The ‘brain drain’ among estate agents to online firms is now reversing, says a specialist recruitment firm.

Deverell Smith said: “We have in recent months begun to see a fall-out of candidates who are becoming frustrated with the lack of structure and team support seeking to return to traditional or hybrid agents.

The firm is also reporting a ten-year high in golden hellos paid to top talent.

Deverell Smith spells out reasons why in general agency staff want to change jobs – and money is not at the top of the list.

The top three reasons are cited as not enough market activity; long hours and low earnings; and lack of progression.

The latest Deverell Smith estate agency report says that there has been a “significant drop” in advertised roles for new starters, with hiring activity focused on established, senior professionals.

CEO Andrew Deverell Smith said employers are after mid-level to senior proven talent – and are prepared to pay golden handshakes, now at a ten year fir.

He said: “As competition for these individuals heightens, we are seeing the return of the golden handshakes and we expect this to continue over the next year as employers strive to keep joining base salaries low, reward performance with higher bonuses.

“Employers are seeking consistency and experience from senior employees who can continue to perform in challenging market conditions and who are committed to a long term career in estate agency.”

The report also found estate agencies beginning to break from their traditionally rigid working cultures to offer flexibility and rewards and benefits centred on work life balance rather than financial reward.

The catalyst for change, according to the report, has been prompted by the rise of hybrid and online employers who operate with a more flexible working model.

Deverell Smith is forecasting that as branches consolidate and begin to operate over larger territories, hot desking and flexible working models will be adopted further by traditional agencies.

The report from also covers earnings, saying that the average UK agent earns £45,312. However, this covers roles from trainee up to partner, and regional variations.

In central London (zones one and two), the average sales agent salary is £68,700, and the average lettings agent salary is £54,600.

In Greater London, zones to to six, the average sales agent earns £45,312, and the average lettings agent gets £41,166.


Letting Agent Salaries For Central London (Zones 1 – 2)

Job Type Permanent (pa) Average (pa) On Target Earnings
Trainee £13,000 – £20,000 £15,000 £27,500 – £30,000
Negotiator £13,000 – £20,000 £17,000 £30,000 – £35,000
Senior Negotiator £16,000 – £25,000 £20,000 £35,000 – £45,000
Assistant Manager £20,000 – £30,000 £25,000 £45,000 – £50,000
Manager £25,000 – £40,000 £35,000 £45,000 – £80,000
Director/Partner (multiple branches) £50,000 – £85,000 £58,000 £120,000 – £170,000

Estate Agent Salaries For Central London (Zones 1 – 2)

Job Type Permanent (pa) Average (pa) On Target Earnings
Trainee £13,000 – £20,000 £13,000 £25,000 – £30,000
Negotiator £13,000 – £20,000 £15,000 £27,500 – £35,000
Senior Negotiator £16,000 – £25,000 £18,000 £30,000 – £40,000
Assistant Manager £20,000 – £30,000 £23,000 £45,000 – £50,000
Manager £25,000 – £40,000 £32,000 £40,000 – £70,000
Director/Partner (multiple branches) £50,000 – £85,000 £50,000 £120,000 – £170,000

Letting Agent Salaries For Greater London (Zones 2 – 6)

Job Type Permanent (pa) Average (pa) On Target Earnings
Trainee £12,000 – £20,000 £13,000 £25,000 – £30,000
Negotiator £13,000- £20,000 £15,000 £27,500 – £35,000
Senior Negotiator £15,000 – £25,000 £18,000 £30,000 – £40,000
Assistant Manager £20,000 – £30,000 £23,000 £45,000 – £50,000
Manager £25,000 – £40,000 £32,000 £40,000 – £70,000
Director/Partner (multiple branches) £50,000 – £85,000 £50,000 £120,000 – £170,000

Estate Agent Salaries For Greater London (Zones 2 – 6)

Job Type Permanent (pa) Average (pa) On Target Earnings
Trainee £12,000 – £20,000 £14,000 £25,000 – £30,000
Negotiator £13,000 – £20,000 £16,000 £27,500 – £35,000
Senior Negotiator £15,000 – £25,000 £18,000 £30,000 – £40,000
Assistant Manager £20,000 – £30,000 £25,000 £45,000 – £50,000
Manager £25,000 – £40,000 £25,000 £40,000 – £70,000
Director/Partner (Multiple Branches) £50,000 – £85,000 £50,000 £120,000 – £170,000

https://www.deverellsmith.com/property-salary-report/2018-19/estate-agency-salaries/