Agency reviews website helps firms tackle ‘incompetent’ valuations

Agents can now use vendor feedback from allAgents to access and print reports demonstrating how accurate their market appraisals are.

The reviews website has previously asked users if an agency valuation was accurate.

An agent can now make use of this figure in a printable summary report to help compare themselves to other firms and to justify a market appraisal to potential vendors.

It comes as the website claims that only 55% of estate agents in the UK are accurately valuing properties.

Estate Agent Today has queried what defines an accurate estate agency valuation, and AllAgents said it relates to how close an agent gets to the asking price.

A spokesman said: “The answer will also be determined on how specific the valuer is. 

“If their price range is narrow then unless they knows their stuff, then there is a risk this value is wrong.

“It they are more vague, then their value is less likely to be wrong, although unless it’s a unique property, a seller may wish to work with an agent that can be more precise.

Martin McKenzie, director of allAgents, said agents can now access a printable summary report of their overall performance and valuation accuracy, which can be presented to potential clients giving them further confidence on the advice given.

He added: “It is well recognised that in-person valuations are more accurate than an Automated Valuation Model tool. 

“However, as our research has found, finding those agents is not as easy as we thought. 

“Anyone watching programmes like Homes Under the Hammer will note that some of the local agents' estimations can differ considerably.

“It is not surprising that sometimes vendors have difficulty choosing an estate agent and they may be swayed by attractive valuation offers. 

“For a long time now, we have been asking reviewers if their agents’ valuations had been accurate. 

“These answers are defaulted to yes, so the percentage only drops if they change to a no.”

He said the reports will not only help to improve the sector but will assist in “wiping out unscrupulous or incompetent practices and will aid the best agents to win business.”