THE NEW NORMAL: virtual viewings, valuations and appointments, are they here to stay?

It looks as if virtual viewings and valuations for estate agents will be with us for a long time to come. In this blog, ICG looks back over several recent webinars in which property experts reflected on the changes estate agents are currently facing.

In three video clips extracted from these expert-led webinars, ICG members and leading estate agents discuss how virtual viewings and the virtual valuation of property can be embedded into everyday business practice. They also ask if the public’s new willingness to embrace technology could usher in a new, more productive era for estate agents.

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Online vs face-to-face

The experience of Matt Nicol, founder of Worcester estate agent Nicol and Co., offers a ray of hope for agents who are wondering whether virtual valuations and viewings of property can be as effective as face-to-face appointments. Although Matt is seeing half the usual number of valuations under current Covid-19 restrictions, he is nevertheless converting his online appraisals at the same rate as face-to-face valuations. 

Matt Nicol is a client of ICG member Acaboom (a company that provides iPad and tablet presentations for estate agents) and Suzanna Mavity of Acaboom says she is impressed that Nicol and Co. have achieved such positive results during the pandemic.  Going forward, she believes that agents will adopt a “hybrid model” between virtual contact and face-to-face meetings, where an initial online market appraisal is followed up by a personal visit.  Whatever happens in future, she firmly believes that online tools and services are here to stay: “At the end of the day, you’ve got to be where your customer is.”

Early bird benefits

Lee Wainwright of visual content specialists Focal Agent has observed that since lockdown began, more and more people are happy to use video conferencing tools. He believes this willingness to engage with technology will transform the property market.

“I have a feeling this will be driven by agents,” Lee says.  He goes on to explain that agents have been quick to learn that setting up a video call with a new client as soon as possible can be hugely beneficial. “It isn’t necessarily always about the property being shown, it’s about the opportunity to build a relationship: extract a valuation opportunity or mortgage appointment opportunity or just develop a relationship at an early stage to qualify who the hot prospects are.”

Ben Sellers agrees that “the one upside of two months of hell” has been people’s willingness to jump on a video call.  Ben, one of the founders of digital marketing expert Starberry, believes “you can engage with people so much better if you can see them face to face.” He advises agents to “start sharing the screen and showing people a whole bunch of stuff, rather than waiting for the viewing or valuation you’re going to do in a week’s time,” adding that any delay will “give all your competition a chance to jump the gun.”

Finally, Lee Wainwright concludes that the tough economic and logistical issues created by the pandemic will lead many agents to review their current business model. He says agents will ask themselves questions such as ‘What are the low-value tasks?” and “How do I do them more effectively and add value for our customers?”

Screening out to stay safe

Mark Meyer of Meyers Estate Agents also believes video can be a great marketing tool. “We are throwing video everywhere,” he says, “and the conversion rate has been exceptional”. 

Picking up on the discussion about virtual valuation, Mark Meyer explained that his agency had developed three types of marketing appraisal. The first, a virtual house valuation, is targeted at people who are concerned about infection or those who are “not that serious” about selling.  The second is a Zoom call, where the owner exits the property, and the agent enters the house with appropriate protection. In cases where the client wants to discuss their property, the agent subsequently joins the owner for a 15-minute chat in the garden after viewing their home.

Mark says that the agency has lost about a third of its usual appointments by screening buyers and sellers. But he feels it’s a necessary trade-off to keep staff members safe: “We want to get our businesses off the ground, but if you put safety first you will get a win-win out of this.”

Prospecting for new leads

According to Ishmael Herrera-Lee of Prospect Engine: “Prospecting efforts have to change organically during this rather bizarre time we’re in.” Although his business mainly concentrates on the telemarketing aspect of prospecting, he doesn’t advise that agents rely solely on telephone calls.  Instead, he recommends adopting a “more blended approach”, sending out relevant marketing data via emails, including the option to book in a virtual consultation or valuation through a Calendly link.  Ishmael feels it’s “A great, ‘soft’ way to engage without being aggressive.”

He says that agents using this approach have seen a high conversion rate. Clients who have sent out 100 emails have been getting around 23 or 24 appointments as a result.

Finally, Ishmael reports that some agents he has spoken to are predicting that redundancies will be inevitable as a result of Covid-19. Although these agencies will be operating with reduced staff, they are keen to maintain the same customer experience.  Consequently, they have been looking at how they can offer the same level of service by using PropTech tools and services.

Next steps

If you’ve enjoyed the edited video clips here, you may be interested in watching the full webinars, featuring in-depth discussions between some of the UK’s leading PropTech and PropService suppliers. 

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