Agency bosses change bonus terms in bid to hang on to staff

Estate agency bosses have got wise to the “New year, new job” mentality of itchy-feet staff, it has been claimed.

Recruiter Josh Rayner said: “Many have changed the terms of their bonus and commission schemes to lock agents in until March 2015.

“In many cases, the year now runs from April to March, so estate agents will forfeit their annual bonuses if they leave.

“These could run into thousands of pounds, so it’s a powerful disincentive.”

Rayner said that his firm, Rayner Personnel, has some 450 live jobs at the moment and believes other specialist recruitment firms are equally – and exceptionally – busy.

He said his own firm, which specialises in head-hunting, has 50% more business than in the third quarter of this year, and that he expects its turnover to double this year: “As we approach the end of 2014, estate agencies are still hiring.”

Rayner added that it was a case of there being “plenty of jobs – but where are the candidates?”

He said that skilled senior staff who can “shift stock from day one” are particularly in demand, from both corporates and independents, with firms prepared to pay over the odds for the strongest candidates.

Agents are even prepared to pay recruitment companies above the norm to find the best.

So what has become of the estimated 32,000 experienced estate agents unceremoniously laid off when the recession hit in 2008?

Rayner initially tried to tempt some individuals back through text and email campaigns when the market picked up, but with little success.

He said: “In my experience, there are very few coming back into the industry. They have had their fingers bitten once and in the time that’s elapsed have started new careers and are busy pursuing them.

“They also view the unsocial hours worked by agents as a deterrent.

“But it’s equally the case that the market has changed so much in the last six years that firms don’t particularly want them – they prefer people whose knowledge is current.”

Rayner said that 2015 will continue in a similar vein: “It’s not going to be an easy market next year and there will continue to be a huge shortage of good people.”

Other property recruitment companies which are busy include Deverell Smith which yesterday advertised for estate agents to join its “rapidly expanding” recruitment team.

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One Comment

  1. smile please

    Yep we have a couple of experienced members of staff joining us end of March after the yearly bonus is paid. Works out well for me pipeline always that little lighter after the Christmas period! Thanks competition!

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