Times and approaches are set to change in the real estate industry
In these changing times, virtual inspections are fast becoming an essential for those in the real estate industry.
Gaining an understanding of what they are and why they could potentially be important to you, as an investor, is a vital step moving into a future that embraces technology at every turn.
What is a virtual inspection?
A virtual inspection could be used for both the sales and property management branches of the real estate agency.
On the sales side, a property inspection consists of potential buyers touring a property that they may be interested in purchasing.
For the property management side of the business, open inspections occur when a lease is concluding. Needing to fill the coming vacancy, inspections are arranged for people that are interested in renting the property.
Therefore, the virtual version of these would be a tour of the property via examining images captured and put together to form a computer-generated house.
What happens in a virtual inspection?
Property inspections delivered virtually are very similar to in-person inspections because they offer the person interested in the property the opportunity to review it to see if it meets their needs. The biggest difference is that the inspection would occur in a digital setting rather than at the property.
Whether it is via the internet or through advancing technologies like virtual reality, the same examination process can occur, just without the physical presence.
Virtual inspections can have many advantages to a traditional approach.
A virtual inspection provides a fantastic opportunity for interstate buyers. When a property’s full details and virtual tour is online, they can potentially view all aspects of a property from anywhere in the world.
Virtual inspections will also provide easier access to people like workers that will always struggle to view a property in normal trading hours. Thanks to new technology, inspecting a home can be done at any time during the day or week, in any location that you can go online.
These can also be ideal for rented properties that are on the market. It can be slightly awkward walking through someone else’s home, but by conducting inspections virtually the hassle and any anxiety that occurs for tenants and those inspecting the property can be removed.
Another positive is that it has the potential to speed up the application process. This is ideal for investors as every day an investment property sits vacant, it's losing money.
Virtual inspections will also potentially push the industry towards a completely paperless approach, as it will mostly likely tie into the virtual push that new technologies are bringing.
In reality, virtual inspections would just piggyback on the trend of a property’s digital presence becoming their main selling point.
There is also great potential for potential buyers to have more time in the property. Generally during an inspection there will be a time constraint as agents have other properties and sellers to attend to.
Through virtual inspections, you could examine a property for hours on end if that was what you needed. It would also be the same for those looking to rent.
In the face of the current pandemic, new ways of conducting business have needed to be created.
One great benefit of using a virtual inspection model is that it can reduce any potential exposure to COVID-19 by removing the need to actually attend the property.
There is great potential to gather data about any prospective property purchasers through virtual inspections. Having people register their details online would allow for the data to be easily transferred into a data base of potential buyers.
While this is achievable through the traditional in-person inspection, data collected online could be better used to deliver a streamlined experience for those looking to rent or buy the property.
There are some potential negatives that can come with a virtual approach to inspections though.
For example, it is often when you inspect a property physically that you learn about its quirks and any potential faults that it may have which don't relate to the aesthetic appearance of the property (local noise levels for example). A virtual inspection does not provide you with the opportunity to experience the property with all your senses.
Another issue may be a lack of access to the appropriate technology. It could potentially be unfair to some looking to inspect a property but do not have the opportunity due to not having access to the tech that is needed.
Little Real Estate's virtual property inspections
Little Real Estate has introduced virtual inspections for many of our available properties to provide a safer and more efficient inspection experience. View our available properties for sale to check out some virtual tours today!