If you’re an estate agent, you probably already know that you might not be getting paid what you’re worth. Of course, in many businesses, an estate agent’s basic salary isn’t the only earning opportunity, there are also seller fees involved. However, even though there are ways to increase your earnings, at an average annual salary of £19,843, UK estate agents are among the lowest paid in the world.
A new report of different professions in 25 countries shows that only estate agents in New Zealand earn less than those living and working in the UK. Indeed, when the cost of living is taken into account, even though an average estate agent’s salary in Poland converts into £18,097, calculations made by Yell Business who conducted the survey, shows that is the equivalent of £30,162 per year.
Where estate agents earn the most
According to the research, Saudi Arabia is the most lucrative country for estate agents. They earn an average salary of £47,198 which, when the cost of living is taken into account, translates into £62931; over three-times the average salary for the same profession in the UK.
Even moving to France would see many UK estate agents double their salary if they were to remain in the same job, but move across the channel.
Here’s a list of the top ten countries with the highest average earnings for estate agents.
There are no details on additional earning potential from sales agreed and bringing new clients on board. However, that data of basic salaries is likely among the reasons that the Estate Agency industry is currently experiencing a huge shortage of employees.
Estate agency staffing crisis
According to an experienced property recruitment specialist, the industry is in crisis as there aren’t enough new people entering role of estate agent, while existing agents are continuing to leave the sector.
We’ve already identified that earnings could be among the reasons for this issue, however, fixing a problem is rarely as simple as raising wages. Indeed, according to Anthony Hesse, managing director of agency recruitment consultancy Property Personnel, at least three major changes are needed to improve the situation. They are:
- Look outside the industry for suitable estate agents. Experience is great, but just because someone knows the industry it doesn’t make them the best estate agent, or the right one for your business.
- Show potential recruits how their future as an estate agent would look with you. Highlight career development prospects and share real details as to how you and your company can support their career progression.
- Pay employees what they’re worth, not the lowest salary you think you can offer. Also, consider what type of work/life balance potential estate agent employees might want and come up with ways to help them achieve it while working for your agency.
Essentially, making a job in the estate agency industry as attractive as possible is the best way to encourage more people to apply for roles, but also, to retain your existing staff. That’s particularly true of your top performers who might be attracted to new roles or even starting up on their own.
Expectations are that the UK’s housing market will become busier in 2020 and beyond. To ensure your estate agency is well-placed to keep pace with those anticipated improvements, maybe its time to show your existing agents some love, while ensuring you can give future top agents a career they never want leave.