PAY: Estate agency sector ‘remains resilient despite challenging times’

The property sector has displayed remarkable resilience despite facing unprecedented challenges in the wake of the COVID-19 pandemic with new ways of working reshaping the way the industry operates, and the pay that agent receive, the annual Rayner Personnel Annual Property Sector Salary Report reveals.

Last month The Neg revealed that nearly seven out of 10 professionals working as estate agents and conveyancers believe they are underpaid and a massive 91% would consider moving jobs within 12 months.

pay competition

Now the Rayner Personnel Annual Property Sector Salary Report shows companies are increasingly willing or having to provide competitive pay, performance incentives and benefits to ensure their workforce remains motivated and engaged.

According to the report, a trainee sales or lettings Negotiator in London can expect a starting salary between £16,000 and £18,000 per annum (pa).

A senior lettings Negotiator can expect a salary between £20,000 and £22,000 pa while a senior sales Negotiator can expect a salary between £22,000 and £28,000 pa.

The report also highlights how property professionals have demonstrated the ability to adapt swiftly to changing market dynamics and embrace innovative solutions.

Remote working, virtual property tours, and digital marketing strategies have become the norm, reshaping the way the industry operates.

And as the economy rebounds, the property sector is witnessing a resurgence offering promising prospects for both seasoned experts and newcomers alike.

CONSEQUENCES

Josh Rayner, Chief Executive of Rayner Personnel, says: “The property sector faces the inevitable consequences of a tight labour market.

“We can see the effect of this in our report particularly where pay increases, job churn and the sheer volume of vacancies are concerned.

“With increased competition for talent, employers are recognising the need to offer ever more attractive salary packages to retain skilled employees and to attract new people.”

And he adds: “Of course, a job role is not just about the money as employers now are under increased pressure to provide employee benefits and a truly stand-out work culture too.”

More information HERE.