Hi my name’s Katy Jones, I am an estate agent
and property industry blogger. My blog is at careerinproperty.co.uk
On my blog I recently posted what a typical estate agent can expect to earn and I have
been getting a lot of hits on that page so I thought I would give you a bit more information
about what estate agents earn and how their career typically progresses. So if you are
thinking about being a sales or lettings negotiator this is going to give you a bit more information
about what you are likely to earn in your first few years and where things could end
up in 5 or 10 years time. Typically you will start off as a junior negotiator
and whether you are looking to work in sales or lettings essentially the salaries and the
day to day of the job is going to be very similar. You are going to be spending the
majority of your time on the phone talking to applicants and you are going to be out
of the office on viewings. You will be learning on the job about negotitation.
You will also get some training with your manager and your colleagues and often companies
will send you out on training courses to help you develop your negotiation skills. However
most of the training is going to be on the job. You will learn about the legal aspects
of your role so you will need to understand how you go about progressing a sale if you
are in the sales team from agreeing the sale to actually handing over the keys. And that
involves understanding a lot about the legal process of what it involves to sell a property.
How to deal with solicitors and how to help people with their mortgage arrangements, understanding
the mortgage application process. If you are on the lettings side you will need to do a
lot of learning about the legal aspects of drafting tenancy agreements, you will need
to understand the referencing process, you will need to help people organise paying their
deposits and their rent and really there is a huge amount of legal knowledge that needs
to be acquired as part of becoming a junior negotiator for lettings. Just as much if not
more than for sales. You will take about 12-18 months as a junior
negotiator to get your career underway. Most people during that time will be earning if
you are working in London or Greater London area you will typically be earning around
the £25,000 and that will be made up between a salary of perhaps £10-15,000 basic plus
commission. If you are outside of London you will probably be looking at £15-18,000 a
year. There will be huge variations in different agencies and depending on your own ability.
That will give you a general starting figure to work with.
From there you can look to develop into a senior negotiator role and that is a role
that is essentially more hands on in terms of overseeing your own sales and lettings,
with less help from your manager. You may also need to start to do some property valuations
which is a more specialist part of the job, normally only undertaken by a branch manager
or a valuations manager. So you will start to develop your valuation skills and from
time to time you may be left to run the office if the branch manager is on holiday. Or you
may equally be given a role which is more dedicated towards training and helping junior
staff on your team, because a lot of being an estate agent is about team work and getting
everyone in the office to work effectively together. You can expect to earn if you are
working in the London or greater London area between about £30-35,000 as a senior negotiator.
It could be more it could be up to £40-50,000 but realistically that is what you should
expect and if you are outside of London probably something in the region of £25,000 per year
as a senior negotiator is realistic. You can expect your salary to gradually increase over
a 2-3 year period working as a senior negotiator. From then, most people that are good at their
job after perhaps five years in the industry can expect to be promoted or look to find
a new job that will allow them to become a branch manager. That will involve running
your own office, you may be at this stage running both sales and lettings within an
office or you may become a sales or lettings manager if it is a bigger office environment
where there are enough staff to justify two managers. You will be spending the vast majority
of your time either valuing property looking for new instructions or you will be managing
staff and you will also be spending quite a lot of time writing reports to head office
or communicating with the owner of the business on a day to day basis. You will spend quite
a lot of time recruiting staff and on staff training and you will spend less time on viewings
and there will be a decent amount of time that is spent in the office on administrative
tasks that cannot be handled by the administrator. For a typical London branch manager earnings
of anything between £50-100,000 are realistic. Again it will be made up of a basic salary
with a percentage of commission that is earned based on the total commission that the office
brings in each year. If you are outside of London perhaps something in the region of
£40-60,000 would be a typical branch manager salary.
From there what can you do, you have bee a branch manager for 5 years and you want to
move on. You may find that there are area director roles within your own company or
within bigger organisations that are looking to expand their team and you may step into
an area director role where you are overseeing 3 or 4 offices. You may decide that you are
happy at branch manager level there are plenty of people who stay in a branch manager role
for 10 or 15 years during that time they may step into part time property development themselves.
Or they may also consider setting up their own by to let property portfolio. I have known
several branch managers who have used their position in order to develop their own property
portfolios and been very very successful at that. And that for them has negated the need
to become an area director or pursue their career further than that level. Equally that
may not be satisfactory and you may want to have your own agency you may find that the
opportunities are not forthcoming for you to move from senior negotiator to branch manager
or branch manager to area director and you may decide that it is time to run my own agency.
If you want to know more about working in the industry, whether you want to be a sales
or lettings negotiator or work as an administrator or in property management, you will find my
latest book very useful. It is called ‘How to have a Brilliant Career in Estate Agency’.
You can buy it on amazon as a paperback or you can download it to your Kindle. It is
going to give you a huge amount more information about each of the different job roles and
your career progression within the industry. I have had a great career in property and
I want to share that enthusiasm with you and I look forward to getting your feedback and
your comments on this video blog and good luck with your career aspirations for having
an career in estate agency.