Payback time! Letting agents better rewarded than sales agents

New figures on pay and perks in the industry show that letting agents are better rewarded than their sales counterparts.

A survey by Rayner Personnel - conducted through the industry press, including Estate Agent Today - show that some 60 per cent of letting agents earn £30,000 or over compared to only 50 per cent of sales agents.

The two disciplines become more equal higher up the management ladder, with eight per cent of lettings agents claiming £100,000 or more a year; the six-figure barrier is breached by six per cent of sales agents.

Agents across lettings and sales expect to earn more next year despite the Coronavirus crisis causing uncertainty in the economy and amongst agency owners; 34 per cent of those who responded expect 2021 to be a better year for their income.

Currently just over 50 per cent of agents earn less than the UK average salary of £30,629; around a fifth earn between £30,000 and £40,000 a year including commission. 

Some 60 per cent of staff - at independents and corporates alike - get a company car or car allowance

Of those who responded, 98 per cent of agents are in full time employment across all of the varying agency business models of staff and self-employment.

Most lettings negotiators earn between £10,000 and £20,000; the majority of sales negotiators and sales valuers/listers get £20,000 to £30,000; branch managers earn £30,000 to £40,000; directors typically get between £60,000 and £80,000.

“Perhaps the most promising takeaway from this research is that the majority of agents think they will earn the same or more over the next year” says Josh Rayner, author of the survey and chief executive of Rayner Personnel.

“As the boots on the ground, they are the first to see the market turn and this show of confidence echoes wider signs of a property market recovery that have materialised over the last few months.”