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Boomin’s valuation tool is the most accurate anywhere - claim

Michael Bruce says the new SmartVal automated valuation system he is this month introducing on Boomin will be the most accurate anywhere in the marketplace.

“Existing automated valuation systems are notoriously inaccurate. It’s very difficult to estimate the value of the house, you don’t know the condition it’s been left in, or how it’s been amended or extended. So whilst these digital tools have got better - they’ve certainly become more accurate - they’re still not totally accurate” he says in an interview with Estate Agent Today.

SmartVal, free to Boomin agents from later this month, uses a mix of technology, data and also an agent adding in their own knowledge in real time online - with a strict deadline of 15 minutes to respond to the customer online. 

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Once the SmartVal is sent to the customer the agent will gain access to the full contact details, enabling a follow-up contact.

He says the new system will address the two diverse impacts which current automated valuations have on the marketplace.

“On one end of the scale you have customers who’ve done a digital valuation and then get an agent out who has to get [the vendor] down from the high digital valuation. And then you’ve got others who then get the wrong [lower than expected] answer and don’t even engage with the market” he says.

Bruce has told EAT how he believes agents should approach the new tool.

“Whenever you’re available, whenever you’re ready, just log on and say you’re available for SmartVal. The world can then see that when a postcode is put in there are, say, 10 agents available to give SmartVals.

“We can then get a SmartVal back to a customer within 15 minutes. The agent then starts to build a relationship, with all the customer’s information, and they can build and grow that relationship to get in the [vendor’s] living room to get that property on the market.

“At the same time the vendor is getting a more accurate valuation, and you’re not finding the agent isn’t having to turn up and spend 20 minutes trying to bring them down, and on the other side you’re not finding that they don’t come into the marketplace.”

Some critics of the new tool have left comments on trade press articles saying the 15 minutes deadline is unreasonably short for agents, especially given their current heavy workload.

Bruce says: “We were able to engage agents in the process of creating it. What we found was the optimal time to keep the customer engaged in a way that means the agent gets the best possible conversion, and we landed on 15 minutes. But we’ve built the platform to be really flexible so if over time it needs to be flexed one way or there other, we can do it.”

 

While the tool is new to agents now, Boomin says there will be a marketing campaign beginning next month to bring it to the attention of the public, so it can be tested amongst potential sellers.

Bruce - who says he believes SmartVal to be a game changer that will help his fledgling portal differentiate itself from Rightmove, Zoopla and OnTheMarket - says: “We are leading the way, providing our agent partners with new innovations that seek to draw more people into the property market, create new business opportunities for agents and provide them with a competitive advantage.

“Boomin has the marketing firepower to support this latest innovation, which will feature prominently in a significant marketing campaign. Another example of Boomin making good things happen.”

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    Are agents still falling for this? If it's that accurate then why use an estate agent or is that exactly their point? it should set them in good stead when they start selling property directly for the public cutting out the estate agent.

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    Anyone who thinks that is not the medium term plan is a naive mug

     
  • Iain Harrison

    Fortunately as virtually nobody will be on Boomin we (as agents) won't be pressured into being 'available and ready' for a SmartVal when we're not at work, anybody who is requesting one is likely to be sat at home on the sofa watching TV in the evening, exactly where most of us should be and not having to worry about being at work when we're not at work...

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    There's a chap featured on The Neg today who would like to disagree.

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    Yes someone who is selling something LOL

     
  • Andrew Stanton CEO Proptech-PR    Proptech Real Estate Influencer

    I dream of sitting on the sofa watching the TV, it takes me back to the 1980's, mostly I am tapping away at the keyboard at 2 am, but the point is Iain - do you think Amazon makes revenue of $21 BN with the attitude that if a client wants goods at 7pm on a Saturday night - they are an irritation. It is the other way around that client thinks any agent unable to service them at 7pm on any night or at any point of any day are old fashioned and disconnected.

    The digital native can open a bank account at 11.30 pm on a Friday, using their mobile, so getting some property service at the same time well it is just the norm. Does this mean humans need to be in the branch 24-7, no meet the digital transformation of real estate. Software as a service was built specifically to deal with customers ... hence why customer delight is Amazon, and closed agency at 3pm on a Saturday is likely to be closed agency full time within the decade.

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    • S S
    • 11 August 2021 20:43 PM

    Using a digital tool to get a valuation is not new - this tool appears to work if an agent engages alongside the software within 15 mins of the request - that's not an entirely "digital transaction" as to successfully build relationship with a potential vendor a human has to be involved within 15 mins.
    Balance between digital tools and real human interface needs to be made. Amazon ship products at 11.30pm because the shipping of that produce does not involve human interface at the point of sale. A bank account can be opened at 11.30pm on a friday night because it does not involve human interface at the point of application.
    Digital valuations are significantly improved by Human intervention and by encouraging a consumer to believe that they will get the "best" agent contacting them within 15 mins of an application 24/7 is frankly undervaluing the importance of the agent.

     
    Iain Harrison

    Andrew - sounds like you need to take a step back and learn the value of a good work/home life balance, tapping away at a keyboard at 2am doesn't sounds like you have one...the customer isn't always right and if you're just going to slave away your life to meets unrealistic expectations then more fool you.
    No tech can ever replace a human being (until Terminator that is) and the SmartVal is just another gimmick, no different to dozens of other gimmicks being peddled out in the marketplace. Enjoy your keyboard tapping, I will be watching the return of the Premier League myself.

     
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