Posts with tag: estate agents

Estate agent salaries amongst the lowest in the sales profession

Published On: November 5, 2021 at 10:06 am


Categories: Lettings News

Tags: ,,,

Estate agents earn one of the lowest basic salaries of all sales professions, research from estate agent Nested finds.

Nested analysed the base salary (excluding commission) of 12 of the most common sales professions and found that the average basic take-home pay is £26,338. However, estate agents earn a base salary of just £24,817, 6% less than the average.

Just insurance, retail and telesales see a lower level of guaranteed pay, it says. Insurance sales agents earn an average of £24,372, while retail sales executives earn just £23,415. At £21,323, telesales representatives earn the lowest basic salary of all sales professions.

Looking at the sales professions with the highest potential earnings, pharmaceutical sales representatives sit at the top of the table. On average, the guaranteed income of a pharmaceutical rep is £35,228, – 42% higher than the average estate agent.

Advertising sales reps (£30,638) and car sales execs (£30,312) also pocket a guaranteed annual income of more than £30,000.

Alice Bullard, Head of Commercial at Nested, comments: “Sales roles are generally commission-based and while the earning potential can be high, basic salaries are fairly low, particularly if you’re an estate agent.

“When you couple this with the fact that estate agents only pocket a small slice of the fee charged to home sellers, it’s fair to say they are probably underpaid given the vital role they play in such a momentous stage in people’s lives.

“Of course, the perceived security that comes via employment is enough for some, but it’s no wonder that so many are adopting the self-employed business model in order to significantly boost their income potential.

“While letting go of a guaranteed income may have been a traditionally scary prospect, platforms such as Nested now provide the support and resources needed to make the jump, for those that have what it takes to succeed in sales.”

Sales professionEstimated average annual salary (base salary excluding commission)
Pharmaceutical sales representative£35,228
Advertising sales representative£30,638
Car salesman/car sales executive£30,312
Door to door sales representative£28,338
Recruitment agent£26,578
Medical devices sales representative£26,558
Software sales representative£25,466
IT sales executive£25,201
Estate agent£24,817
Insurance sales agent£24,372
Retail sales executive£23,415
Telesales representative£21,323
Average Sales representative£26,338
Source: Indeed

Estate Agents: List Properties on Global Websites for Better Reach

Published On: March 6, 2020 at 10:40 am


Categories: Lettings News

Tags: ,

Listing properties on websites with a global audience can give estate agents a much-needed edge over their competition, according to PropTech company Residential People.

Residential People say that with competition between agents will intensify in the coming months, fuelled by a resurgence in the property market, which is in turn a result of December’s election result. 

This so-called ‘Boris Bounce’ has provided buyers and potential buyers with the clarity needed to make long-term financial decisions such as to buy, sell or let property.

Residential People say that since the election, they have also seen increased foreign interest in the UK property market. The portal’s Director, Christopher May, says:

“More instructions and commission available means agents will be more enthusiastic about investing in digital marketing and recruitment in a bid to win more market share,” he says.

“While this increased activity is positive for the industry, it provides the largest agencies with the opportunity to use their firepower to dominate the market.”

“Therefore, at a time like this, independent and boutique agencies need to do all they can to keep pace with the competition and consider what differentiates their brand,”

He says that there has been an upsurge in prospective buyers hailing from China and the UAE, interested in buying properties in London, Birmingham and Manchester. He thinks agents advertising on websites that reach these audiences have an advantage.

“Following the bounce back of the market, the interest from overseas buyers in UK residential property is also making a welcome comeback,” adds May.

“The UK property market has an enduring appeal to the global market and with a more certain political landscape and less doubt over the Brexit process, overseas demand for bricks and mortar here will continue to grow in the coming months,” he explains.

“If an agent’s properties are also showcased to an audience of eager overseas investors, the chances of achieving quick sales at asking price or above are increased.”

Estate Agents: List Properties on Global Websites for Better Reach”By promoting to vendors on a market appraisal that their property will be broadcast across the world, agents can give themselves an edge and secure more all-important instructions,” May concludes.

‘Worst paid’ UK Agents Should Consider Disruptive Agency Models

Published On: February 25, 2020 at 10:26 am


Categories: Lettings News


UK estate agents are some of the worst paid in the industry around the world. London estate agent, Agent & Homes says that they could improve their earnings by embracing ‘disruptive business models’ including flexible working hours.

In recent research by Yell Business, it was found that out of 25 surveyed countries, the UK ranked 24th for average earnings of estate agents. The average salary for estate agents in the UK is £19,843, and the only country with a lower salary was New Zealand, with an average of £18,845. 

Meanwhile, the typical annual earnings of agents in other locations such as Saudi Arabia (£62,931), China (£55,481) and Brazil (£44,482) dwarfed those of property professionals operating in the UK.

The typical estate agent commision has been rapidly falling in recent years, with the average commision dropping by 1.2% in 2019 alone. The drop has been blamed on online competitors as well as overall low public trust in the industry.

According to Agent & Homes, a combination of factors means that the traditional estate agency model in the UK stifles earning potential for agents.

“High street offices cost a lot and that inevitably has an impact on agents’ salaries – particularly those not operating in the most senior positions,” explains Rollo Miles, co-founder at Agent & Homes.

“What’s more, the commission structure in which the company receives the selling fee from which the agent receives a small cut is limiting and does not provide the incentive to be a top performer.”

Agent & Homes’ other co-founder, Bob Crowley, argues that an over-supply of high street agencies is having a negative effect on average fees.

“High street agents have created this situation of low-salaried staff by expanding in the same geographical areas to such a degree that the number of high street agents simply outweighs the needs of the consumer.”

“Sitting around in a high street office all day is energy-sapping. A happy agent is a productive agent. The agents should be able to dictate their own time and how they expend their energies. They should be able to choose when and where they want to work to fit in with the modern consumer,” says Crowley.

How can a fresh approach help agents to earn more?

The main benefit of agents who embrace more flexible business models is that they can earn higher commission fees and ultimately take home a higher wage packet each year.

“Property professionals who work for agencies like ours do not have their commission eaten up by a large brand that has to pay for expensive high street offices and other overheads,” says Miles. 

“What’s more, agents with a more flexible pattern who manage their own workload will be more motivated, have higher productivity levels and therefore increase their chances of producing better results.”

Crowley adds that the problems with low fees and high workloads are present at every level of estate agency.

“It is obvious that a firm like Agent & Homes, paying up to 80% commission, is going to prove attractive to seasoned performers who are being treated appallingly by champagne-quaffing suits at head office.”

Miles adds that a flexible model allows agents to focus on selling and letting homes with no need to tick boxes for corporate satisfaction. This, he says, provides them with additional time to spend on fostering long-term and meaningful relationships with their clients.

“This combination of reasons is why opting to work for a dynamic new agency like Agent & Homes could see the average agent earning a lot more money each month, while also being happier in their career,” says Crowley. 

“Our top performer earned well over £200,000 last year,” he concludes.

Estate agents should have flexible working options, including working from home

Published On: October 8, 2019 at 8:29 am


Categories: Lettings News

Tags: ,

Flexible working options for estate agents, including more opportunities to work from home, should be considered, according to Agent & Homes.

The prime London hybrid agency believes that as flexible working has been welcomed across a range of sectors, a similar opportunity in the property industry is bound to improve efficiency, productivity and staff morale.

Recent ONS Labour Force Survey figures show that more than 1.54m people work from home for their main job, which is up from 884,000 ten years ago. This survey is the largest study of employment circumstances in the UK.

The number of people working in different places but with their homes as a base has also increased. It has risen by 200,000 to 2.66m between 2008 and 2018.

On top of this, an analysis from the BBC suggests a 74% rise in the number of people working from home over the same period. 

Also, a survey of remote work by the Association of Independent Professionals and the Self-Employed found 55% of workers said increased flexibility was the biggest advantage of remote working.

Bob Crowley, co-founder of Agent & Homes, says: “Being flexible means agents can work more closely to the needs of the modern consumer, who is likely to be time poor and predominantly available during evenings and at weekends.

“It therefore makes logical sense for agents to make themselves available at these times, rather than being chained to rigid traditional office hours.

“We believe there is no point in agents sitting around in dead high street offices all day when they could be providing a more pro-active, hands-on, efficient service at the times that suit their clients.”

Agent & Homes co-founder Rollo Miles comments: “Allowing staff to work more autonomously, organise their own schedules and work to their own targets will make agents more motivated.

“These days, it’s increasingly recognised that it’s important for people to have a good work/life balance with the opportunity to take holidays and time off.”

“Estate agencies should be no different and it’s no secret that a happier team are likely to be more motivated.

“In order to remain profitable and meet the changing needs of modern consumers, agents need to embrace the flexible working structures adopted by many other sectors.

“Providing a professional and expert service which isn’t constrained by a high street office or traditional working hours really is the future of estate agency in this country.”

Speakers Confirmed for NAEA Propertymark Conference

Published On: January 22, 2019 at 10:00 am


Categories: Property News

Tags: ,

The Minister of State for Security, Ben Wallace MP, has been confirmed to speak at the upcoming NAEA Propertymark (the National Association of Estate Agents) Conference.

Wallace will offer insights into the Government’s priorities around anti-money laundering and resulting enforcement at the Conference in February.

The line up also features Joe McEwan, the former head of brand at Innocent, Andrew McMillan, the man responsible for defining John Lewis’ famous customer service, and motivational speaker Nigel Risner, who will talk about getting the most out of the people that you work with.

Clive Robins, of the Competition and Markets Authority (CMA), will also update attendees on the dangers of competition law that they need to be alert to, drawing on lessons from CMA cases and explaining what business cartel behaviour looks like.

For the third year running, Sally Bundock, a business and financial journalist at the BBC, will host the event.

Taking place on 14th February 2019 at 155 Bishopsgate in London, the NAEA Propertymark Conference offers estate agents an opportunity to network with likeminded peers, get up to date with important industry issues, and hear valuable guidance on developing as professionals.

Mark Bentley, the President of NAEA Propertymark, says: “Agents are facing a tough year, with political uncertainty impacting the housing market and an increased focus on economic crime. The National Conference provides a good opportunity for agents to learn from peers and to continue building their knowledge. We have an excellent line up of speakers confirmed and are excited to welcome everyone in February.”

Estate agents, will you be attending the NAEA Propertymark Conference 2019?  It presents a fantastic opportunity to hear from expert speakers from across the industry and stay up to date with any changes to property legislation.

During such uncertain political and economic times, this couldn’t be more important!

Government to Make Improvements to Property Agent Sector

Published On: October 16, 2018 at 9:34 am


Categories: Property News

Tags: ,

The Government has announced plans to make improvements to the property agent sector.

Heather Wheeler MP, the Minister for Housing and Homelessness, unveiled a new working group made up of experts from across the property industry. It will consider options to raise standards in the property agent sector, including the case for regulation and mandatory qualifications for all property agents, so that landlords, tenants, homebuyers and vendors can be confident that they are receiving a professional service and are being charged fairly.

The working group, chaired by Lord Best, will report its recommendations to Government by summer next year.

The group will consider the entire property agent sector to ensure that any new framework, including professional qualification requirements, a code of practice and a proposed independent regulator, is consistent across letting, management and estate agents.

Wheeler says: “For too long, many people have faced incurring fees and bad service from a number of property agents. People should have confidence when buying, selling or renting a home.

“Lord Best’s wealth of knowledge will provide a valuable insight and help us make necessary changes, to ensure consumers have confidence when buying, selling, letting or renting their home.”

She adds: “Lord Best will be joined by representatives of agents and consumers, as well as independent experts, with the group instructed to report back to Government in summer 2019.”

A recent report from Which? found that 85% of landlords who use an agent are satisfied with their service, while 67% of tenants are pleased with the way that their agent repairs and maintains their homes.

However, Lord Best points out that there have been calls for tighter, fairer regulations of the property agent sector from those representing landlords, tenants and even agents themselves.

He comments: “I am delighted to work with Government, industry and consumers to advise on how we can accomplish this in practice, and I look forward to our working group achieving real progress together.”

Members of the group, which has been designed to ensure that the entire sector is represented, and the needs of both businesses and consumers are considered, include: the Royal Institution of Chartered Surveyors; the National Landlords Association; Citizens Advice; ARLA Propertymark (the Association of Residential Letting Agents); and NAEA Propertymark (the National Association of Estate Agents).

The announcement follows similar Government plans to crack down on the leasehold sector.