Property portal Boomin has released new figures surrounding its property valuation tool, SmartVal.
Boomin says that over 20% of homeowners who receive a SmartVal go on to list their property with an agent. The estimation is based on 300,000 SmartVal requests made since the product was launched September 2021.
SmartVal, which Boomin claims is the most accurate online property valuation tool available on the market, lets homeowners choose local agents to provide a valuation of their property in as quickly as 15 minutes, with supplementary market data and details provided by the homeowner to give extra accuracy to the valuation. The product has been heavily marketed by the nascent portal company and underwent an upgrade back in November.
After they receive a valuation, the homeowner can then choose to list their property with one of the chosen agents.
Michael Bruce, founder and CEO, said:
“There is growing understanding and acceptance within the agent community that our offering is very different from that of the traditional portals. Our tools are creating new business opportunities for agents and getting them engaged with unique customers earlier in their property journey.”
“SmartVal is but one example of our unique value creation, where together with TwentyCi we estimate that already over 20% of SmartVals convert into a live property listing. We expect this number to rise.”
Boomin was publicly launched in April 2021 by Michael Bruce, his brother Kenny, and David Kavanagh, following on from the Bruce brothers experiences with their previous startup Purplebricks.