Portal launches tool predicting when vendors switch agent

A free to list portal has launched a tool which it claims will predict a seller’s propensity to switch agents. 

Residential People says the tool - called On Market - will help agents target marketing in a more focussed and effective way than merely relying on blanked leaflet drops.

However, only one agent per postcode can get access to such information.

A statement from Residential People says: “Agents can gain exclusive access to a postcode sector of their choice on a first come, first served basis - meaning no other agent can access this data once purchased.” 

The forecasting of agent-switching is done via an algorithm comprised of time on the market, price reductions, offers fallen through and other metrics of property performance. 

The statement adds: “It also allows agents to keep tabs on properties valued that came to market with a competitor, through its journey to completion or alternative status like ‘fallen through’, helping partners to gain an efficient and targeted second bite at the cherry without any of the hard work traditionally associated with it.”

Sales director Jamie Osborne says: “Our aim is to provide independent estate agents with all the tools, functionality and technology of major retail brands, but without the financial or time cost. The market is incredibly challenging at the moment, with few properties on the market and multiple agents competing over an instruction. 

“This is in part why we’ve developed this tool - if you miss out on a property you can keep tabs on it and if it doesn’t sell, you can try again. If an agent is generous with the price to win instruction, On Market can help you win it at the right time, at a price to sell.”