A fifth of valuation requests turn into sales - claim

Around one in five people who request an online valuation go on to sell, according to data from The ValPal Network (TVPN).

By cross referencing the addresses generated in the past two years via the ValPal tool with those that completed on the Land Registry during that same time, it was found that 18.5% of all leads actually sell and complete.

Data insights from the online valuation provider show that the average sales cycle from the point of requesting an online valuation to completing on the Land Registry is 220 days.

This is made up of 62 days on the market according to Rightmove, and 135 days for the finance and conveyancing process according to data from Twenty CI.

This leaves just 23 days for the seller to consider instructing an agent after their initial online valuation enquiry.

Craig Vile, director of The ValPal Network, said:  “This data highlights a few key points; the sales cycle is significantly delayed by the finance and conveyancing process, speed to lead is vital for agents to convert as many opportunities as possible, and agents using ValPal have a one in five opportunity to convert leads into sales.

“Sellers are taking an average of 23 days to instruct an estate agent to sell their home after an initial online valuation enquiry. 

“That means the agent who received the online valuation enquiry is in the best position to be able to convert that lead within the first 23 days, so speed when calling the prospect is vital. Agents who don’t take advantage of this opportunity will lose out to competitors as we know one in five leads will go on to sell.”

Vile added that agents should be calling their leads within the first minute to maximise conversion of sales. 

Calling within the first minute increases the chance of conversion by up to 391%, whereas leaving a lead uncontacted for even five minutes can reduce the chance of conversion by 80%, according to ValPal.

Vile added: “We understand that it is not always possible to phone enquiries immediately in a busy office, or while out and about. So, to help agents with ‘speed to lead’ we’ve launched a new free upgrade to The ValPal Network called Connect. Connect instantly calls the agent when a ValPal lead is generated and immediately connects the agent to the prospective seller.”

*The ValPal Network is owned by Angels Media, which also owns the Today sites.