Around one in five people who request an online valuation go on to sell according to data from ‘instant’ online valuation specialists, The ValPal Network.
Data insights show that the average sales cycle from the point of requesting an online valuation via ValPal, to completing on the Land Registry is 220 days, while properties in the W postcode sell the fastest in just 198 days.
By cross referencing the addresses generated in the last 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 ValPal leads actually sell and complete.
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 says 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 5 minutes can reduce the chance of conversion by 80%.
He 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.”
