Average pay for agents said to be nearly £50k plus £36k commission

The average pay in the property industry is £54,839, Property Week has reported.

The magazine’s annual pay survey says that salaries in the industry are at their highest for nine years.

But specialist recruiters disputed the survey’s pay figures for residential agents.

Of the overall 7,466 property professionals who responded to the Property Week survey, 64% said they were earning more than last year.

The magazine does not report a regional breakdown of where the responses came from, but salaries in the residential agency sector look high enough to reflect only more senior positions in the central London market.

A residential agent in both sales and lettings is said to earn an average of £49,023 plus a bonus of £35,868.

The average salary of a block manager is £51,443 plus a bonus of £7,282.

Surveyors and valuers earn £46,116 plus £8,825.

The magazine reports that those working in the commercial property sector are upbeat, whereas 17% of residential agents are anticipating a fall in economic activity this year.

The magazine says this “perhaps reflects the slowdown at the top end of the London residential market”.

The survey was completed between December 2015 and January 2016.

However, leading recruiters said that the pay figures for residential agents could not be UK averages and would apply only in central London.

Joshua Rayner, of Rayner Personnel, said: “These figures may be the case in central London, but not nationally.

“Typically, the rule of thumb is that an agent earns 50% as basic and 50% commission – for example, £15,000 basic and therefore £30,000 overall.

“These figures will be dramatically higher in central London, but not elsewhere.”

A spokesperson for Deverell Smith said that the Property Week pay figures could not be accurate as national averages, and that in London alone there are two different market pay structures.

The firm is doing its own salary survey, which it has not yet completed outside London.

The two charts below deliberately omit one of the better known London and south-east firms, which pays a lower basic but an increased sliding scale commission structure, as this would have skewed general results.

PowerPoint Presentation

Above, mid-market multi-office London agencies

PowerPoint Presentation

Above, prime market central London top-end luxury agencies

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6 Comments

  1. skeets

    Where in heavens name have they obtained these figures? Central London perhaps but out in the towns and villages there is no way these incomes and perks have been on offer.

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    1. PeeBee

      Don’t forget – these figures take into account the ‘fact’ that the average Call-Centre Agent can earn a squillion quid part-time…

      …or could these figures be just as fictitious as the claims of the CCEA brigade?

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  2. Property Personnel

    “The two charts below deliberately omit one of the better known London and south-east firms, which pays a lower basic but an increased sliding scale commission structure, as this would have skewed general results.” – Am I missing the point here? Surely this means that these are not ‘averaqe’ salaries?

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  3. Property Paddy

    I doubt these are real figures for everyday negs and managers, even in central London. I do know a couple of chaps on large salaries in London but they are directors/owners of very established businesses.

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  4. Gump

    A year?! That’s my charge for working a Saturday, I hate working Saturdays

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  5. PaulC

    I wish I was on that….

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