How much does an estate agent earn in the UK?
ESTATE agency has become a popular career for those who do not want to continue in further education and earn a good salary.
During the Covid-19 lockdowns, it was also a good option for those who lost their job as people will always be searching for a home to live in and there is always room for career progression in the market.
How much does an estate agent earn in the UK?
Estate agents earn good money from the commission of their sales, however, they also have a fixed income to help them in times when they are yet to start selling.
At an entry level, you’ll probably have a guaranteed pay varying from £20,000 to £30,000 in the first three months, to help you kick start your career.
As soon as you make your first sale, you start earning good amounts of commission which will see the fixed income decrease to between £16,000 and £18,000.
If you are a great seller and you’re having early success in your career as an estate agent, you’ll probably earn between £25,000 to £35,000 in your first year.
Read More on Property
Commission plays a big part in your earnings.
There are different commission schemes varying from one company to another.
You earn a percentage of commission based on the earnings the company made from the sale.
So if for example, a property was sold for £500,000 and the office collects 1% of the sale, then the company earned £5,000.
Most read in The Sun
If you earn 10% in commission, then you will earn £500.
Every company works differently and has various rates.
In the UK, the average salary for an estate agent would be £41,392 a year.
As you become more experienced and get more sales on your name, you might see yourself earning from £50,000 to £100,000 a year.
What does an estate agent do?
An estate agent can help people in many ways and not only to find a new home.
They can help you to:
- Determine a market value for a property you want to sell
- Market and advertise the property you want to sell
- Arrange viewings with potential buyers who are interested in your property
- Manage negotiations in regards to the sale of the property
- Ensure that the buyer is serious and that they can pay the amount due
- Issue paperwork needed to seal the deal
How do I become an estate agent?
There are various ways how you can become an estate agent and you do not always need a degree for it.
However, if you have a degree in one of these fields, then it will surely help boost your CV and help you grasp a better understanding of the estate agency field:
- A degree in business studies
- A degree in civil and structural engineering
- A degree in estate management
- A degree in property development or management
- A degree in surverying
- A degree in urban and land studies
You can take another route, and work your way to becoming an estate agent through an apprenticeship.
Many estate agency companies offer apprenticeships for junior estate agents.
The entry requirements would normally include GCSEs, particularly in English and Maths.
Some places of work also offer jobs such as trainee sales negotiators.
Or you can start working as a secretary or an administrator and work your way up to a top-notch estate agent.
Read More on The Sun
There are also courses available to those who would like to enter the industry.
We recommend you checking out some of the courses available with Propertymark.