Insights

As I step into my 23rd year in the “world of property recruitment”, I find myself reflecting on the evolution of our industry.

Over the years, I’ve witnessed economic highs and lows, market booms and busts, and shifts that have reshaped both the property and recruitment landscapes.

But today, more than ever, I feel a pressing concern for the future of traditional and high street agencies.

We’re facing an unprecedented challenge: a declining interest from new talent entering the industry and a noticeable departure of experienced talent. Unlike the aftermath of the 2008–2009 Global Financial Crisis, when many skilled agents sought opportunities outside of property altogether, today’s trend is different. Experienced agents aren’t leaving the industry, they’re seeking alternative forms of employment within it.

Some of the same forces driving this are also deterring fresh talent from entering the field. The result? A serious talent gap that threatens the sustainability of the industry.

This article isn’t to encourage employees to switch to a freelance, broker, or self-employed model (that’s a separate conversation entirely). Instead, it’s a candid message to traditional employers to adapt, innovate, and rethink their approach to attracting and retaining talent.

If traditional estate agency businesses want to future-proof their operations, a complete overhaul of their hiring and talent acquisition strategies may be required.

Here are a few headlines for you to consider:

• Flexibility: Remote working, hybrid models, and flexible hours are no longer luxuries, they’re expectations. Doesn’t matter if you like or agree with it, you must appeal to your audience.
• Work-Life: Eliminate weekend work where possible. By appointment only!
• Appropriate Compensation: Especially for office support, property management, and administrative roles, salaries need to reflect the value these roles bring.
• Fresh Talent: Attract talent from other industries with transferable skills, individuals who bring fresh perspectives and lack preconceived ideas and bad habits.
• Overheads: Consider whether you truly need as many physical offices. Fewer locations will reduce fixed costs, freeing resources to invest in talent, marketing, and tech.
• Culture: From more casual dress codes to creating environments that foster collaboration and innovation, changes with culture and collaboration in mind will make a big impact.

It’s well-known that the best businesses are built by the best people. If estate agencies are to thrive in the years ahead, they must align with the evolving expectations of the current workforce and create environments where talent is inspired to join, to stay, and succeed.