Boomin has released a video that explains the whole process relating to SmartVal and the advantages of its use.
The video was shared as part of a letter Boomin sent to agents yesterday. You can read the letter in full below.
The property portal claims that the new valuation tool, which is free for all agents, fills the void between the fully automated computer valuations and the actual physical property valuation.
Boomin says that it it hopes the video addresses some of the genuine questions and concerns some agents have.
Hi there,
We’re excited to be launching SmartVal soon, a unique new property valuation tool from Boomin that blends technology and data with something missing from algorithm generated valuations: local agent expertise.
With SmartVal, customers can request the most accurate real time online valuation of their home – from real agents – delivered in just 15 minutes.
The power of SmartVal is free
SmartVal is an easy way to engage with owners seeking an accurate valuation of their home, so you can encourage them to take the next step of an in-person appraisal.
Free and fair to all agents, SmartVal gives sellers access to a wider choice of available local agents.
Engage directly with every seller requesting a SmartVal, so they can bypass inaccurate digital estimates which are based on historical data without any agent input at all.
View video
What’s happening next
In a few days your account manager will provide you with details on how to get set up. In the meantime, read on about how SmartVal can help you win instructions.
Why SmartVal is a good thing for agents
Build early relationships with homeowners
Engage with owners wanting an accurate idea of their home’s value before booking an in-home valuation.
Encourage homeowners into the market
More accurate real time valuations give customers the confidence to take the next step.
Drive follow-ups and living room valuations
Contact details are exchanged, so SmartVal is a stepping-stone to more customer interactions, wherever they are in the process.
Get more visibility as a trusted expert
Have Boomin data at your fingertips for instant insights and to showcase your brand and local market knowledge.
On your own terms
Switch SmartVal on and off to suit your schedule. It’s available 7 days a week, 9am – 10pm.
Never miss out again
Get instant text and email alerts when a SmartVal request comes in. Accept within 5 minutes and complete within 15 minutes.
SmartVal in real time
A customer requests a SmartVal
They enter property details (type, number and condition of rooms plus photos) and choose up to 3 agents who are online.
The clock starts ticking!
Chosen agents have 5 minutes to accept a SmartVal request. The customer can see everything as it happens. Agents then have 15 minutes to deliver the valuation.
Agents work their magic
Agents receive property details, photos and Boomin data including sold prices, comparable live listings and a demand summary showing recent searches matching the property.
The SmartVal is submitted
The agent enters a minimum, maximum and suggested market price and the customer is notified when the SmartVal is submitted. Contact details are then exchanged to enable a follow-up.
View SmartVal demo video
Getting started is easy
To use SmartVal your branch needs to be set up first.
So you don’t miss out on this fantastic opportunity, your Account Manager will be in touch in a few days with the simple steps needed to get up and running.
Any questions? Please email support@boomin.com or contact your Account Manager. They’ll be happy to help.
Agree. Still staggers me people are even supporting them (free to use or not) Two semi rivals (its OK we talk and don’t hate eachother) are on it with a grand total of 0 leads between them after 6 months and the busiest 6 months on record goes to show what a waste of time it is! It is simply about data collection not to giving back to the agents!
Making the industry ever-more impersonal and automated. Taking away the ‘soul’ of estate agency – all for the promise of a ‘blind date’ with someone naive enough to fill in their details.
Sledgehammer to crack a nut! They are over-complicating and over-engineering something that doesn’t need it for both agents and consumers. What happens if it is 11.30pm or 6.30am? A simple phone call or email to as many agents as they want will do the job just as well or better because the agent won’t be racing against the clock to rush out a valuation.
I agree with this I think the timings need looking at , the concept I am 100% with and I know In the trials an initial response within 15 mins maximised conversion ratios, but it needs discussing re operational challenges it may cause different types of agencies .
‘In the trials‘, tell us more about these trials Iain. How & where were they conducted? How many agents were involved and what proportion were they of the total number of agents in that chosen area? How did the potential vendors in that area know about the SmartVal tool, well before launch, to be able to use it? How did they choose the 5 minutes and 15 minutes time points, respectively, for this exercise?
I can’t as I don’t have the detail you asked for , if I did I wouldn’t answer anyway as feel that’s something you should satisfy yourself directly with Boomin
Do agents realise that millions every year are doing inaccurate digital valuations and their info is sat in the cloud on the databases of portals and not with agents. Digital vals have a part to play but they do leave agents often having to persuade the client on price and the customer never makes proper contact because they are put off by the digital valuation they have received. This tool puts agents back at the heart of it for free and gets them building relationships with customers like we all used to do. Some of the comments on here suggest that innovation is not necessary in Agency to keep up with customer requirements.
This a simple innovation that adds the agent to the instant process . They log out when closed they log in when open and wanting the opportunities .
the customer need is inextricably moving towards quick instant and easy , we sadly can’t fight this change without becoming irrelevant to the customer . Bringing the agent back into the Process earlier is a good thing to my mind . Good agents will convert this client contact to physical meeting or nurture it to germinate at a later date , the key is they personally made contact something sadly missing since the portals took control of traffic and data .
I am a developer not an agent s but was an agent for many years prior.
An on line valuation does not in any way develop a relationship with a customer. That is done by meeting, having a coffee , discussing the vendor’s reason for moving, timescales etc and building rapour and empathy.
This does the total opposite
I would never try to value any house without getting inside it and seeing it.
It is like a doctor trying to give a diagnosis on line.
I am sure millions do have a look and get an on line valuation but not those who are serious about moving.
This will suck up hours of agents time for people who have zero intention of moving.
The number of good leads from any portal is a fraction of those received.
I will certainly log on to see what it values my house at but I have no intention of moving so I will sadly waste some of a very busy agents time. As will 1000’s pf others.
Equally when I have a scheme to sell I will not ask for an in line val I want to meet the guy who is doing the val and ensure he sees what is on offer to get an accurate opinion.
Agreed that’s why this half way between the two option acts in my opinion as a positive bridge between online no contact no data collected to a full on personal contact made conversation with data collected , obviously the best agents will convert to the coffee meet , but you can’t convert what you don’t have access to in the 1st place. You need contact this will provide that . If the quality is poor and the contact does not convert it won’t work but the tests results showed adding the agent in hugely changed the conversion to the coffee meeting .
In my opinion it is not a bridge between seller and agent. Most people who ask for an on line val will be time wasters. Anyone who cannot be bothered to set aside an hour to discuss their most valuable asset and trusts that it can be done remotely is someone who has no understanding of what a good agent can do for them, will want a low fee.
When I was an agent I used to sometimes get people ring me and ask me over the phone what their house was worth.
Those people were inevitably a total waste of time.
This is even worse than that.Y experience of these sort of people
When I sell my houses I want to meet the agent to see of I get on with him. I have less than zero interest in some on line valuation which a monkey would understand cannot possibly be accurate.
|Booming need to focus on getting some leads and making the interface much better.
The industry needs competition to RM but so far Boomin has not shown it can be that.
Time wasters today are tomorrow’s customer and all customers are going to be different , any agent only working in or on the here and now is already dead in the water in my opinion. Hunt and kill agency is just not going to cut it moving forward. in any event wether they turn out to be valuable or a waste of time leads , the agents control if they want them or not and are visible it not. You would want them , I would . I agree in terms of readiness to transact instant vals will typically be the lowest quality lead source but high in volume and agents are successfully creating clients from them now . An in between digital but agent present service such as smarval I think (time will tell) will sit above pure on line options in the conversion stakes but below a real meeting which is always going to be the hottest of all leads the one we are all keen to create. what you describe is the agents perfect world a diary full of ready to list meetings , sadly the customer often wants a different perfect world , instant info simply delivered hassle free no sakes pitch etc , when they want to move to the detailed meeting they will , my view is if you have interacted with them personally put your brand front and Center and then nurtured them you are significantly more likely to get the call to meet properly and be instructed to list when the time comes. agehts have to adapt to clients needs and wants nit the other way around. just because we want to be full on meet every time doesebt mean the client does and it doesn’t mean they are a waster either. you can’t just harvest , you have to plant seeds some of the time .
Conceptually it sounds good but it’ll never work. It’s way to impersonal and agents don’t have the time to be phone watching hoping to accept a valuation request within this given 5 minute window provided. Also what about those vendors that can take a decent picture but their property appears much more run down in person with damp behind the bedroom door and Japanese knotweed in the garden.
Great for the couch potato agent, and for the couch potato vendor/landlord for that matter; and, the way things seem to be going, couch potato buyers and tenants as well.
Never ever hand over your customer to a system where you have no contact to develop a relationship. This is utter nonsense.
Anyone who has done a listing will tell you that this is nothing but a gimmick that does not help an agent and I doubt actually helps the vendor and potentially illegal under the duty of care with valuations. It certainly will help Boomin gather more customer data to cross sell and that is more what this is about, hiding behind a gimmick but the customer is going to get over priced valuations and not be able to assess the agent and discuss what is not in a photo! This is not estate agency and Boomin are going to destroy the industry and the consumer will not see it coming.
Just goes to show that Bruce & Co yet again have no real idea of implications and what they are leading agents into ….
If you intend to offer or recommend to consumers surveying, financial, investment, insurance, conveyancing or other services, or those of an associate (*) or connected person (*), where the service provider rewards you for the referral by way of money, gifts or any other form of benefit, you must disclose this arrangement to consumers in accordance with the National Trading Standards Estate Agency Team’s ‘Guidance On Transparency of Fees Involving Property Sales’ 2.
When instructed, your duty of care is to the client (*). You must offer suitable advice to meet the client’s aims and needs. Where the law and the interests of the client conflicts, adherence to the law must prevail.
When you give advice to someone selling their property, that advice must be in the consumer’s best interests and within the law. The potential benefits and disadvantages of any recommended method of sale must be explained in clear terms and take into account consumer (*) requirements as outlined in paragraph 2e
2e: Consumer requirements are key and this applies to the buyer as well as the seller. You should complete a consumer fact find to ensure that any specific requirements are taken into consideration.
Any figure you advise, either as a recommended asking price or as a possible selling price must be given in good faith and must reflect available information about the property and current market conditions and must be supported by comparable evidence. You must never deliberately misrepresent the market value of a property
Err isn’t that how PB started??? interesting how they are already trying to take away the need for an estate Agent and are starting to look more like a online agent every day, once the payday comes and the agents leave that’s when they’ll have your data and can continue on their merry little way, its like lending your new next door neighbour agent your stock to get them going, its frightening that some agents are supporting them.
Watched the video. From what I can see, a few flaws in the plan here. Number one, I’m not sure how Boomin can say “The most accurate online valuation ever…” ?! How can they back this up? Advertising standards anyone? Number two…do you honestly think that customers are going to wait 15 minutes for something that they can get instantly elsewhere? I don’t. Looks like this has got ‘white elephant’ written all over it. Looks to me though that it’s a pathway (insurance policy!) to a very large ‘pivot’ as Hit Man says into PB v2 when agents leave in their droves next year when it becomes paid for.
Just been organising a remortgage on a house .
Not complaining but the “value” flagged up was at least 15 % overvalued even in today’s market.
Should imagine some of these”tools” which might work well where properties are very similar to set a tone are likely to lead someone into a negligence claim
They arn’t paying anything till next year Jan if I recall? But agree with you, when they do start paying it is money down the drain. The public will get frustrated with it. Why would they put themselves through this and be restricted to 3 agents when they can contact as many as they like using other methods? The public arn’t soft, they know the instant valuation tools are not accurate and use them as an indicator before speakig with their local agents. This is no different because how can the agent on Boomin do an accurate valuation without visiting the property it is still only an estimated value IMHO and if I were a member of the public I would be concerned that their ‘accurate’ valuation took just 15 mins to compile.
iainwhite87 sorry but the way you keep backing them is becoming embarrassing. Stop trying to flog a dead horse to the very people who they were being very disrespectful about not so long ago. Wolves in sheeps clothing!
Any valuation is an estimate an opinion . Some agents will go to a house spend an hour or so looking it over and still get it significantly wrong.
instant logorythm only tools will always be the least accurate , but many people use them as a starting point
a desktop Val with an agebt involved and research etc will trump the accuracy of an instant valuation and again some owners I believe will like the stepping stone offering.
Neither will ever compete with on accuracy with the physical visit to the property .
it’s just one will lead to the other and often in my opinion.
Restricted to three agents you say? There are plenty of parts of the country where the choice of 3 agents would be a luxury. Until they fill the gaps in the network and bolster presence in other parts by boosting member numbers, this tool is unlikely to gain traction.
Boomin are chasing Zooplas tails. I do think RM will try to join in on the party too at some point. Pity the fools that thinks this is a good idea – gutter scraping indeed.
Only benefit is if Boomin take a chunk outta RM marketshare. Aren’t Zoopla the biggest portal now with market share of branches?
New homes are going to be a huge growth area in the next three years, and they’re unlikely to be scraping the barrel of the Bruce brothers.
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Agents need to realise this is further dumbing down of the industry and a fight to the bottom.
Bruce’s are using the fear of low stock to enrice agents to use them.
Don’t be a fool and use them.
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Agree. Still staggers me people are even supporting them (free to use or not) Two semi rivals (its OK we talk and don’t hate eachother) are on it with a grand total of 0 leads between them after 6 months and the busiest 6 months on record goes to show what a waste of time it is! It is simply about data collection not to giving back to the agents!
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Making the industry ever-more impersonal and automated. Taking away the ‘soul’ of estate agency – all for the promise of a ‘blind date’ with someone naive enough to fill in their details.
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Spot on.
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Sledgehammer to crack a nut! They are over-complicating and over-engineering something that doesn’t need it for both agents and consumers. What happens if it is 11.30pm or 6.30am? A simple phone call or email to as many agents as they want will do the job just as well or better because the agent won’t be racing against the clock to rush out a valuation.
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Just watched the video
That’s 6 minutes of my life I won’t get back
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Genuine points for discussion…
1. Would you be comfortable giving homeowners a valuation without actually seeing the property?
2. How do you think the homeowners will react once you’ve actually appraised the property and the value differs from the original estimate?
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I am happy to give a desktop valuation from a letting perspective however I don’t like the ‘ you have 5 minutes to accept’ ****
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I agree with this I think the timings need looking at , the concept I am 100% with and I know In the trials an initial response within 15 mins maximised conversion ratios, but it needs discussing re operational challenges it may cause different types of agencies .
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‘In the trials‘, tell us more about these trials Iain. How & where were they conducted? How many agents were involved and what proportion were they of the total number of agents in that chosen area? How did the potential vendors in that area know about the SmartVal tool, well before launch, to be able to use it? How did they choose the 5 minutes and 15 minutes time points, respectively, for this exercise?
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I would imagine Boomin would answer your questions and share their learnings if you contacted them.
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Only some form of an insider would know about the trials and their results. So, is it you can’t or won’t answer my questions?
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I can’t as I don’t have the detail you asked for , if I did I wouldn’t answer anyway as feel that’s something you should satisfy yourself directly with Boomin
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Who ?
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Do agents realise that millions every year are doing inaccurate digital valuations and their info is sat in the cloud on the databases of portals and not with agents. Digital vals have a part to play but they do leave agents often having to persuade the client on price and the customer never makes proper contact because they are put off by the digital valuation they have received. This tool puts agents back at the heart of it for free and gets them building relationships with customers like we all used to do. Some of the comments on here suggest that innovation is not necessary in Agency to keep up with customer requirements.
This a simple innovation that adds the agent to the instant process . They log out when closed they log in when open and wanting the opportunities .
the customer need is inextricably moving towards quick instant and easy , we sadly can’t fight this change without becoming irrelevant to the customer . Bringing the agent back into the Process earlier is a good thing to my mind . Good agents will convert this client contact to physical meeting or nurture it to germinate at a later date , the key is they personally made contact something sadly missing since the portals took control of traffic and data .
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I am a developer not an agent s but was an agent for many years prior.
An on line valuation does not in any way develop a relationship with a customer. That is done by meeting, having a coffee , discussing the vendor’s reason for moving, timescales etc and building rapour and empathy.
This does the total opposite
I would never try to value any house without getting inside it and seeing it.
It is like a doctor trying to give a diagnosis on line.
I am sure millions do have a look and get an on line valuation but not those who are serious about moving.
This will suck up hours of agents time for people who have zero intention of moving.
The number of good leads from any portal is a fraction of those received.
I will certainly log on to see what it values my house at but I have no intention of moving so I will sadly waste some of a very busy agents time. As will 1000’s pf others.
Equally when I have a scheme to sell I will not ask for an in line val I want to meet the guy who is doing the val and ensure he sees what is on offer to get an accurate opinion.
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Agreed that’s why this half way between the two option acts in my opinion as a positive bridge between online no contact no data collected to a full on personal contact made conversation with data collected , obviously the best agents will convert to the coffee meet , but you can’t convert what you don’t have access to in the 1st place. You need contact this will provide that . If the quality is poor and the contact does not convert it won’t work but the tests results showed adding the agent in hugely changed the conversion to the coffee meeting .
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Iain, are you able to disclose any biases you have towards Boomin?
You have a consultancy, do you consult for Boomin or have any other form of connection with them?
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He is a paid consultant for Boomin he’s not hinding that.
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In my opinion it is not a bridge between seller and agent. Most people who ask for an on line val will be time wasters. Anyone who cannot be bothered to set aside an hour to discuss their most valuable asset and trusts that it can be done remotely is someone who has no understanding of what a good agent can do for them, will want a low fee.
When I was an agent I used to sometimes get people ring me and ask me over the phone what their house was worth.
Those people were inevitably a total waste of time.
This is even worse than that.Y experience of these sort of people
When I sell my houses I want to meet the agent to see of I get on with him. I have less than zero interest in some on line valuation which a monkey would understand cannot possibly be accurate.
|Booming need to focus on getting some leads and making the interface much better.
The industry needs competition to RM but so far Boomin has not shown it can be that.
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Time wasters today are tomorrow’s customer and all customers are going to be different , any agent only working in or on the here and now is already dead in the water in my opinion. Hunt and kill agency is just not going to cut it moving forward. in any event wether they turn out to be valuable or a waste of time leads , the agents control if they want them or not and are visible it not. You would want them , I would . I agree in terms of readiness to transact instant vals will typically be the lowest quality lead source but high in volume and agents are successfully creating clients from them now . An in between digital but agent present service such as smarval I think (time will tell) will sit above pure on line options in the conversion stakes but below a real meeting which is always going to be the hottest of all leads the one we are all keen to create. what you describe is the agents perfect world a diary full of ready to list meetings , sadly the customer often wants a different perfect world , instant info simply delivered hassle free no sakes pitch etc , when they want to move to the detailed meeting they will , my view is if you have interacted with them personally put your brand front and Center and then nurtured them you are significantly more likely to get the call to meet properly and be instructed to list when the time comes. agehts have to adapt to clients needs and wants nit the other way around. just because we want to be full on meet every time doesebt mean the client does and it doesn’t mean they are a waster either. you can’t just harvest , you have to plant seeds some of the time .
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Spot on, Jan
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Conceptually it sounds good but it’ll never work. It’s way to impersonal and agents don’t have the time to be phone watching hoping to accept a valuation request within this given 5 minute window provided. Also what about those vendors that can take a decent picture but their property appears much more run down in person with damp behind the bedroom door and Japanese knotweed in the garden.
Let’s not attempt to reinvent the wheel guys.
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Great for the couch potato agent, and for the couch potato vendor/landlord for that matter; and, the way things seem to be going, couch potato buyers and tenants as well.
Everyone will become couch potatos!
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Never ever hand over your customer to a system where you have no contact to develop a relationship. This is utter nonsense.
Anyone who has done a listing will tell you that this is nothing but a gimmick that does not help an agent and I doubt actually helps the vendor and potentially illegal under the duty of care with valuations. It certainly will help Boomin gather more customer data to cross sell and that is more what this is about, hiding behind a gimmick but the customer is going to get over priced valuations and not be able to assess the agent and discuss what is not in a photo! This is not estate agency and Boomin are going to destroy the industry and the consumer will not see it coming.
Just goes to show that Bruce & Co yet again have no real idea of implications and what they are leading agents into ….
If you intend to offer or recommend to consumers surveying, financial, investment, insurance, conveyancing or other services, or those of an associate (*) or connected person (*), where the service provider rewards you for the referral by way of money, gifts or any other form of benefit, you must disclose this arrangement to consumers in accordance with the National Trading Standards Estate Agency Team’s ‘Guidance On Transparency of Fees Involving Property Sales’ 2.
When instructed, your duty of care is to the client (*). You must offer suitable advice to meet the client’s aims and needs. Where the law and the interests of the client conflicts, adherence to the law must prevail.
When you give advice to someone selling their property, that advice must be in the consumer’s best interests and within the law. The potential benefits and disadvantages of any recommended method of sale must be explained in clear terms and take into account consumer (*) requirements as outlined in paragraph 2e
2e: Consumer requirements are key and this applies to the buyer as well as the seller. You should complete a consumer fact find to ensure that any specific requirements are taken into consideration.
Any figure you advise, either as a recommended asking price or as a possible selling price must be given in good faith and must reflect available information about the property and current market conditions and must be supported by comparable evidence. You must never deliberately misrepresent the market value of a property
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Is that a Boomin rep with the thumbs down?
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Yep!
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Of course they are.
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Err isn’t that how PB started??? interesting how they are already trying to take away the need for an estate Agent and are starting to look more like a online agent every day, once the payday comes and the agents leave that’s when they’ll have your data and can continue on their merry little way, its like lending your new next door neighbour agent your stock to get them going, its frightening that some agents are supporting them.
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Hands up which Agents will be paying extra to be first on the list to receive valuations.
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Watched the video. From what I can see, a few flaws in the plan here. Number one, I’m not sure how Boomin can say “The most accurate online valuation ever…” ?! How can they back this up? Advertising standards anyone? Number two…do you honestly think that customers are going to wait 15 minutes for something that they can get instantly elsewhere? I don’t. Looks like this has got ‘white elephant’ written all over it. Looks to me though that it’s a pathway (insurance policy!) to a very large ‘pivot’ as Hit Man says into PB v2 when agents leave in their droves next year when it becomes paid for.
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Just been organising a remortgage on a house .
Not complaining but the “value” flagged up was at least 15 % overvalued even in today’s market.
Should imagine some of these”tools” which might work well where properties are very similar to set a tone are likely to lead someone into a negligence claim
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Anyone who uses Boomin is being negligent with their own money
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They arn’t paying anything till next year Jan if I recall? But agree with you, when they do start paying it is money down the drain. The public will get frustrated with it. Why would they put themselves through this and be restricted to 3 agents when they can contact as many as they like using other methods? The public arn’t soft, they know the instant valuation tools are not accurate and use them as an indicator before speakig with their local agents. This is no different because how can the agent on Boomin do an accurate valuation without visiting the property it is still only an estimated value IMHO and if I were a member of the public I would be concerned that their ‘accurate’ valuation took just 15 mins to compile.
iainwhite87 sorry but the way you keep backing them is becoming embarrassing. Stop trying to flog a dead horse to the very people who they were being very disrespectful about not so long ago. Wolves in sheeps clothing!
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Any valuation is an estimate an opinion . Some agents will go to a house spend an hour or so looking it over and still get it significantly wrong.
instant logorythm only tools will always be the least accurate , but many people use them as a starting point
a desktop Val with an agebt involved and research etc will trump the accuracy of an instant valuation and again some owners I believe will like the stepping stone offering.
Neither will ever compete with on accuracy with the physical visit to the property .
it’s just one will lead to the other and often in my opinion.
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“Some agents will go to a house spend an hour or so looking it over and still get it significantly wrong.”
How can that be, Mr White? How… and why… do Agents “still get it significantly wrong?
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Restricted to three agents you say? There are plenty of parts of the country where the choice of 3 agents would be a luxury. Until they fill the gaps in the network and bolster presence in other parts by boosting member numbers, this tool is unlikely to gain traction.
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Boomin are chasing Zooplas tails. I do think RM will try to join in on the party too at some point. Pity the fools that thinks this is a good idea – gutter scraping indeed.
Only benefit is if Boomin take a chunk outta RM marketshare. Aren’t Zoopla the biggest portal now with market share of branches?
New homes are going to be a huge growth area in the next three years, and they’re unlikely to be scraping the barrel of the Bruce brothers.
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i regret watching. waste of 6 mins in my life lol https://www.philadelphiatruckingpros.com/
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Blimey – it’s a tough audience when even the spammers are taking the wazz!
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