Underpaid and Undervalued - agents unhappy with their...

New research shows that the majority of letting agents believe they are not paid sufficiently for their work.

Research from the Goodlord and Vouch annual State of the Lettings Industry report shows that over 50 per cent of letting agents aren’t sure whether they want to work in the sector in five years time, and only 40 per centbelieve they are paid fairly for the job they do right now.

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.

No agents in London claimed to earn less than £20,000, whereas the North East saw the highest percentage of agents earning less than £20,000. And 10% of those whose job title is Director or CEO said they earn more than £100,000 per year.

Goodlord says the average letting agents’ salaries in England, by region, are:

Greater London - £47,200;

West Midlands - £46,700;

South East - £43,600;

South West - £43,400;

East Midlands - £41,400;

North West - £38,400;

North East - £33,800.

When asked if they want to be working in the sector in five years time, only 48 per cent of respondents say yes: 21 per cent say no and 30 per cent are unsure: meanwhile 50 per cent of agents say that most days they feel stressed in their job and 62 per cent agree that their workload has increased in the past year.

Goodlord’s Oli Sherlock, director of insurance, will be discussing the findings at a webinar on Thursday.

The panel will cover salaries, stress, and satisfaction at work for letting agents, and how new legislation changes are impacting agents’ attitudes, as well as what landlords and tenants think of agents and how the industry can improve those sentiments. They’ll also be taking questions from the audience.

“This is a brilliant industry, full of opportunity, but it’s been a tumultuous few years, with new challenges on the horizon. This webinar will be an opportunity to analyse some of these emerging trends and discuss practical measures to support agents and their teams” says Sherlock.

You can register for Thursday’s webinar here: https://www.goodlord.co/newsagent/webinars/are-you-an-above-average-agent-the-state-of-the-lettings-indusrty-report-findings?hsLang=en