Only 11% of property businesses including estate agencies increased staff pay last year, a new report officially launched next week claims.
Property data company the tmgroup’s latest industry survey and report, titled Back To The Future, highlights issues with staff recruitment, retention and upfront information challenges.
Some of its findings have been trailed in recent weeks but the full report is now available to download and will be launched during a tm:tv online discussion on 14 February.
The report highlights that many property professionals, including agents, are working longer hours but pay has not increased.
It said: “The number of people working longer hours, on more challenging work, for the same money is a problem.
“Especially if you consider that the cost-of-living crisis means some people have taken a pay cut in real terms. Lastly, only one in ten businesses reported investment in succession planning and futureproofing in 2022. This may prove to be a huge oversight and could have dire consequences in the next few years as experienced professionals leave the industry, which can be seen later in the report.”
The report also claims the industry is not performing well on wellbeing.
Across all professions, including conveyancing, mortgage lending and agency, respondents highlighted issues with flexible working hours and working from home.
The report said: “It’s easy to imagine these benefits would be more popular with younger professionals, but even when we break the data down further, it was still consistent across job titles and seniority.
To counter this, a quarter of all respondents answered that they had not benefitted from any workplace initiatives at all. This is slightly up on last year and going in the wrong direction, at a time where valuing, rewarding and retaining talent is especially important and challenging.
It found that 17% of estate agents had not benefitted from any of these workplace initiatives to help their personal wellbeing.
Particular standouts here were sales progressors, negotiators and agency listers or valuers.
Addressing the issue of upfront information, a fifth of respondents said they already provide information earlier in the process, half of which are Estate Agents.
The report highlights a lack of awareness around upfront information though and different opinions about what it includes.
It said: “This lack of a joined-up and consistent approach across the professions will understandably lead to yet more frustration. In our view this could be rectified if there was more education around what UI could or should be, and what ‘good’ looks like.”
Joe Pepper, chief executive of tmgroup, will host an online session outlining the report’s findings on 14 February at 12pm.
It will feature Suman Dally, partner and head of conveyancing at Shoosmiths, Tom Carter, partner and former chairman of McCartneys, Simon Wilkinson, main board director at Propertymark, YouConvey founder Eddie Goldsmith and Matthew Brewer, an associate solicitor for Awdrys.
Property industry experts will discuss issues raised in the report, with nearly a quarter of respondents unsure if they’ll stay in the sector and up to 34% expecting to exit within five years.
> Register for the webinar: https://us06web.zoom.us/webinar/register/2916753461858/WN_moNDs5g9QJGvwSDiGrtaMQ