Why are so many agents making the switch?
The UK self-employed model has now reached over 1,000 agents with no signs of slowing down any time soon. Whilst other countries (like the US) have a majority of self-employed agents, the UK seemed slow to take up the idea.
So why are some of the UK’s experienced estate agents leaving the high street and moving to a self-employed platform?
The Pandemic highlighted for the first time that agents could do their jobs remotely, in what was previously an office-only industry.
Chris Lang, Partner for Chislehurst was a successful Branch Manager of his high street agency before deciding to go self-employed to enjoy more autonomy and better remuneration. He says “I spoke with a number of the self-employed models and for me, Nested came out top for many reasons. The level of support they offered me as a new business was unrivalled, and they made sure I was set up with all of the necessary tools to succeed. Their app is revolutionary and it makes my life 10 times easier, on top of that my clients love it! I can spend more time with my family and help my clients on a much more personalised level.”
Not only is the autonomy a big draw for a lot of agents coming to the self-employed model, but the commission too. Agents working in a high-street branch may only be achieving 10-15% maximum of their commission, whereas our agents earn 75% immediately rising to 100% (with a small platform fee).
Our Scotland Regional Partner, Andy Reid comments that “The shift towards self-employed real estate models arises from several factors. Firstly, the appeal of higher earnings drives experienced agents from traditional 9-to-5 setups to the self-employed route, offering larger commission shares. Agencies recognise the need to adapt for fresh talent attraction due to the evolving work landscape. Opting for self-employment grants flexibility to work within communities, fostering local contributions and amplified job satisfaction.”
Alice Bullard, Nested MD, notes that it does takes a certain sort of person to make it work, especially in those first few months after having leads handed to you on the high street. “Being a self-employed agent regardless of who their ‘sponsor’ is, requires a certain type of person. They must be the sort that not only works hard but that can self-motivate and be self-disciplined. Moreover, one that is willing to find leads rather than just being handed them and can work to a consistent system day in and day out to grow their business over time – this, frankly, is not all agents. Additionally, patience (and financial resilience) is required to get through the initial stages of getting your business off the ground before you can reap the rewards. In my experience the old adage that ‘the more you put in, the more you get out’ is the perfect summary of life as a self-employed agent.”
If that sounds like you, partnering with an agency like Nested can help with those moments where you need more support. Not only do our agents have access to an industry-leading app (streamlining life for you and your vendors), but 1:1 marketing support (including almost 200 templates ready to use), tech support and regular socials with your fellow partners.
This is something Flynn, Partner for Hackney, says this a huge reason he chose to partner with Nested when going self-employed. “I love the complete autonomy over my business, but with the back-up from a central team to guide and advise, as well as support from other Area Partners.”
If you are currently chained to your desk working towards unrealistic KPIs for only a small amount of commission in return, click here to request your free information pack and take your first step towards estate agency freedom.