Agents have been quick to respond to changed market conditions, with Zoopla recording a 90.5% month-on-month increase in use of Property Valuation Reports and Comparables Reports.
Coronavirus and the resulting lockdown has caused 98% of would-be vendors to say would prefer to receive remote market appraisals from an estate agent over an in-person assessment as they begin their sales process, according to Zoopla.
Agents have been quick to respond to these changed market conditions, with Zoopla recording a 90.5% month-on-month increase in use of Property Valuation Reports (PVRs) and Comparables Reports.
To support agents with increased demand for remote market appraisals, Zoopla updated its AdReach Express communications channel between prospective vendors and agents at the end of March.
This resulted in a 58% increase in conversion rates in the week to 27 May, compared to pre-lockdown levels.
While the original customer journey allowed consumers to submit their details to an agent with a view to arranging a home visit, there is now a choice of three options, each of which adheres to social distancing: request an online valuation from an agent; request a video call with an agent; and book a date in the future.
Andy Marshall, chief commercial officer at Zoopla, said: “After a 50-day market suspension, our agent partners have told us loud and clear that they want to plough forth and rebuild their businesses.
“Central to this is replenishing stock pipelines, without posing a risk to their own health, their team’s health, or that of their vendors.
“With 98% of prospective vendors citing remote market appraisals as their preferred means with which to start their property sale, it makes sense that we’ve registered an uptick in agent use of our PVRs and Comparables Reports.
“We hope that this provides a platform from which agents can drive engagement with new customers - who might otherwise have been deterred to proceed with a sale while social distancing guidelines are still in place.”
