Boomin estimates that one in five SmartVals generated by the portal results in a listing
SmartVal, in particular, appears to have proved popular with the public, as evidenced by the 300,000 or so Boomin says have been generated by the property valuation tool since launching in September 2021. Data calculated by Boomin, with the support of TwentyCi, estimates that already over 20% of homeowners who receive a SmartVal go on to list their property with an agent.
Boomin recently extended the time it allows agents to accept an online property valuation generated by SmartVal, its property valuation tool, from 15 minutes to an hour.
The property portal has long maintained that the aim of the tool is to harnesses the expertise of local agents to provide a more accurate, real-time online valuation than any other valuation tool on the market.
Visitors to the Boomin platform can request a SmartVal from local agents. This facility is powered in part by the ValPal Network’s valuation tool, owned by Angels Media, publisher of Estate Agent Today and Letting Agent Today.
Supplied with information from the property owner, and supplemented with detailed market data, the selected agents will have all they need to provide a valuation within a fixed period of 60 minutes.
Only once the SmartVal is submitted the agent will gain access to the full contact details of the customer.
New data provided by Boomin also highlights the potential benefits of using some of the other features on its platform.
Boomin estimates that just over 11% of all calls generated through the platform are valuations, while Secret Property and ChainMaker provides a 48% uplift in valuations – based on in-house number crunching, supported and verified by TwentyCi.
Michael Bruce, CEO and founder, said: “There is growing understanding and acceptance within the agent community that our offering is very different from that of the traditional portals. As can be seen in many agent testimonials our tools are creating new business opportunities for agents and getting them engaged with unique customers earlier in their property journey. This has to be a good thing.
“SmartVal is but one example of our unique value creation, where together with TwentyCi we estimate that already over 20% of SmartVals convert into a live property listing and we expect this conversion percentage to continue to rise.
“Boomin is different and we will continue to focus relentlessly on creating new innovations that create tangible value for agents and a richer experience for customers.”