Property Blog and News / You asked, we listened: Why agents are supporting our new Lettings AVM

You asked, we listened: Why agents are supporting our new Lettings AVM

We recently launched our new Lettings Automated Valuation Model (AVM) tool that provides consumers with an instant estimate of their home’s rental value and supports our letting agents with lead generation. 

Our Lettings AVM is the latest in a line of new functionality we’ve developed over the last year to promote consumer engagement and was developed as a direct outcome of feedback we received from you, our agents, during a recent series of Town Halls hosted by our Chief Executive Officer, Jason Tebb. 

During these Town Halls, many of you who attended expressed a need for more support on the lettings side of your businesses. We made sure to listen to this feedback and, working closely with our commercial partners Property Price Advice, we developed this latest addition to our suite of online valuation tools that’ll generate a new type of lead. 

Property Price Advice also provides us with our residential sales AVM as part of our commercial partnership and since its launch just over 12 months ago, our residential sales AVM has generated hundreds of thousands of online valuations which have created leads for subscribing agents.   

Following on from the feedback of our members who called for a lettings version of our AVM tool to assist in generating landlord enquiries, our latest tool has been designed to do just that. Given the chronic shortage of PRS stock in many areas of the UK, our new tool will encourage lead generation and after nearly six months in development and testing, the Beta version of the Lettings AVM is now live for consumer use.  

In a market where strong mover appetite continues to outweigh supply, converting valuations to instructions is incredibly important for building stock and by introducing this additional layer to our consumer offering we’re ensuring that we have the tools to engage people who are serious about their property journey and connect them with you, our agents, to generate a new type of lead which can be converted to listings.  

Speaking to us about the need for a lettings AVM tool, Lynda Kiani, Director of Robert Parish said: “At the moment, it’s still the case that there’s a real lack of stock in comparison to the demand that’s out there from renters looking to move, so new ways to be able to expand our database and harness new leads are really important. At Robert Parish we’ve recently started to support the new Lettings AVM tool and now appear as recommended local agents to consumers in our area looking for a rental valuation of their home after receiving an online estimate. We’re really looking forward to receiving new leads and building relationships with clients in this way to ultimately support stock levels on the lettings side of our business going forward.”   

Our Lettings AVM can be found on our website here, but to find out more about how the tool can support you and your business and how you can become a recommended local agent for consumers and landlords to reach out to after using the tool, please contact your representative.