Unveiling the Truth Behind Letting Agents' Salaries
Are you being paid enough? It's a question that haunts many professionals in the industry. The topic of salaries is always a controversial one, and it's natural to wonder if you're getting your fair share. To shed light on this matter, we have delved into the current state of the Lettings job market in London and the varying salaries offered by different companies.
To provide valuable insights, we sought the expertise of James Hanson, Director of Cherry Pick People, one of London's top property recruiters. With his commentary and expert opinion, we can present you with a comprehensive picture.
Now, before we share the results of our research, let's discuss our methodology and data. We analyzed around 300 job listings on popular platforms like Total Jobs, Reed, Fish4, and Indeed. The figures we considered reflected the total salary, including estimated commissions and bonuses. However, I encourage you to evaluate the feasibility of the advertised OTEs yourself.
In order to provide more context, I have included the salary ranges from the lowest to the highest among the advertised positions. As expected, there is a significant discrepancy across all roles.
So, without further ado, here are the average salaries we found:
Lettings Administrator - £23,866 (Range: £18k - £26k)
Lettings Negotiator - £36,571 (Range: £14k - £55k)
Lettings Valuer - £44,400 (Range: £22k - £55k)
Lettings Manager - £51,875 (Range: £37k - £65k)
Lettings Director - £74,000 (Range: £65k - £150k)
Property Manager - £37,500 (Range: £25k - £47k)
Property Management Team Leader - £41,000 (Range: £28k - £52k)
Property Management Director - £64,000 (Range: £50k - £75k)
We presented this information to James, and he shared his thoughts:
"I believe the research carried out by the team at Agents Army is broadly accurate in most areas. It's worth noting that the lower end of the salary ranges usually applies to junior candidates or individuals who have recently transitioned into the role. Another important factor to consider is the type of business the position is associated with. For instance, the salary range and average for the 'Property Manager' role may appear low for those working in residential letting agencies. I haven't come across many Property Managers in this sector earning £47,000. Has the upper end been influenced by the rise of Build to Rent operators and specialist PRS firms? Typically, the range for residential agencies in this role would be more around £25k - £35,000 in London, but there are commercially-run or investment-backed operators that offer salaries in the £35k - £45,000 range. However, the responsibilities and nature of the role differ significantly. Similarly, I believe most Lettings Directors in London earn closer to £100,000 as the market median. Is the average noted here a reflection of the current climate?"
James also noted that there is currently a salary disparity between inner and outer London, as well as between London and other UK cities. However, this gap is gradually closing, especially with the rise of remote work and the establishment of business hubs across the UK.
Finally, it's important to acknowledge the challenging job market we find ourselves in due to the pandemic, with numerous redundancies and high unemployment rates. While some companies are taking positive steps towards future hiring, offering salaries above the market average may be something we won't witness until the pandemic is over and full confidence is restored.
And there you have it - a concise yet informative summary of industry pay. We are eager to hear your thoughts on this matter. Please don't hesitate to share your opinions with us.
Image Source: Unsplash.com Caption: A letting agent in London diligently assisting clients with property rentals.
