OnTheMarket is today launched a lettings Automated Valuation Model tool that is claimed will provide landlords and investors with an instant estimate of their home’s rental value.
The portal says the tool was developed as a direct outcome of agent feedback during a series of face-to-face ‘town hall’ meetings hosted by OTM chief executive Jason Tebb over the past year.
The tool is the brainchild of PropTech firm Property Price Advice, which also worked to create the portal’s sales AVM.
After nearly six months in development and testing, the Beta version of the lettings AVM has now been released live and will be monitored during the Beta phase to ensure optimum efficiencies and accuracies.
Tebb says: “In a market where strong mover appetite continues to outweigh supply, converting valuations to instructions is incredibly important for building stock. We believe our new lettings AVM will harness the power of the consumer traffic that we generate to create significant levels of leads for agents, demonstrating yet again how we’re differentiating ourselves for our customers.
“By adding another 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 our agents, in doing so generating a new type of lead for our members. We’re delighted to be introducing new ways to support our agents and will continue to listen to their feedback as we evolve our offering.”
This latest AVM product also follows the recent launch of AgentVal, a free instant online sales valuation tool for OnTheMarket customers that can be integrated into agents’ websites.
Peter Sherrard, managing director of Property Price Advice, comments: “The algorithm powering the OnTheMarket lettings AVM has been developed exclusively for [the portal] and is re-calculated and updated monthly by our econometrics team to reflect market dynamics, as well as using live data to deliver optimum results.
“Being able to provide both an instant indication of achievable monthly and weekly rent, together with an instant estimate of annual yield will, we believe, prove as popular with consumers as the residential sales AVM which has consistently performed exceptionally well for OnTheMarket and has generated hundreds of thousands of leads for their agents since its launch.”