Like most industries, real estate has become increasingly digitised. This has fundamentally changed the way that properties are marketed, viewed, and transacted in the UK, but is that really a big deal? After all, people are always going to need somewhere to live, so it stands to reason that real estate will always be a good career choice. Let’s explore whether that’s still true, and what things may look like in the future.
The Current State of Real Estate Careers
Real estate careers aren’t your typical nine-to-five job. Instead of clocking in and clocking out at the same time each day, there is a lot more flexibility. While this is very useful for most people, the flip side is that sometimes you may need to answer a client’s phone call at night or work on the weekends.
Salaries and income potential differ from more traditional career choices, as well, and they can be very lucrative. In the UK, estate agents’ earnings can vary widely. Factors like region, experience level, and whether you’re paid via commission or salary can all significantly impact your take-home pay. On average, an agent might earn between £15k-£20k base salary plus a commission for every house they sell, typically in the range of from 1% – 3% per property.
Another positive about this career path is that there’s a low barrier to entry. Unlike some countries where stringent licensing processes exist, becoming an estate agent in the UK doesn’t require statutory certification. While professional qualifications like NVQs or apprenticeships are highly valued, they are not a requirement. All in all, real estate careers tend to suit those who are highly self-driven and ambitious.
Real Estate Technology Trends
As the introduction alluded to, digital technology is changing real estate, and these trends could determine whether it remains a viable career. A good way to illustrate this is to look at the growing prominence of cash house buyers. While they’ve always existed to some degree, online platforms are making it easier than ever for them to connect with sellers. They are able to provide a very compelling offer to sellers while removing the role of a traditional estate agent in the process.
Digital technology has also impacted more frequent real estate activities. Tools now allow for digital inspections instead of physical ones, and artificial intelligence tools can create real estate listings and all sorts of other things. While all of these things still require the input of an estate agent to manage everything, it’s a trend to be aware of.
On the other hand, these trends could point towards the growing importance of estate agents in the future. With so much moving online, there may be demand for estate agents with a more personal touch. Particularly when it comes to selling a family home, this is usually a very emotional decision and something where an in-person relationship between seller and agent would be much preferred.
It’s hard to imagine a scenario in which estate agents are completely excluded from buying or selling properties, but the trends of the industry are important to remain aware of. Those most likely to have successful real estate careers will be the ones who embrace the way things are changing and use it to their advantage.
