Give brokers the power to instruct valuations

Direct action 

A number of our largest customers, including market-leading lenders in the term and short-term sector, now allow brokers to instruct valuations with us directly. Traditionally brokers would send their initial application through to the lender who would then make the decision where to place the valuation instruction, but such is the quality of our panel and processes that this step has been removed to huge benefit.

We have seen this decision deliver dramatic time savings and improved efficiencies for lenders. Brokers have been happy with the change too as they stay in charge of the application all the way up to submitting to a lender with valuation, which in turn means the broker knows the value and is confident that they know the specific lenders’ requirements which reduces friction in getting a deal over the line.And of course, the lender remains confident and completely in-the-loop through their own dashboard which gives them an overview of their broker led deals as they progress, allowing them to look at each stage of the process and manage their pipeline of work.

Estimated vs actual

Reporting generically our estimated to actual value has historically seen a difference of  8% lower than anticipated, a number we’ve reported in the past as part of our broker education programme, but in our direct instructions, this has been reduced to under 6%. This might be partly because we have seen more residential opportunities compared to commercial, however, the stats are compelling. As finance professionals, we all know this makes a massive difference to the chance of a deal completing or falling by the wayside. We will continue to monitor this throughout 2023.

For example, if you obtain an idea of how the market may have altered in recent weeks, discussions can begin immediately with all parties to state the potential outcome and whether there is still the demand from the buyer and the seller to proceed. As a business, we are always happy to put you in touch with a local valuer directly to discuss a case in advance.

Greater control

We hugely welcome this change in the instruction path, and the feedback from our customers and brokers has been nothing but hugely positive. In the current market, there are small steps that can be taken to protect buyers and sellers that make a big difference, and this is where brokers and our panel management services play a key part.A clear view of a transaction is paramount to proceed to completion, and brokers are in the best position to control the focus so every piece of the process falls seamlessly into place.