The ValPal Network's (TVPN) services have generated 1.4m leads for agents over the past 12 months – with most coming outside working hours, the technology firm has revealed.
The new figures reported by TVPN, which includes the instant valuation ValPal tool, reveals the instant online valuation service generates between 100,000 and 150,000 vendor and landlord leads per month.
The figures show that 07:00-07:59 is consistently the most popular hour for valuation requests, while 56% of leads are generated outside the normal working day of 9am to 5pm and 32% between midnight and 9am.
Craig Vile, director of TVPN, 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.
He added that agents could be missing out on a huge number of leads if they haven’t got the technology in place to capture them out of office hours.
“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.
“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 – which instantly engages with prospects - 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 four to five months for a vendor to convert from online valuation to instruction.
He said: “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.’”
*The ValPal Network is owned by Angels Media, which also owns the Today sites
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Can I ask what the difference is in the figures excluding those generated via Boomin?
Boomin figures, if included, were negligible, ValPal has been doing these numbers before Boomin even offered SmartVal
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