Industry first as agents given opportunity to improve online valuations
Members of The ValPal Network are to benefit from a new feature which allows them to improve instant online valuations requested by prospective clients.
Believed to be an industry first, MyPal - an add-on to the award-winning ValPal valuation tool - gives agents the opportunity to provide their own estimate for the valuation of a property if they believe there to be an anomaly.
The aim is to provide consumers with a more rounded estimate of their property value, while using agents' local knowledge and experience to improve ValPal's algorithm.
"I'm proud to say that ValPal is the only Automated Valuation Model (AVM) which integrates agents' feedback into its algorithm,” says Craig Vile, Director of The ValPal Network.
“Due to the fact we generate thousands of valuations for agents' clients each month, there is always going to be the odd anomaly and it's beneficial for all parties that agents can now flag up anything they think needs changing."
When the agent receives an instant online valuation lead, MyPal now provides them with the option to report the valuation if they don't think it's right.
The new information will then be checked, weighted and, if accepted, fed back into the algorithm which already incorporates over 43 million pieces of data.
Moving forward, the agent feedback will influence the estimated online valuation of the property in question as well as similar properties in the local area.
The ValPal Network, which now consists of over 800 agency brands with over 4,000 offices, is best known for its online valuation tool which converts website traffic into vendor and landlord leads.
Since January 1 2018, consumers have requested over 59,000 sales valuations and almost 10,000 lettings valuations through members of The ValPal Network.
Craig Vile adds: "The ValPal Network is more than just a valuation tool and it is innovations like MyPal which provide a solution for our members and demonstrate our dedication to pioneering the online valuation space and diversifying the range of services we provide."
MyPal is one of a host of new products recently launched by The ValPal Network with the overall aim of making membership 'cost-positive' for estate and letting agents.
Two of the new products - MovePal and PortalPal – provide agents with the opportunity to generate additional revenue from their leads by referring prospects to a range of industry suppliers.
You can find out more about The ValPal Network and its products and services here.
You can read the full article on Estate Agent Today here.