Estate agency careers and the Renters Reform Bill

Estate agency careers and the Renters Reform Bill 

In my nearly ten years working in estate agency recruitment, I've seen how professionals now approach their careers differently. Recently, I sat down with my colleague Tommy to discuss the most pressing topics facing our industry today, including legislative updates like the Renters Reform Bill, hybrid working estate agency models, and how to retain senior leadership. 

Why are estate agents really moving jobs? 

When candidates reach out to me regarding new opportunities, I always ask one crucial question: "What do you actually want to do?" Too many people seek change without truly understanding their motivations behind a move. 

The reasons for moving remain consistent, and it's usually about three things: dissatisfaction with your current role, insufficient compensation, or internal management issues. My advice? Have that crucial conversation with your line director first. If you're not being paid enough, speak up and ask the tough questions... you never know if you don’t ask... and how is your employer supposed to know if you don’t raise your thoughts? 

However, if you fundamentally dislike your boss, or the working environment, that's a different conversation entirely. These situations rarely improve without significant structural changes. 

The reality of hybrid working in estate agency: 

Candidates increasingly ask for flexible working options and comprehensive benefits packages. Whilst I understand the appeal, estate agency presents unique challenges that make hybrid working estate agency models difficult to implement. 

This is fundamentally a customer-facing business. You cannot conduct property viewings from your home office. It's a 24-hour industry requiring physical presence and immediate availability. That said, certain operational roles, particularly within the world of property management, can accommodate some flexibility. 

How Renters Reform Bill is reshaping the market: 

The Renters Reform Bill is creating significant market shifts across the UK property sector. We're already seeing lettings-only businesses looking to introduce sales functions, and accidental landlords are becoming less common, with institutional landlords increasingly dominating the market. 

According to recent government analysis, these reforms will fundamentally reshape how the lettings market operates. For negotiators, this could mean transitioning from upfront payments to monthly commission structures. 

This transformation will likely drive increased activity in the sales market. I believe we'll see a correction in pricing as more stock comes to market, potentially driving property prices down. 

What does success in real estate really looks like? 

Career progression can mean different things to different people. For some, it's purely driven by increased renumeration packages. If earning more money is your primary objective, focus on platforms offering the highest earning potential, not just basic salaries, but commission structures and bonus opportunities. 

For others, real estate career progression means climbing the corporate ladder. If you're working within a company with a flat structure, advancement opportunities will be limited. Consider businesses where you can build a long-term career and reach leadership positions. Within smaller organisations, this may mean future equity/LTIP share options in the business. 

Retaining senior leadership through strategic restructures: 

We're seeing increasingly sophisticated restructurings at board level. Many experienced professionals now seek exit strategies and equity participation. Business owners are structuring deals involving LTIP shares and profit-sharing arrangements. 

My advice to business owners: catch it early. If you have someone who's been with you for a long time, consider that giving away part of your business might actually enhance its value. Sometimes owning 70% of something significantly larger is better than having 100% of something smaller. 

Preparing for what's next: 

If market conditions remain challenging, businesses will need their greatest operators to drive growth. If you have top performers in your company, look after them and provide what they need. If you haven't got them, go and get them. 

This isn't the market where mediocrity succeeds. Companies investing in premium talent and providing comprehensive support will outperform those that don't. The most successful professionals I work with share common traits: they're proactive about development, understand their value proposition, and make strategic career moves rather than reactionary ones. 

About the authors: 

Ryan has circa 9 years' experience working within estate agency recruitment. He is well versed in covering all regions of London and the rest of the UK. Operating across all senior-level hires within residential & commercial agency, Ryan prides himself on transparency, offering a strategic advisory service to both clients and candidates within the industry. 

Tommy has over 15 years of experience working in property recruitment and leads the Estate Agency, Rental Living, Property Management and Corporate Services divisions at deverellsmith. Managing all mid-senior level hires across Prime Central London & the UK, he has a vast knowledge of what exceptional talent looks like in the market. 

Frequently Asked Questions: 

How will the Renters Reform Bill impact estate agency careers in the UK? 

The Renters Reform Bill impact will transform lettings operations, with many lettings-only businesses introducing sales functions. Negotiators may transition from upfront payment structures to monthly commission models similar to recruitment. This creates new opportunities for professionals to diversify their skillsets and progress within hybrid sales and lettings roles. 

Where can you find career opportunities within estate agency right now? 

Real estate career progression depends on your goals, financial advancement, or leadership development. Focus on companies offering strong commission structures for financial growth or seek businesses with clear pathways to senior roles. Companies providing equity participation and LTIP schemes offer the strongest long-term prospects for ambitious professionals. 

Is hybrid working possible in estate agency roles? 

Hybrid working estate agency models face challenges due to the customer-facing nature of the business. Property viewings and client meetings require physical presence. However, certain operational roles in property management and back-office functions can accommodate flexible arrangements whilst maintaining service standards and team collaboration.