Half of all letting agents to quit sector within FIVE years, citing poor pay

Oli Sherlock from Goodlord says many agents want to move onto something new, as 60% complain they are not remunerated fairly.

Oliver Sherlock, Goodlord

More than half of letting agents may want to leave the sector within five years, and 60% say they aren’t paid fairly, new research reveals.

The gloomy findings feature in the annual State of the Lettings Industry report from proptech firm Goodlord and referencing platform Vouch.

Stressed in the job

When asked if they want to be working in the sector in five years’ time, only 48% of survey respondents said yes, 21% said no and 30% were unsure.

The data indicated that the longer an agent had worked in the industry, the more likely they were to say they wanted to remain in lettings.

Exactly half of agents said that most days they feel stressed in their job, and 62% agreed that their workload has increased in the past year.

Biggest salaries

Unsurprisingly, letting agents in London are commanding the biggest salaries – with survey respondents earning £47,200 per year, on average.

However, agents in the West Midlands aren’t far behind, with salaries for professionals in that region hitting an average of £46,700.

And 10% of those whose job title is director or CEO said they earn more than £100,000 per year.

No agents in London claimed to earn less than £20,000, whereas the North East saw the highest percentage of agents earning less than £20K.

This is a brilliant industry, full of opportunity, but it’s been a tumultuous few years.”

Oli Sherlock (main picture), director of insurance at Goodlord, says: “This is a brilliant industry, full of opportunity, but it’s been a tumultuous few years, with new challenges on the horizon.”

Goodlord will be hosting a webinar alongside market experts on Thursday to discuss the issues affecting letting agents, from salaries and stress, through to work satisfaction and industry legislation.

You can register for the webinar here

Goodlord and Vouch join up to create new proptech force in lettings

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