How to Tackle High Staff Turnover in your Estate Agency
Integro Partners
Trusted Recruitment, Introducing the right people to your business.
The UK real estate market is characterized by fierce competition, rapid technological advancements, and evolving consumer preferences. Not to mention the constant movement and changes within the Mortgage Industry.
While these factors draw many people to work in the industry, they can also be large contributing factors that drive high turnover rates and pose significant challenges for estate agencies in retaining skilled professionals. According to recent studies, the average turnover rate in the UK in 2024 is around 30-35% and estate agencies are notoriously placed at the higher end of this statistic.
High staff turnover in your estate agency is costing you time and money. While this isn’t news to most estate agency owners, the fact can sometimes get overlooked in and amongst the fast-paced day-to-day running of an estate agency. We know there is so much in the property industry that cannot be controlled, but by implementing a well-informed recruitment strategy, you are in the best place to attract and retain great employees in your property business, saving you valuable time, reducing risk and cutting costs. More importantly, significantly improving your employer brand and company reputation.
In this blog, we provide current insight into commonplace factors for employee churn in 2024, simple steps you can take to remedy these issues, and what Integro’s industry specialists can offer you to improve your hiring strategy; including how to find and secure higher quality team members.
Top 5 Reasons for High Turnover Rates in Estate Agencies
There’s no doubt that commission heavy remuneration packages provide obvious advantages; not least including performance incentivisation and unlimited earning potential, but it’s important not to overlook the drawbacks. Factors such as income instability and uncertainty for agents (especially during periods of market fluctuations) can cause agents to jump ship to a competitor, or possibly to a more stable sales role.
Estate agencies can be known for their lack of career support and development opportunities. In turn, this may lead to frustration and dissatisfaction among employees. Without clear pathways for career advancement or opportunities for professional development, employees may feel stagnant and seek opportunities elsewhere.
It’s no secret that real estate is a demanding and competitive industry with tight deadlines, client demands, and performance expectations. However, increasing pressure and competition in the market can lead to employee burnout and for agencies to lose their staff.
The nature of working in an estate agent means irregular hours, weekend work, and high levels of stress, leading to challenges in maintaining a healthy work-life balance. In a post-pandemic world, many estate agents are striving to stabilise their professional and personal lives, and so too many anti-social hours is a key factor as to why estate agents are leaving their companies, or leaving the industry altogether.
Steps Estate Agency Owners Can Take to Remedy High Turnover Rates:
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Review and adjust compensation packages regularly to ensure they are competitive within the industry and offer attractive benefits to retain top talent. (Including Basic Salary, Commission Structures and added benefits for your people)
Provide comprehensive training programs and ongoing professional development opportunities to equip agents with the skills and knowledge needed to succeed in their roles. Create clear pathways for career advancement and offer opportunities for agents to grow within the organisation, such as mentorship programs, leadership training, and promotion opportunities.
Foster a supportive and collaborative work environment where agents feel valued, respected, and supported by management and colleagues.
Implement policies and practices that support work-life balance, such as flexible scheduling, remote work options, and wellness initiatives to promote employee well-being and reduce burnout.
How Integro helps Estate Agencies Build a Successful Recruitment Strategy
Of course, while you’re busy managing your business, without an existing, robust, in-house HR function, it can seem like a daunting task to tackle those steps. That’s why partnering with an industry specialist recruitment company can significantly improve your turnover challenges and offer consultancy and support with your hiring and retainment strategy.
Unlike many recruitment agencies, Integro is not solely a CV sending company. Our unique Key Hire and Partnership Services include strategic consulting services to help estate agency owners identify underlying causes of staff turnover and develop tailored solutions to address them effectively.
Once we have understood any underlying issues, we then build a sourcing plan to locate and secure top talent that aligns with the agency's culture and values, reducing turnover by ensuring a better fit between candidates and roles within your business.
Our industry specialists provide ongoing support and guidance throughout the process, offering solutions and advice to address any issues that may hinder you from acquiring the top talent we have found for you.
Are you looking to enhance employee retention and build a winning culture in your UK estate agency?
Contact us today to book a discovery meeting with our Head of Property Services, Sarah Hardy .
Lead Consultant, Property Services within BTR and Block at Integro Partners
9moSome very interesting points that could be vital in holding on to staff