ValPal data shows New Year off to a flying start

The ValPal Network (TVPN) generated 4,000 leads a day in January – almost a 50% increase on 2022.

Despite some of the doom and gloom predictions of a crash, what we have actually seen is a price adjustment following the post-pandemic boom and - as reported by HMRC this week - a slight drop in December transactions.

But new data just released by TVPN shows that a record number of leads was generated in early January at the rate of 4,000 per day – that’s 20,000 in a five-day period.

 

Marketing spend

This constitutes a huge business opportunity for estate agents who are looking at a more challenging market at least for the first Quarter of 2023.

TVPN Director, Craig Vile, said: “These numbers show that property values are still at the forefront of people’s minds and even though they may not be thinking of listing right now, they are preparing for the right moment to make their move.

“And if agents are going to get through this challenging period, they have to maintain their marketing spend and nurture every lead they can get hold of.

“They must re-double their efforts and re-engage with their database to ensure that, when the time is right for the seller, they are the pick of the bunch when it comes to listing.

“This is where online lead nurturing applications, like MovePal, come into their own, supporting agents by telling them, step-by-step, what their next move should be.

“We know that the key to successful lead nurturing is speed of response - that’s where our tech solutions have the edge in converting leads to customers.”

 

Extra reassurance

“And it’s important that agents change their approach to suit the current market. People are taking more touchpoints before they make a decision. They need extra reassurance, so they’ll be reliant on the trust and expertise of an agent to complete their move.”

 Despite the increase in mortgage rates and the cost of living crisis which haunted the market at the end of 2022, there are signs that the economy is stabilising and that inflation is beginning to ease.

The Bank of England’s Monetary Policy Committee meets again in early February to discuss another possible rise in the Base Rate. However, most experts believe that even if members decide to increase by another half point, this has already been factored in by most mortgage lenders.

Vile added: “Even though housing activity is slowing because of cost of living, the numbers show it is still up on pre-pandemic levels.

“And there is still likely to be a Spring bump in the market. Agents need to be working on that right now.”

 

If you are looking to push forward with your marketing in 2023, we are here to help. Please get in touch with us on team@valpal.co.uk or give us a call on 020 8663 4930.