Are you being paid enough?
Are you being paid enough? Salaries are always the most controversial of topics, everyone want to be paid more right? Well we’ve taken it upon ourselves to do some research and into the current state of the Lettings job market and what companies are paying for various different roles.
To help us with our research we’ve enlisted the help of James Hanson, Director of one of London’s top property recruiters Cherry Pick People. We put our research to him and he’s given some commentary to provide some extra context and expert opinion.
Now, before you dive in to look at the results, it’s worth a word or two about our method and data. We found around 300 jobs advertised on the Total Jobs, Reed, Fish4 and Indeed jobs boards and worked out the averages. Please bear in mind that the figures we took were the total salary including estimated commission/bonus. I will leave you to make your own minds up about the attainability of the advertised OTEs.
In order to give the data a bit more context I’ve added in the range from lowest to highest amongst the advertised positions we found. As you’ll see there is a large range across all positions, as I guess you would expect.
So, here is what we found:
- Lettings Administrator – £23,866 (Range £18 – £26K)
- Lettings Negotiator – £36,571 (Range £14 to £55k)
- Lettings Valuer – £44,400 (Range £22k to 55k)
- Lettings Manager – £51, 875 (range £37-65k)
- Lettings Director – £74,000 (range £65k – £150k)
- Property Manager -£37,500 (£25-£47K)
- Property Management Team Leader – £41,000 (£28-£52k)
- Property Management Director – £64,000 (£50k-£75k)
Having presented this information to James, this is what he had to say
“I think the research carried out by the team at Agents Army broadly speaking is about right in most areas. It may be worth noting that the lower ranges of the salaries shown would usually be for junior candidates or for people that have recently moved into the role. The other key factor could be the type or nature of the business the position would be working in. For example with the salary range and average for the “Property Manager”.
I think most Property Managers working for a residential letting agency would look at this and think they were being underpaid. I certainly haven’t seen many Property or Senior Property Managers working in this part of the industry paid £47,000, so has this top-end been pushed up further due to the rise in Build to Rent operators and specialist PRS firms? I would say the range for residential agency would be more like £25-35,000 in London at this level of role but there will be more commercially ran or investment backed operators who do pay in the £35-45,000 bracket but the role and responsibilities are very different. Likewise, I think most Lettings Directors in London maybe being paid closer to £100,000 as the market median but is the average noted here a reflection of the current climate?
“Also, there is at the moment a disparity in salary for these roles between inner and outer London and indeed between London and other UK cities. The gap, however, has been closing and my prediction is that this could close even more in the coming years, as more people work remotely/from home and businesses “hubs” are created across the UK”
“Finally, it may be worth noting that obviously we are in a very challenging job market at the moment with thousands of people made redundant and unemployed. Some clients are now looking forward and making positive steps in hiring for the future but offering salaries over market average may be something that we won’t see for the foreseeable… that is until the pandemic is over and full confidence is restored”
So there you have it – a pretty basic, but hopefully quite useful summary of industry pay. Please do let us know what you think
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