According to the study, only 55% of estate agents in the UK are accurately valuing properties. These findings are based on allAgents own valuation accuracy statistics that are collected during the customer review process.
Director Martin McKenzie said ‘it is well recognised that in-person valuations are more accurate than an AVM (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. So, it is not surprising that sometimes vendors have difficulty choosing an estate agent and they may be swayed by attractive valuation offers.’
He continued by saying ‘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 no.’
Lastly he finalised his point of view by quoting ‘on our website, we now provide a printable summary report of agents’ overall performance and valuation accuracy, which can be presented to potential clients giving them further confidence on the advice given. Agents are welcome to utilise the summaries of their competitors as a comparison tool. We believe this 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.’