Social distancing means 98%* of prospective vendors want remote market appraisals
4th June 2020
Social distancing remains a priority for would-be vendors, with 98%* favouring a virtual valuation of their property from an agent
- Agents align with vendor preference, with use of Property Valuation Reports, enabling agents to conduct remote market appraisals, increasing 90.5% month on month in May
- Zoopla updates customer journey on AdReach Express to meet this new era of demand for remote market appraisals, ultimately driving leads to agents
Coronavirus and the resulting lockdown are set to transform how people sell their property, with 98% of would-be vendors saying they would prefer to receive a remote market appraisal from an estate agent** over an in-person assessment as they begin their sales process, new analysis from Zoopla, the UK’s leading property destination, has found. The findings emerge as estate agency professionals cautiously adapt to buying and selling property against a backdrop of social distancing.
Ever-entrepreneurial, agents have been quick to respond to these changed market conditions, with Zoopla recording a 90.5% month on month increase in use of Property Valuation Reports (PVRs) and Comparables Reports. Both PVRs and Comparables Reports are accessible on ZooplaPro - the comprehensive tool available to all customers as standard.
Zoopla’s PVRs, powered by Hometrack’s market-leading valuation data, are designed to support agents in winning all-important instructions, and can be utilised alongside an agent’s market expertise in all communications with the prospective vendor. Providing fact-based, up-to-date insights into a property’s historic value, PVRs also outline other valuable pieces of information including the average time to sell in an area, plus analysis of the local market.
To support agents with increased demand for remote market appraisals, Zoopla updated its AdReach Express communications channel between prospective vendors and agents at the end of March. This resulted in a 58% increase in conversion rates [registrations with agents via AdReach Express] in the week to 27th May compared to pre-lockdown levels. While the original customer journey allowed consumers to submit their details to an agent with a view to arranging a home visit, there is now a choice of three options, each of which adheres to social distancing:
- Request an online valuation from an agent
- Request a video call with an agent
- Book a date in the future (available from next month onwards)
“After a 50 day market suspension, our agent partners have told us loud and clear that they want to plough forth and rebuild their businesses, said Andy Marshall, Chief Commercial Officer, Zoopla. “Central to this is replenishing stock pipelines, without posing a risk to their own health, their team’s health, or that of their vendors.
“With 98% of prospective vendors citing remote market appraisals as their preferred means with which to start their property sale, it makes sense that we’ve registered an uptick in agent use of our PVRs and Comparable reports.
“We hope that this provides a platform from which agents can drive engagement with new customers - who might otherwise have been deterred to proceed with a sale while social distancing guidelines are still in place.”
* Consumer feedback of 700 respondents gathered via engagement with targeted AdReach Express adverts
** This trend has remained consistent in the two weeks since the market reopened (from 13th to 27th May)
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