand’s rich history. 16

Evolution of a Super Brand To Max Raine’s credit, he spent 30 to 40 years buying back shares from Raine family members. It is this strategic play that has created the nimble business Raine & Horne is today. Believing in ‘&’ as a symbol of positive partnerships From that very first professional partnership between Tom Raine and Joseph Horne, Raine & Horne has actively nurtured positive partnerships. It is an approach embodied in the familiar ampersand symbol and embraced across all the firm’s relationships – agents & buyers; agents & vendors; property managers & landlords; and property managers & tenants. As the brand has grown, the same ‘positive partnerships’ philosophy has been applied more broadly to encompass business partners, employees, and from the 1970s, franchisees and their staff. Raine & Horne has always made a significant investment in partnerships across the firm’s national team. Carefully planned recruitment and retention initiatives, ongoing business support and development programs, marketing support and company-wide training ensure each office is operating at its optimum. The firm’s highly regarded training and development programs see the best trainers and speakers from within the Raine & Horne network, as well as external experts, share their expertise and knowledge across the group. Coupled with world class online training programs, Raine & Horne is committed to coaching principals, sales agents, property managers and administration staff to ensure the highest level of service at a local level, and more broadly, to ensure Raine & Horne maintains its reputation as a market leader and the premier real estate network in Australia. Embracing – and leading – change While real estate may be in the Raine family’s blood, no lasting business can afford to rest on its laurels, and Raine & Horne has further cemented its super brand status by navigating the digital age with characteristic leadership and enthusiasm. Not to mention the huge amount of capital expenditure invested in the firm that underwent two rebrands alone between 2011 and 2017. In 2017, Raine & Horne announced a national rebrand that covered everything from digital media through to advertising and signage. The famous yellow and black brand design was given a new lease of life, with a greater emphasis An ‘&’ is shorthand for ‘and’, and the cursive ampersand we know today dates to the 1st century AD. It was discovered as graffiti in Pompeii, preserved by the eruption of Vesuvius in 79 AD. Using the ampersand saves the writer time, with one word or letter flowing seamlessly into the next. The ampersand also supports the linking of multiple visions, ideas, and people. It is common for businesses such as Johnson & Johnson, Raine & Horne, and Tiffany & Co to use the Ampersand to create a fitting and memorable name and identity. A cornerstone of the Raine & Horne name and brand, in 1883, the ampersand was employed to bond the surnames of our founders, Tom Raine and Joseph Horne. For the last 140 years, the ampersand has remained a core element of our Raine & Horne identity. The symbol represents the joining together of our diverse customer base and the many individuals that make up our strong and united network. The Raine & Horne ampersand was tailored with a unique typeface, and its official font is also a registered trademark. The origin of the ampersand Above: Raine & Horne’s famed ampersand, proudly displayed on the exterior of the new HQ in Kelvin Grove, Brisbane. 17

Evolution of a Super Brand on yellow, widely regarded as the colour that denotes feelings of friendliness and positivity Raine & Horne is renowned for widely. The ampersand, always the symbol of inclusive partnerships, remains a noteworthy feature. Raine & Horne also boasts an extensive, user-friendly website, which includes free suburb data, and receives approximately 17 million ‘hits’ per annum. Since 2018, Raine & Horne has spent millions of dollars on its property platform for its agents and property managers. This agency ecosystem includes many first-to-market products, such as game-changing AI and social media marketing technology Amplify, in partnership with CCT from Europe. Raine & Horne was the first in Australia to have an online sales and property management appraisal platform, DigitKit, which agents and property managers can use to email vendors and property investors, which the super brand developed internally. “They were our two firsts, and we own that intellectual property, which is very important – it’s not some sort of relabelled product, which is what a lot of our competitors do,” Angus told CEO Magazine in 2021. “Everyone says they’re continuously evolving, but we really are.” A brilliant past. A bright future None of us know exactly what the future holds but Raine & Horne is well placed to enjoy continued success for a very long time – perhaps even, for another 140 years. Among the 60 percent of family-owned Australian businesses, many will burn brightly, but only briefly. Statistics show just over one third of these firms will survive to the second generation. Less than 15 percent will still be around for the third generation. Figures are not available for the fourth generation, but when they emerge, Raine & Horne will be among the few left to be counted. Above: Raine & Horne’s 100th year in Australian real estate was reported widely by the media including this article in the Sydney Morning Herald, March, 1983. 18

The Honourable Edmund Peter Tom Raine, widely known as Peter Raine, was a remarkable individual whose contributions extended across multiple fields. From his esteemed position as a Deputy Chief Justice of Papua New Guinea to his influential role as a director of Raine & Horne, Peter Raine’s career was marked by distinction and achievement. His remarkable journey left an indelible mark on both the legal profession and the success of his family’s business Raine & Horne Peter Raine was born in 1923 in Sydney. Growing up under the guidance of his father, Ned Raine, the Chairman of Raine & Horne, Peter followed a different path than his brother Max, opting to embark on a career in law. His educational journey took him to Edgecliff Preparatory School and Sydney Grammar School before he ventured to the University of Sydney, where he diligently earned his LL.B. degree. He was admitted to the New South Wales Bar in 1949. Prior to his legal career, he served as an Associate to Mr Justice Street (later Sir Kenneth Street, Chief Justice of New South Wales) from 1947 to 1950. During the Second World War, Peter Raine served in the Australian Military Forces (A.M.F.) from 1940 to 1942, the Australian Imperial Forces (A.I.F.) from 1942 to 1945, and the Royal Australian Navy (R.A.N.) from 1945 to 1946. He saw active service from 1943 to 1945. Even in peacetime, he maintained his association with the army and achieved the rank of Lieutenant Colonel in 1970. In 1966, he was honoured with the decoration of E.D. (Efficiency Decoration). As an army reservist, he regularly served as a Judge Advocate, and in 1968, he visited Vietnam in this capacity. On 4 September 1970, Peter Raine was appointed a Judge of the Supreme Court of Papua New Guinea. He served the Supreme Court until his resignation on 14 January 1980. Throughout his tenure, he was highly regarded for his urbanity, good humour and diligent work ethic. In recognition of his distinguished service, Peter Raine was appointed Deputy Chief Justice of Papua New Guinea on 22 February 1978. He brought the same dedication and dignity to this position as he had demonstrated throughout his years on the Bench. In 1979, he was honoured with the title of C.B.E. (Commander of the Order of the British Empire). Harnessing the experience of family The advantages of tapping into the legal expertise of Peter Raine CBE Despite his judicial responsibilities, Peter Raine maintained his interest in military affairs. He served as the Judge Advocate of the Papua New Guinea Defence Force and held the honorary rank of Colonel in the 35th Cadet Battalion. Additionally, he assumed the role of Chairman of the Papua New Guinea Cricket Control Board and played an active role in promoting cricket throughout the country. His efforts were instrumental in Papua New Guinea becoming a member of the International Cricket Control Board. Upon concluding his distinguished judicial career in 1980, Peter Raine embarked on a fresh endeavour, joining his brother Max on the Board of Directors of Raine & Home in Sydney. This transition allowed Peter to channel his extensive legal and business acumen into the company, wholeheartedly dedicating himself to its success. Angus Raine said of his uncle’s contributions to the firm: “The advantage of having a family business lies in the ability to leverage the expertise of family members who possess skills that go beyond one’s own. In my father’s case, he was fortunate to have access to Uncle Peter’s extensive legal knowledge. Uncle Peter played a crucial role in supporting my father during the buyback of the company shares in the 1980s.” Partnering closely with his brother Max, Peter Raine made invaluable contributions to support and advance Raine & Horne’s ambitious growth plans too. Together, they worked tirelessly to strengthen the company’s position within the industry. However, tragedy struck on 12 March 1987, when Peter’s remarkable journey came to an untimely end at the age of sixty-four. His legacy remains, marked by his exceptional dedication and significant contributions to Raine & Horne’s success. The advantage of having a family business lies in the ability to leverage the expertise of family members who possess skills that go beyond one’s own. In my father’s case, he was fortunate to have access to Uncle Peter’s extensive legal knowledge Angus Raine, Executive Chairman Above: Peter Raine CBE enjoyed a successful legal career in Australia and Papua New Guinea before returning to support Raine & Horne’s expansion plans in the 1980s. 19


Chapter Two 2 TY Property: It’s in Our DNA 21

Property: It’s in Our DNA AR FROM THE TYPICAL CORPORATE STORY of takeovers and mergers, the success of Raine & Horne is closely interwoven with the concept of ‘family’. Indeed, one of the first things to greet visitors to the firm’s corporate headquarters in Sydney, is a striking collection of memorabilia, including portraits of generations of the Raine family, who have been the public face and driving force behind the firm. These days, the Raine & Horne ‘family’ extends to a wide network of offices, each stamping their own character on the broader group. Yet together they form a cohesive whole, sharing ideals forged over generations. Captain Thomas Raine 1793–1860 From buccaneer to businessman Few of us can claim to have a true buccaneer in the family. But then, the Raine family is anything but typical, and the Raine & Horne super brand can trace its beginnings back to 1795 with the birth of Thomas Raine. The son of London barrister Richard Raine, Tom’s early life was one of comfort and plenty. However, this came to an abrupt end when his father was sent to a debtor’s prison – a common fate in 18th century England. By age 14, Tom felt the call of adventure, and left home to set sail with the merchant navy. Tom’s early life at sea must have held remarkable adventures as this was the time when Britain was at war with the American states, as well as Napoleonic France. While few records exist of Tom Raine’s life at this stage, we do know he must have shown considerable talent as a seaman because in 1814 Tom sailed into Sydney Heads as an officer on board the Surry. It was a propitious arrival though the ship received far from a ticker tape welcome. Family. The glue that binds us Previous page above: Prominent early employees shaping Raine & Horne’s success in 1900. Previous page below: Raine & Horne relocated in 1891 from King St. to United Chambers, George and Hunter Sts. Sydney. Above right: Thomas Raine: A visionary entrepreneur and intrepid adventurer. Opposite page below left: Tom Raine was a witness to a milestone in Australian history as guest at inaugural Parliament opening. Opposite page right: 1823 Raine & Ramsey Accounting Ledger: Historical financial records uncovered. F Tom’s early life was one of comfort and plenty. However, this came to an abrupt end when his father was sent to a debtor’s prison – a common fate in 18th century England 22

The Surry’s payload of 200 convicts were suffering typhus, and as a ‘plague ship’, the Surry was forced to anchor opposite the main settlement in Sydney Cove. Tom Raine was the ship’s only surviving officer. Less than a year later however, the Surry was once again ready to set sail, and Tom, having earned his stripes, was commissioned by Governor Lachlan Macquarie to captain the Surry back to England. The now Captain Thomas Raine charted a northward course. In 1815, the journey through the Great Barrier Reef was no pleasure cruise. Unpredictable waters and a labyrinth of coral reefs made the far north coast of Queensland a hot spot for shipwrecks. Even today the narrow passage between land and open ocean remains poorly charted, and Captain Raine inched his way through the reef, continually testing the ocean’s depth using nothing more than a sounding line – a length of rope tied with a piece of lead. Slowly and carefully, he navigated past what is known today as Raine Island – one of the reef’s most remote islands located 620 kilometres north-west of Cairns. Significantly, Captain Thomas Raine was the first European to set foot on Raine Island’s shores, now famous for its endangered turtle population (for more on Raine Island see Chapter 7 Building a foundation of community giving). Tireless navigator seeking new markets and discoveries It would be the first of many voyages for the Surry with Captain Raine at the helm, but unlike many of his contemporaries, Thomas Raine was a leader driven by liberal and humanitarian principles. History has it that the convict 23

Property: It’s in Our DNA passengers who disembarked from Raine’s first voyage as Captain “cheered repeatedly and expressed the liveliest gratitude for their good treatment” . A man of vision, by 1822 Captain Raine could see the immense commercial possibilities of the fledgling colony of Sydney, where even the basic necessities of life had to be imported. Together with Dr David Ramsay, the Surry’s former surgeon, Captain Raine established Raine & Ramsay – an import/export business. Captain Raine’s energy, quick mind and personal charisma saw Raine & Ramsay enjoy rapid success, and Captain Thomas Raine rose quickly to positions of prominence – a Director of the Bank of New South Wales (now Westpac), a member of the Sydney Chamber of Commerce, and a prominent supporter of a variety of Sydney’s benevolent and sporting institutions. Acknowledging his contribution to the flourishing colony, the Governor Major General Sir Thomas Makdougall Brisbane granted Raine a 2,000 acre parcel of land on the Fish River at Bathurst. Rounding off a stellar period, Captain Raine met and married Eleanor Worsley – a woman of great beauty in the colony, and in 1827 their first child Edmund was born. Current Executive Chairman Angus’ first name is Edmund in honour of Captain Raine’s eldest child. Good times rarely last forever, and an economic downturn in the colony saw a significant tightening of credit, putting Raine & Ramsay’s capital-intensive business under immense financial pressure. In 1828 the partnership dissolved and by the following New Year, in 1829, Captain Raine was declared bankrupt. Above: Raine family’s ancestral home, Rainham, in Bathurst, Central Tablelands, New South Wales. Below left: Rainham’s front door. Opposite above left: Jospeh Horne: Raine & Horne co-founder, a guiding force behind our success. Opposite above right: July 4, 1923: Deposit secured for renowned Cooper Estate lot acquisition. Opposite middle: Raine & Horne’s inaugural HQ: Wentworth Court, Sydney, from 23 May, 1883. A historic milestone. The enterprising Raine refused to be defeated, and he turned his attention to his Bathurst landholding. He commissioned an impressive homestead – Rainham, constructed in 1832, and went on to become a successful wheat and dairy farmer, using his improved financial position to gradually clear his debts. Captain Raine’s time in Bathurst was pivotal. Not only did Rainham form the Raine family’s first connections with regional Australia—which more than a century later would culminate in the launch of Raine & Horne Rural—it was also here Thomas Raine formed a strong friendship, and later business partnership, with the explorer William Charles Wentworth, another Bathurst pastoralist. When Captain Raine died in 1860 at age 67, he could not have foreseen how this connection would be so pivotal to Raine & Horne’s future success. The enterprising Raine refused to be defeated, and he turned his attention to his Bathurst landholding. He commissioned an impressive homestead – Rainham, constructed in 1832 24

Joseph Horne 1842–1927 Close connections crucial to success Joseph Horne was generally regarded as the only man in the Commonwealth with an intimate personal knowledge of William Charles Wentworth during the last days before the great statesman died. The famed Wentworth was an Australian pastoralist, explorer, newspaper editor, lawyer, politician and author, who became one of the wealthiest and most influential figures of early colonial New South Wales. Joseph had been an agent for the Wentworth estate for some years, which was how he met his future business partner Tom Raine. Born on 22 June 1842 at Huntley, Aberdeen, Scotland, eighth of nine children of merchant George Horn(e), and his wife Helen, née Milne, Joseph had met W. C. Wentworth’s son D’Arcy in Britain. When Horne landed in Sydney in 1871, he lived for some fourteen years in the Wentworth’s family home, Vaucluse House. On 23 May 1883, Joseph Horne and Tom Raine became partners, setting up Raine & Horne at Wentworth Court, a three-storey building at 116 Elizabeth Street and Phillip Street, Sydney. The new firm operated as land agents – managing properties, collecting rents, making valuations, and buying and selling on commission. Joseph continued to manage the Wentworth Estate until 1920. Joseph remained an integral part of the Raine & Horne ownership team until the end of the 19th century when aged 58 and ailing, he retired from the firm. Joseph was replaced by a new partner in Percy Arundel Rabett, an English banker who became its indoor auctioneer. At this time, Raine & Horne shifted to 70 Pitt Street. In the firm’s first 25 years (1883 – 1908), it sold real estate worth £470,455 and joined the top ranks of real estate companies in NSW. Joseph retained an office at 2 Hunter Street, where he managed the Wentworth Estate until 1920. Apart from his commercial success, Joseph involved himself heavily in community work. He was associated with the Benevolent Society, Sydney Hospital and many other institutions, to which he readily gave his time and money. Joseph also took a keen interest in the Sydney City Mission, where he was a councillor and supervised Sunday schools in Glebe, Newtown, and Glenbrook. For many years Joseph was a prominent member of the Royal Society for the Prevention of Cruelty to Animals and the Highlands Society of NSW. The co-founder of Raine & Horne passed on 26 November 1927 at the age of 87 years. The Horne’s drop into Raine & Horne A small piece of history was made in 2013 when the Scottish descendant of Raine & Horne co-founder, Joseph Horne, paid a visit to the company’s corporate offices in Sydney. Graham Sutherland, who was visiting from Inverness with his wife Rita, is the great grandnephew of Joseph Horne. The intrepid Graham wanted to learn more about the company his relative started. “We knew about the family link with Raine & Horne, so when we got to Sydney, we decided to see if we could find out where the head office was,” said Graham. “As it turned out, we were staying only 200 metres up the street.” Then CEO Angus took some time to sit with the Sutherlands to discuss Joseph’s importance to Raine & Horne and presented them with a copy of the company history up to 1998, ‘Private Property: A Family & A Firm’. Angus also proudly showed the Sutherlands Joseph’s original ‘gentleman’s cane’ on display in the office. 25

Tom Raine 1858–1929 Reigniting the entrepreneurial spirit Captain Raine’s oldest and only surviving son, Edmund (Ned) Raine, grew up on a farming property near Orange in mid-west New South Wales, on land belonging to the Wentworth family with whom Captain Raine had enjoyed close connections. In contrast to his father’s track record of adventure, Ned’s brief life was punctuated by personal tragedy. He fathered six children, only one of whom—his son Thomas—survived childhood. Ned himself passed away in 1864, aged just 37. Despite being described as thin and delicate, young Tom Raine born on 20 June 1858 , steadily worked the family farm. However, he shared his grandfather’s passion for adventure, and at age 21 he too set out to make his fortune – not at sea, but in the growing metropolis of Sydney. Not Right: Pioneering the Raine family legacy: Tom Raine, Raine & Horne’s visionary co-founder. Below: Bustling Vibrant scene at Raine & Horne’s Property Management Department, captured in the 1890s. by chance, the road Tom travelled led to Vaucluse in Sydney’s Eastern Suburbs. Tom’s first port of call was to visit Fitzwilliam Wentworth, the owner of the farm where he was raised. Fitzwilliam Wentworth was the father of William Charles Wentworth. The Wentworth family was among Sydney’s wealthiest, and as owners of the Wentworth Estate their extensive property holdings included the family home – Vaucluse House. Fitzwilliam Wentworth was well connected to Sir Daniel Cooper, a gentleman of considerable standing in the colony, who had inherited his late uncle’s massive property holdings collectively known as the Cooper Estate. The estate stretched across both sides of Sydney Harbour taking in suburbs known today as Rose Bay, Bellevue Hill, Point Piper, Woollahra, Waterloo and Kensington, and even extending as far north as Cremorne and Cammeray. Both the Wentworth and Cooper Estates were managed by James Hill, and it was Hill that introduced young Tom Raine to Fitzwilliam Wentworth. Hill already employed a Scot by the name of Joseph Horne, to handle the Wentworth Estate, so he 26

Above: Daniel Cooper, The Younger: Early client turned esteemed Speaker in NSW’s Legislative Assembly.. Right: Cornerstone of success: A pioneering commercial real estate transaction. Below left: Eminent Journey: Sir Daniel Cooper’s remarkable historical legacy. Below right: Tom Raine ventured into Sydney’s real estate market through the vast Cooper Estate. offered Tom the role of agent for the Cooper Estate. The timing could not have been better. The colony of New South Wales was entering boom times, and the role of property agent required neither the capital nor borrowings that had so plagued Captain Raine’s enterprises. Instead, it called for energy, enterprise, personal charisma, and honesty – qualities Tom possessed in spades. Despite a 16-year age difference, Tom and Joseph Horne, who was born in 1842, worked well together, and in May 1883 they set up shop as partners – managing properties, collecting rents, providing valuations, and buying and selling property on commission. Raine & Horne was forged. But in true Raine style, Tom did things differently, boosting the reputation of his firm by insisting no member of staff would deal in real estate on their own behalf. It was a savvy public relations initiative – one that underpinned the integrity of the firm, and by the 1890s Raine & Horne had become a household name in the colony. Years of steady business success followed, and when James Hill passed away in 1898, Tom Raine took over the role of trustee of the Cooper Estate. This mammoth landholding comprised 800 leases of residential and commercial properties. Such was the scale of the estate, Tom recommended a slow, controlled sell down of the properties. It was a decision that further bolstered the fortunes of 27