With over 2.2 million people forecasted to be working in the property industry by 2020 (ONS), and new businesses and branches popping up all over the country, today's young estate agents are presented with more opportunities than ever before.
In a five part series exclusive to Industry Views, EAT goes behind the scenes to investigate why an industry that struggles with its public image remains such an attractive career path for young people.
Whilst some young agents continue down the traditional path, learning on the job and picking up tricks of the trade and trusted old habits from older colleagues, others are choosing to take a different route, one which involves more technological know-how and rigorous training.
What better place to start our six part series focusing on young estate agents than a specialist course dedicated to training the best new agents out there.
The Harlow Holiday Inn Express, 14th July 2014. The latest Estate Agency All-Stars course is about to commence, with nine eager and fresh-faced junior estate agents ready for five days of comprehensive training.
The course, which was founded in March 2013 by Rayner Personnel Managing Director Josh Rayner, aims to find the best junior recruits in the business and equip them with the tools to cope with the fast-paced world of property.
Rayner, who has 10 years' experience in property recruitment, saw a gap in the market when he spoke to Nick Devonport, MD of Northfields Ealing. Devonport said there was a major problem in the hiring and retention of junior staff.
An average of 60% of new agents drop out in the first three months, Rayner explains. Making the hiring and retention of junior agents a more long-term thing was one of the main motivations behind starting Estate Agency All-Stars.
The programme's participants are offered extensive training, something that is not currently available to most new agents. The process aims to give candidates everything they need to do well in the industry, as well as an edge over other new recruits and possibly even agents who have been in the job for years.
Across the five days the course covers what exactly estate agency is and the main processes behind running a successful agency business. It also teaches essential property industry knowledge, good questioning and listening skills, benefit selling, the role of portals, the art of negotiation, how to conduct accompanied viewings, secure offers and handle fee enquiries effectively, and how to book valuation appointments in an exceptional manner. Much of the course is completed on laptops donated by Rightmove, who also come in to train recruits for half a day on Wednesdays.
Estate Agency All Stars attracts people from far and wide. This week, the course has participants from locations as varied as Shropshire, the dales of North Yorkshire, Stratford-upon-Avon and Windsor. Some have been in the job for a year or a few months, others are just starting out. But they all have very similar aspirations, one of which is to be the very best at the job they've been given.
John and Charlotte are attending the course from J.R. Hoppers in North Yorkshire. John has been working there for five months and Charlotte for three. They both hope to gain knowledge about the industry as a whole and to be trained to a high standard.
John, a former chef, informs us he is completing a law degree alongside his job as a lettings agent. The two actually go hand in hand really well. I'm enjoying working in the agency and the degree helps me to understand a lot of the legal processes that estate agents have to deal with. I'm hoping to gain a better knowledge of the industry and the workings of an agency.
Meanwhile, Charlotte has always had a genuine interest in property and found herself looking for a job at the time J.R. Hoppers was hiring.
It's great because everyone knows each other - we know the people, we know what they're looking for and we're able to put in time and effort to find it, she says. Being on this course has already taught me how the property market and the running of an estate agency differ all over the country, especially in London.
Elsewhere, ex-commercial property agent Vanessa starts her job at The Frost Partnership in Windsor on the Monday after the course, and is keen to brush up on her knowledge before getting stuck in to Surrey's intense and competitive property market.
I have experience letting buildings and land to companies from my last job but this is a completely new concept - I want to take as much as I can out of the course so I can feel comfortable, confident and do the job as best I can when I start.
With frequent bad press creating an unflattering and mostly negative perception of the estate agent profession, the Estate Agency All Stars course aims to alter this image by ensuring junior agents are well-versed in the basics and nitty-gritty of the industry, whilst also placing a key focus on customer service.
As Charlotte Taylor, the course trainer, says: I make no apologies for banging on about this, because customer service is the most important thing for all estate agents. Estate Agency All Stars wants all those it trains to offer an exceptional service.
So what credentials does the Estate Agency All Stars course have to make it the ultimate training venue for junior agents Concluding with a recap and end of week test, the course currently has a 100% pass rate, and is maintaining a 90% conversion rate and a 98% retention rate, according to Rayner.
So far, Estate Agents All Stars has successfully trained and placed 150 candidates, he adds. The overall aim is to train recruits so they aren't thrown in at the deep end, thus raising the retention rate of new agents and generating better, well-equipped agents the industry can be proud of.
As John, Charlotte and Vanessa begin their respective journeys with a sound grounding in the principles of the industry, the emergence of training courses such as Estate Agency All Stars confirms the popularity of this ever-changing profession.
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Comments
As reported in EAT in June, the NAEA has launched a new Job Boards at
jobs.naea.co.uk and there have been a number of jobs posted for trainee Estate Agents on the site. The NAEA also offers student membership for new entrants to the industry and whilst they study for a recognised qualification in the form of an NVQ in Residential Sales.
Details can be found on the NAEA website www.naea.co.uk
This seems like a good story to delve into, I was just the other day thinking that there was a gap on Estate Agent Today for young agents and with this series, that gap is sure to be filled.
Seems sensible. Rayner appears to have identified a gap in the market that shouldn't have been there in the first place - estate agency is a profession, surely there needs to be some training in place that means these young agents don't have to learn on the job. The drop out rate is too high, being thrown in at the deep end without the requisite knowledge must play a part in that.
As someone with more than a passing interest in the workings of the property industry, I've seen first-hand the amount that an estate agent needs to know and needs to take into consideration. As the article states, this varies quite considerably from location to location. Being an estate agent in London or the South East is worlds away from being an estate agent in North Yorkshire or Cornwall. Totally different markets, totally different ball games, totally different ways of working. But the basics of industry can be taught, and seem absolutely necessary to new recruits. Learning on the job just doesn't cut it these days. For one, the person you're learning from could be jaded and complacent or unwilling to pass on too much knowledge to a young and eager agent. They also won't have the time that a focused, 5 day course can give.
I think this is a very good idea, and that training is the future when it comes to young recruits. If they know what they're getting themselves getting into, and are better prepared for it, it stands to reason that they're less likely to leave after three months. The public are also bound to be happier with better-qualified agents - trust will be much easier to build.
I was lucky enough to receive training on the job but I know a lot of young agents are thrown into the deep end. I do think there should be more estate agency training available to young agents. I've learned a lot by doing and had support but a more intensive look at the job as a whole in the beginning would have been nice. I agree with Mary, I think if there was training/qualifications we'd be taken more seriously.
I think there should be training for estate agents. Gone are the days when learning on the job is enough. Perhaps the reason they are painted in a bad light by the media is because the public know that young people can just drop out of school and become an agent. Anyone with any sense knows that estate agents are professional people who have industry and local knowledge as well as having to operate with good customer service, but maybe with a tightened training regime, we wouldn't have so many rogue agents and the public/media will start to change their views of agents. Raise the bar, that's what I say.