Home Commercial Property27% of estate agents earn less than the average UK salary

27% of estate agents earn less than the average UK salary

by LLP Reporter
16th Jul 20 11:07 am

Leading property recruitment specialist, Rayner Personnel, has released the results of its estate agency salary survey, revealing the current earnings in the sector.

Rayner Personnel surveyed hundreds of estate agents at all tiers of the profession to reveal the basic salary on offer, the overall annual earnings and whether they expected to earn more next year, amongst other things.

Interestingly, despite the concerns around the wider economy, 34% of those asked expect to earn more next year, 42% think they will be on the same income, 17% expect a drop and 7% arenโ€™t sure what to expect.

The vast majority of estate agency professionals surveyed are in full-time employment (98%) with the majority of those asked earning a basic salary between ยฃ20,000 to ยฃ30,000 (35%).

In terms of the total wage when taking additional earning opportunities such as commission into account, the majority of estate agents currently make ยฃ30,000 to ยฃ40,000 (22%) per annum. However, 27% stated that they earn ยฃ30,000 or less, which means they are earning less than the current average gross UK salary of ยฃ30,629. In contrast, 11% stated they earn over ยฃ100,000.

Looking at the earnings on offer by job role, the majority of lettings negs earn just ยฃ10-ยฃ20k. The majority of sales negs and sales valuers and listers earn between ยฃ20-ยฃ30,000. ยฃ30-ยฃ40K was the most prominent wage bracket for both branch managers and lettings valuers and listers, while the majority of directors stated that they earn between ยฃ60-ยฃ80,000.

When it comes to lettings vs sales, letting agents earn the most. 61% of those working in lettings stated they earn ยฃ30,000 or more, compared to just 51% working in the sales sector. 7% of those working in lettings stated they bring home ยฃ100,000 or more, with just 5% stating the same in the sales sector.

While the choice between working as an independent or for a corporate has pros and cons on both sides, they are pretty evenly matched when it comes to earnings. 71% of independents stated that they make roughly the minimum wage of ยฃ30,000 or more, with 73% of corporates stating they also earn ยฃ30,000 and upward.

Looking at those that earn the biggest bucks, 31% of directors take home ยฃ100,000 or more, with 8% of lettings negotiators earning in this top salary bracket, along with 6% of sales negs.

The figures also show that the majority benefit from a company car (29%) or a car allowance (31%).

Josh Rayner, CEO of Rayner Personnel said, โ€œPerhaps the most promising takeaway from this research is that the majority of agents think they will earn the same or more over the next year.

“As the boots on the ground, they are the first to see the market turn and this show of confidence echoes wider signs of a property market recovery that have materialised over the last few months.

“Itโ€™s interesting to see that lettings comes out on top in terms of higher earnings while there remains a level playing field in the battle between the independent and corporates.โ€

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