Zoopla is launching a service by which agents can see which potential buyers are pre-qualified for mortgage purposes.
It follows the announcement earlier this year that Zoopla has invested in online mortgage broker Trussle.
The proptech start up is the brainchild of Ishaan Malhi and launched as the first online-only mortgage broker in December last year.
Zoopla said that the partnership is a win for agents, who will be able to easily identify ‘transaction-ready’ buyers who have been granted a ‘mortgage in principle’. Zoopla claimed it will also help agents prioritise leads and offers, and ultimately improve conversion ratios and transaction timings.
Earlier this year Zoopla Property Group invested in four proptech companies – including Trussle – with a view to offering a wider choice of services to consumers.
EYE spoke with Malhi who said: “We’re connecting the dots to make the first, meaningful difference to the home-buying process.
“In the same way Rightmove and Zoopla revolutionised property search and Purplebricks has transformed property selling, we’re fixing the process of buying a home in the way that no comparison site, mortgage calculators or other services have been able to do.”
In the official announcement he says the partnership with Zoopla “brings buyers and estate agents together more effectively than before”.
Prospective applicants using Zoopla will be able to “find out whether they could afford to buy the home within a few clicks” before arranging a viewing.
Malhi describes the innovation as “a bold step forward for the industry” and that agents and applicants would benefit from the “added confidence that a mortgage in principle brings”.
Zoopla Property Group MD Mark Goddard said that the integration will result in member agents receiving “better quality leads” and “has the potential to dramatically speed up the sales process”.
This innovation is touted as forming part of a suite of “additional revenue opportunities” for Zoopla member agents to “maximise their additional revenue streams.”
We couldn’t ascertain how much additional revenue an agency could hope to gain, or whether agents would be automatically entitled to any revenue via their listings. However, that is only my view.
According to the press release, Zoopla said its members will also be able to identify additional revenue opportunities more readily including conveyancing, home insurance, life assurance and other financial products as a result of better targeting.
Following the recent launch of its MoveIt product as part of PSG, ZPG now enables agents to maximise their additional revenue streams with their own preferred suppliers, all on a single platform.
Mark Goddard, managing director of ZPG Property Services, said: “The partnership with Trussle will result in even better quality leads being sent to our agent members as a result of ZPG leads, flagging which potential buyers have a mortgage agreed in principle.
“This has the potential to dramatically speed up the sales process and will allow our members to quickly identify further financial services and other revenue opportunities in a targeted way.”
Malhi said:“This partnership brings buyers and estate agents together more effectively than ever before.
“Buyers can now find out whether they could afford to buy the home within a few clicks, then arrange a viewing with the added confidence that a mortgage in principle brings.
“Using technology and automation to make mortgage advice fast, accessible, and straightforward, this is a bold step forward for the industry, and one with far reaching benefits for all involved.”
Comments (8)
I’m sorry but this really is taking the biscuit! In an age where lenders change their underwriting criteria as often as their rates this type of so called technology is old hat.
The system is nothing more than an online lead generator with a built in calculator.
I tried it out only to be told someone would call me back. Not what I expected at all, I imagined some high powered piece of software telling me I’ve got a DIP…
Fact is, that will never happen and to be frank, it never should.
The general house buyer still need the practical and emotional support of a qualified and friendly mortgage broker who will guide them through the whole process ensuring they apply for the right product from a lender suited to their financial and personal situation.
I know … I’ve worked in high volume sales environments for financial products… They normally either never go through, they complain or they fall off the books.
so sorry if I think this isn’t the relationship of the century … I’m just surprised Zoopla fell for it.
Can agents opt out of this service and get a cheaper fee?
Doubt it. May be if you opt in you may?
If not, why not?
Google and FB provide a ‘free’ service to draw in such valuable information?
Why do agents and car sellers appear to be the only ones who don’t?
It really does not make sense?
Mark Goddard, managing director of ZPG Property Services, said: “Buyers can now find out whether they could afford to buy the home within a few clicks, then arrange a viewing with the added confidence that a mortgage in principle brings.
Hang on, let me put this through the Z speak translator. See translation below:
Z have launched a new mortgage cross selling service for their applicants (drawn in from agents property adverts) suggesting that if they do their mortgage through a Z partner they may stand a better chance of a Z agent accepting their offer because they are a mortgage qualified lead!
Really…I cant remember the last person who made an offer without an AIP, if they needed a mortgage?
You have to hand it to Z and RM they know how to manipulate, take control of, and exploit a situation. Shame none of our decision makers are not so savvy,
‘Zoopla Property Group MD Mark Goddard said that the integration will result in member agents receiving “better quality leads” and “has the potential to dramatically speed up the sales process”.’
JEEZ – must be a real bu99er when you get a flashy new title which means nothing other than you have to spout the same b011ocks as those before you…
To quote an earlier comment I Tw@tted:
Oh, great – a cherry-picker for lazy, incompetent negs…
Hey we just invented something named a wheel. It will change the world.
In the good old days when estate agents were cavemen, this is what we used to do to protect our sellers getting involved with unable (financially) buyers. Funny thing is we still do it very successfully. Maybe that’s got something to do with our average fall through rate being less than 10% in many of our offices. Oh and we don’t leave our vendors negotiate their sale prices or to progress their own sales. “The harder I work the luckier I get” funny that