Whether it was intended to or not, the launch of the Zoopla Valuation Tool (ZVT) has reopened a controversial conversation within the industry: are online valuations actually valuable to estate and letting agents?
Whilst the technology behind their online widget is nothing new, Zoopla’s launch has attracted considerable criticism.
For years, agents and consumers have questioned the accuracy of these online valuations. In one example, 49% of a property’s value was knocked off in the space of 24 hours according to the ZVT – an incredible drop, even for an unstable pre-Brexit market.
Zoopla’s Chief Commercial Officer – Andy Marshall – commented that through software like ZVT, agents “can champion their online branding and local market expertise, whilst generating all-important leads.”
Championing an agent’s branding whilst generating leads – that’s where we believe online valuations add value to your proposition.
The 3 key elements to online valuation tools that agents are missing:
1. Capture leads
As a data-capture tool, your online valuation page is helping you to connect with more sellers and landlords. That’s the stage available to every agent from every piece of software geared around online valuations.
What happens to those leads is then down to the agent and their follow-up processes.
2. Nurture completed leads
Only one in four leads are ready to advance to sales without any prior nurturing. That means that 75% will not want to schedule a market appraisal right away.
Over the coming days, weeks or months, these customers will be making commitments as active sellers and landlords. Whether it’s to your agency or to a competitor who has been front of mind instead.
A lot of agents that we talk to underestimate the importance of nurturing at this stage in the lead generation process.
Homeowners rely on a wide net of industry experts before they make any serious decisions. So, you need to be convincing them why you’re the best person to sell or let their home – not clearing the way for someone else to swoop in and win the instruction.
Agents that we work with are already benefitting from our range of automated journeys, find out more here.
3. Soft prospect to incomplete leads
Around 81% will abandon an online form that they’ve already started to complete. Whereas if there are any complications, such as slow browsers or errors, 67% will not try again.
In other words, you’re losing a significant chunk of leads that you may not even be aware of.
Although they might be curious to know how much their property is worth, without filling in any of their details, that expression of interest from a potential customer is useless.
Our agents are able to collect 426 times the number of leads from their email open and click-through reports.
How many opportunities could you be missing out on right now?
Skitts Estate Agents have found that their follow-up campaigns to their email open lists produce the greatest returns.
“Our online valuation tool – BriefYourMarket.com’s Digi-Val – and our valuation booking page are seeing big increases in volume post-campaign.
I would say it’s the follow-up campaigns sent to the lists created from our opens reporting that are creating the most buzz.
We have already seen results in gaining instructions from our marketing in a heavily competitive market.”
Online valuation to appraisal
Ready-to-implement, our automated triggers offer tremendous value up to six months after the original online estimate was provided.
Be upfront and honest with your online valuations
Online property estimations can only provide a lower and upper prediction of a property’s price based on market conditions and trends.
They cannot displace the value estate agents and their appraisals offer, so influence your customers’ decisions by showcasing your local expertise and prompting appraisals.
Talk to us about Digi-Val
UK home hunters are the most digitally active, with nine in ten property journeys starting online.
Just as we’ve seen with property portals, there’s no getting around having an online valuation tool. Your customers expect it as part of a standard service.
Consumers are pragmatic about data-sharing practices. They know that if they want a personalised service, they need to tell brands about themselves first.
Digi-Val’s pre and post-online estimation journeys make it uniquely positioned to capitalise on every opportunity.