How much do estate agents earn around the world?

Over the last few years, UK estate agents have been working around the clock to help homesellers conclude their transactions to the best of their ability. During a very difficult period of pandemic, the property market experienced a boom that’s lasted to this day. This, along with rising buyer demand, has kept our country’s agents extremely busy.

However, our research reveals that UK estate agents only just break the top 10 when it comes to the best paid in the world. Furthermore, when it comes to comparing agent salaries with overall average earnings in their respective nations, our agents slip even further down the list.

Estate Agent salary by country

In the table below, we outline 21 major countries (including the UK) and the annual base salaries of their respective estate agents.

Average estate agent salary in UK

It’s clear that estate agent wages vary massively from country to country. Our analysis reveals that the UK estate agent salary is £39,257 making them the ninth best paid in the world. In comparison, the best paid agents can be found in the United States (£51,365), Australia (£51,809), and Canada (£48,262).

On the other end of the scale, Turkey, India, and Argentina accommodate some of the least paid agents, who earn an average of £4,757, £6,177, and £7,701 respectively.

Estate agent salary compared to average salary

To get a picture of how agents rank in terms of value within their respective countries, we compared their average salaries to their country’s overall average earnings.

Estate agent average salary vs average national salary

UK agents slide from ninth place to 13th, with their average salary being just 5.3%, or £1,992 above the national average income of £37,265. In Argentina however, estate agents earn 43.8% more than the average national income, closely followed by Brazil (18.8%), and then Russia (15.7%).

At the other end of the table, South Korean agents earn -19.9% less than the average national income, followed by China (-4.1%) and Russia (-2.5%).

How much do estate agents earn in london?

Estate agents in London tend to earn a bit more than the average agent working in the UK. An average UK agent can expect to earn a base salary of £37,265, whereas an estate agent operating in London could earn a larger salary of £50,263 - a result of higher living costs.

So, do UK estate agents make good money?

Clearly, UK agents aren’t the worst paid real estate workers in the world, but they are still a long way off from being the most. How much an estate agent makes varies from individual to individual, depending on their base salary and commission.

What commission do estate agents get?

The commission an estate agent earns depends upon the fees they charge homesellers.

Do estate agents get paid hourly?

Most UK estate agents earn a basic salary rather than being paid by the hour. Most also earn some form of commission.

So how much do estate agents charge?

On average, UK estate agents charge a percentage fee between 0.75% and 3% (including VAT) from the final sale price of properties they sell.

For example, if an agent successfully sells a property for £250,000, their agency will receive £3,750. How much of this goes to the individual agent that sold the property varies based on their contract, with some agencies awarding 10 - 20% of the final fee.

How to become an estate agent

Do you think you have what it takes to become an estate agent? There’s a lot of hard work involved, but the rewards are worth it. Not only do you need to be a dedicated and determined individual, but you need a passion for marketing, communication and negotiation.

If you’ve been following the exploits of the Oppenheim Group in Selling Sunset, you might have some idea of how agencies work. Alas, things work a little differently in the UK.

How to get into real estate in the UK

In the UK, there are currently no formal requirements to become an estate agent and you do not need a real estate licence. Some agencies provide new agents with training courses and programmes to help them get up to speed.

Many UK agents started their careers as apprentices and worked their way up agencies. Others began by completing sales courses and earning diplomas to boost their employability.

Many estate agents often choose to get a professional qualification to validate their training. The most commonly recognised qualifications come from Propertymark Qualifications, a UK specialist organisation which is associated with the National Association of Estate Agents professional body, NAEA Property Mark.

How it works in the US

In the US, things work a little differently. Real estate agents must:

Take a state-approved real estate pre-licensing programme Pass a licensing exam. After passing the exam, agents can activate their licences and join a brokerage.

This can take as long as five to six months.

UK fans of the Netflix show Selling Sunset may have some preconceived notions of how much UK agents can earn. In the table below, we compare London agent’s fees to those in LA and other popular areas.

While London agents rank third behind Los Angeles and California, these US estate agents often earn much more thanks to their lucrative commission schemes and high value properties.