Property firms are restructuring to adapt to a basket of challenges including higher National Insurance contributions, inflationary wage increases, the effects of the Renters’ Rights Bill plus Stamp Duty rises, according to ProFind founder Sally Asling.

She says: “The combined effect of these pressures is reshaping the sector, with many firms reducing workforce numbers to maintain financial viability.

Balancing the books

“As a recruiter to the industry, I am seeing both parties affected with companies cutting staff costs and/or not replacing leavers as a way to balance the books.

“From the candidates’ side, we are hearing of more redundancies than normal in the sector and a fear of redundancy in candidates looking to make a move.”

Asling adds: “In challenging times, recruiting retaining and investing in talented individuals can make the difference between surviving and thriving.”

Companies need to examine where they can make additional income.”

She believes, rather than cutting costs, the better option is to increase income, advising: “Companies need to examine where they can make additional income and evaluate new services and income streams which are all possible.

“In lettings, there are lots of opportunities to provide new services to landlords, corporate landlords and managing agents.

“In sales, we know the consumer is gravitating more to personal service that the brokerage model agents are offering, so maybe it’s time to revisit layers of service with Estate Agency?”

“The bottom line is that businesses must adapt to these economic changes and strategic planning and flexibility will be essential for survival, as redundancies and regulatory shifts continue to reshape the sector.”