Zoopla is trialling a new Property Valuation Report using data from Hometrack. It is currently separate from the valuation tool on Zoopla’s website, but could influence it in future.
The trials are currently in nine locations across the UK, but Zoopla says that high early interest means the trials will be widened to a further 72 places.
The reports will be rolled out across the UK next year, and will be available both to Zoopla agents and directly to consumers.
The design of the new reports has been driven in large part by feedback from estate agents and property vendors, to increase their relevance and usefulness.
In the trials so far, Zoopla says the reports have helped reduce uncertainty and ambiguity for sellers, and as a result have been very effective for estate agents in both prospecting and winning instructions.
In addition to providing valuation estimates and confidence levels, each report offers vendors hyper-local insights relating to their home including average time to sell, price changes over time and Zoopla search data.
This is information that has previously been reserved for banks, surveyors and industry professionals.
Agents in the trial areas can download the reports for free via ZooplaPro.
The reports are co-branded at branch level, and include the agent’s logo, profile and contact details. They are also available directly to vendors not using a Zoopla agent, at a cost of £19.95 per report on hometrack.com
The new Property Valuation Report is powered by Hometrack’s automated valuation methodology, which is used by 13 of the top 15 mortgage lenders in underwriting decisions.
The current trial offers free Property Valuation Report access to Zoopla agents located in Bath, Brighton, Cardiff, Chester, Exeter, Nottingham, Tunbridge Wells and parts of London.
However, with growing interest and demand already stronger than anticipated, Zoopla is now looking to widen the trial to a further 72 locations this month, supported by local marketing campaigns aimed at home owners in those areas.
Charlie Bryant, managing director of Zoopla’s property division, said: “Zoopla is at the forefront of innovation in the world of property portals, investing for agents and helping consumers to discover the right property for them.
“Our latest Property Valuation Report is another example of that and delivers exclusive insights in a consumer-friendly format.
“Our hope is that it will enable agents to demonstrate their local expertise with accurate, reliable and independent data, and is one of many new agent-focused innovations which we have currently in development.
“Our aim is to become the number one property destination in the UK. To achieve that we are highly focused on delivering what matters most to consumers and our agent partners.
“In tougher market conditions, agents need to see value for money in their portal fees, and Zoopla is leading the way on that front.
“Combined, our quality leads, value for money, and breadth of products and services go further than anyone else.
“We’re 100% agent-focused, and it matters to us that every agent performs.”
Eye asked whether the new valuation reports will make a difference to the existing – and often controversial – valuation tool on Zoopla.
Bryant told us: “At the moment the Property Valuation Report and the valuation tool on Zoopla are two separate products.
“The Product Valuation Report leverages richer property data from Hometrack, Zoopla’s leading UK automated valuation provider.
“As we continue to roll out the report and gather feedback from agents and consumers, we’ll evolve the richness and depth of the valuation data we provide.”