Instant online valuation specialists, The ValPal Network (TVPN), has generated a stunning 1.4 million leads in 12 months.
While the housing market becomes stifled by rising mortgage rates and higher rents, new figures reported by TVPN reveal vast numbers of potential new customers are at agents’ fingertips.
TVPN Director Craig Vile said: “Times are tough and may get a bit tougher as we head into next year. The economy has had a shock and when that happens people tend to wait and see what’s going to happen. Uncertainty breeds inaction.
“But these figures prove the underlying resilience in the marketplace. Nurturing leads is vital to winning new business – and the business is there, there’s no doubt about that. But agents are going to have to put the work in between now and the end of the year if they are going to win market share in 2023.
Generate new business
“Tech offers a range of solutions to the problems caused by a fall in the number of transactions. Agents who embrace technology will find they’ve freed up time to generate new business. Capturing and nurturing leads will encourage better outcomes and put agents in a better position to succeed.”
TVPN, which includes the award-winning instant valuation ValPal tool successfully generates between 100,000 and 150,000 vendor and landlord leads per month.
Working for agents at all times of the day and night, figures show that 07:00-07:59 is consistently the most popular hour for valuation requests. In fact, 56% of leads are generated outside the normal working day of 9am to 5pm and 32% between midnight and 9am.
Vile says: “There is a danger that agents could be missing out on a huge number of these leads if they haven’t got the technology in place to capture them out of office hours.
Agents don’t miss out
“This is where lead nurturing plays such a crucial role, ensuring prospects are engaged with at all hours of the day and night no matter when they make their valuation request. Our MovePal product can offer exactly this, to ensure agents don’t miss out.”
According to Vile, 18% of properties valued through ValPal will go on to sell within two years and it takes an average of 4-5 months for a vendor to convert from online valuation to instruction.
Vile explains, “We look at every valuation generated and cross-reference this against sold records at the Land Registry and take the average number of days.
“We then take into account the average number of days a property is on the market (from Rightmove) and the average number of days for financing and conveyancing (from MyHomeMove) which leaves us with the time between online valuation and instruction – we call this ‘just being nosey time.’”
