The World of Averages

Let’s talk about averages.  Average asking price, average days to sell, average commission, average properties per agent…..these are all things we have been looking at when compiling some data recently. It’s a world of averages out there!

Using the Rightmove House Price Index published last week (and some industry websites) we’ve compiled the following:

Average days to sell a property 68
Average commission % 1.6%
Average days between sale and completion 84
Average national asking price £303,190

 

Using those figures we have calculated that, on average, an estate agent earns £31.91 per day for each property between listing and completion (that’s the average 1.6% fee divided by the total of 152 days). That figure doesn’t take into account the costs you pay out either so it’s not even what you get at the end.

Take those same calculations but apply it regionally where possible and you get an agent in London earning £67.79 per day for each sale at the top end and an agent in the North East earning just £15.63 per day for each sale at the bottom end!

Here is the regional breakdown:

Graph

 

We looked at these averages in relation to what we do, which is outsourced sales progression services for estate agents. We looked at what you earn for the days you have to work on that sale. So you would take the ‘average days to sell’ days of 68, we would take the ‘average days between sale and completion’ of 84 (although we do hand the case back to you at point of exchange). Using those averages (and taking our ‘average fee’ out of the equation for you) you would earn £69.13 per day if you outsourced. Using the same examples above – a London agent would earn £149.33 and a North East agent would earn £32.73 per sale per day.

We’re not trying to blind you with numbers here; we don’t work for free of course! But the point is, do you want to earn your fee for 152 days of work or do you want to earn your fee for 68 days of work? Now you’re thinking ‘but I won’t actually have to work on every one of those 152 days’. You would be right of course. But, the question is how many of the days can you spare the time to pro-actively progress that sale? How many more valuations could you win? How many more sales could you agree?

We don’t have those averages I’m afraid. But what we can tell you is that to pro-actively progress the ‘average stock per agency’, you would need at least 46 working days of resource. That’s an average that should make you consider your options if you don’t already have a dedicated sales progression resource!

Savvy Sales Progressors provides outsourced sales progression services for estate agents. Take a look at our website for more information. You can also try our unique online calculator to see whether outsourcing will be more financially beneficial than an in-house resource: www.savvysalesprogressors.co.uk

You May Also Enjoy

Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More