Virtual Home Assessment in a Pandemic



Because of the coronavirus taking over the world by its feet, it has become evident that maintaining the distance is a must. Taking the safety precautions of staying 2 feet away from others and making sure that there is no public gathering is a new and fresh innovation for many businesses.

Robot’s hand types on keyboard. 3D illustration

THE NEED FOR VIRTUAL ASSESSMENT

For real estate is the primary business about showing the property and having a listing with all prospective customers, it was an obvious hit to the industry. For the business that majorly requires gathering and pitching in the budget and ideas, an innovative approach was necessary. Looking at the current scenario, it is safe to say that the industry has swiftly transformed itself into a virtual experience. Everything right from listing the property to finding a bunch of prospective customers and giving them virtual tours of the home and making an assessment for the valuation of the property has been made fully online. Everything is available at the click of a virtual platform.

For the real estate evaluation especially, the assessment is at the center of the decision making. The process of buying or selling estate can only start or continue further when the assessment can be done. There are a majority of evaluators that are catering to a virtual assessment of the property and assisting in the property buying journey across the globe. This innovative concept has also touched the grounds of Australian real estate evaluation.

HOW IS PROPERTY ASSESSED VIRTUALLY IN AUSTRALIA?

Basically, what someone who is undergoing a virtual appraisal has to do is give a virtual tour of the house to the evaluator. The process is really simple. In many ways, it is like a regular video call where the people looking forward to getting evaluated can call the evaluators and through a simple video call. They can give them a tour of their land and property. After that, they can share the recent changes and improvements, upgrades, and highlights of the home and property. After that, if there are additional photos or videos needed, they shall provide it for it. And when the evaluators have all the necessary information and images and videos that are necessary to them, they can start the process of assessing the property. 

After the video call appointment, the property valuers make a fully analyzed report about the property, and after the evaluation is done a confidential and detailed report via email. This way there is no physical contact between any parties involved but they can know everything about the land and the property and the recent developments made on it. Keeping that information in mind, they prepare a contextual report on the overall evaluation of the house. This way of evaluating is safe and more effective in times of a global pandemic. This form of real estate assessment is very suitable during the times of corona as it meets all the norms and conditions that are required as a safety measure in these critical times.

THE POSSIBLE DRAWBACK

Also, there is an arguable point that the evaluation done based on just a virtual tour of the house may not be as accurate as the one done in person. That might be true to a certain extent. This thought process can be modified by the fact that along with a virtual tour of the home, the evaluator gets the images and videos that are adding value to the already created notion and analysis of the property based on the virtual tour. The accuracy therefore will be to the point in this case. The analysis report can ensure that the parties involved find the assessed valuation and the analysis similar. Also, the virtual tour could be a thorough tour wherein all the necessary points are taken into consideration and the valuation for the land and property and any other developments or recent changes could be valued. So, the form of virtual tour and the addition of the images and the video would only add value to the already existing process of assessment.

TO SUM UP, ASSESSING IN THE CURRENT SITUATION 

Thus, to conclude the aspect further it can be easily deduced that the in-house tour of the home would bring in great accuracy of the assessment, but the virtual tour of the land and property could also provide accurate results about the same. In times where the safety of the people is to be kept first and foremost, the virtual assessment of real estate is considered a very important factor in the business.