If you’re thinking about how to attract more property valuations, you may also be considering what valuation software for estate agents is available.

Valuation tools can be game changers. Here, we look at what they are and how they may be of use to you.

What are valuation tools for estate agents?

They are online property valuation tools that estimate the value of a property by way of a computer algorithm, based on specific criteria. For example, its location, age, size, as well as Land Registry information and data on other listings nearby.

The importance of having a valuation tool on your estate agent website

Instant valuation tools are convenient for clients and potential clients. With the expectation in today’s digital world of getting instant results, they can access an approximate price they’d get for their home, within a matter of minutes. This can:

• substantially increase engagement
• set your estate agency website apart from your competitors’
• increase the chances of a prospective seller connecting with you

In addition to this, they can help you by bringing about leads – every single online valuation is a prospective lead – and providing valuable information.  

They give you valuable data, typically contact details, property specifics and their selling intentions. All of which provides you with the opportunity to nurture the lead into a client.

And what’s more, ongoing tracking means you are able to pinpoint patterns so you can adapt your marketing strategy accordingly.

Best valuation tools for estate agents

When it comes to choosing the valuation tool to add to your website, which type is going to be best for you will depend on a number of factors. For example, whether to opt for a pre-made tool or bespoke solution, or how much you should invest.

Pre-made tools versus bespoke solutions
A pre-made instant valuation tool is a website plug-in, which gives prospective clients their valuation instantly, in exchange for their contact information.

A bespoke option would mean a tool that does exactly what your estate agency is looking for, with a smooth and intuitive user experience. You could have the bells and whistles with it, with plenty of features and the flexibility to make changes as you gather more data.

Features
Whatever type you choose, it’s important that the valuation tool is as accurate as possible. Valuations that are too high or low give prospects and clients false expectations.

Higher end valuation tools may have features such as real-time video chat,  which help strengthen lead conversion.

Price
Naturally, you’ll need a tool that is in keeping with your budget. Be mindful that if something looks too good to be true, it often is. Make checks that you’ll get everything you need from the lowest priced valuation tool. And at the other end of the scale, just because it’s the most expensive, doesn’t mean it’s the best.

The importance of following up on valuation tool leads

Just as with any other type of lead, the real value is in the follow up. The best way is by phone. Call to validate the online valuation and then go on to offer an in-person one, that can take all factors into consideration. This will:

• Build trust. A call makes it more human. It says a lot about your level of service, that you care and are on top of things and that you are property specialists. 
• Give the seller a more accurate valuation. There is only so much that a valuation tool can do. Only by visiting a property can you know all there is to know about its specific location and how well maintained it is.
• Provide the opportunity to nurture leads. As you’ll already know, not all leads will go ahead immediately. Sometimes sellers are forward-thinking about moving and want to see where they stand financially – how much equity they are likely to have in their property. By way of periodic updates and keeping in touch with them, you stand more chance of them using you when they’re ready.

Valuation tools can be a huge asset for an estate agent. They can increase engagement, help you stay competitive and provide valuable leads. It’s important to make sure you choose the online valuation tool that really works for you. As a sales aid, it might be one of the first interactions a potential client has with your business. So, go for the best possible solution that serves you well: aligns with your brand, is easy to use and accurate. If budget allows, consider platforms that offer extras, such as real-time video chat. And always follow up with potential clients once they’ve used it.