Average sales period is 220 days
Around one in five people who request an online valuation go on to sell, data from online valuation specialists The ValPal Network has shown.
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 sold and completed.
ValPal’s figures also revealed the average sales cycle from the point of requesting an online valuation to completing on the Land Registry was 220 days, while properties in the W postcode sold the fastest, in just 198 days.
This 220 days, was calculated by ValPal on its UK property valuation data, consisting of 62 days on the market, according to Rightmove, and a whopping 135 days for the finance and conveyancing process according to data from Twenty CI. This left just 23 days for the seller to consider instructing an agent after their initial online valuation enquiry.
“This data highlights a few key points,” said Craig Vile (pictured), director of The ValPal Network. “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 as it increased the chance of conversion by up to 391%, while leaving a lead uncontacted for even five minutes could reduce the chance of conversion by 80%.
“We understand that it is not always possible to phone enquiries immediately in a busy office, or while out and about,” he stated in an article posted on the ValPal website. “So, to help agents with ‘speed to lead’ we’ve launched a new free upgrade to The ValPal Network called Connect, which instantly calls the agent when a ValPal lead is generated and immediately connects the agent to the prospective seller.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
