The COVID-19 crisis has caused much pain to health, livelihoods and working careers.
The situation has called for many changes in the way people interact. The real estate industry is set to experience many changes particularly in the way it presents a property inspection.
Property inspections are traditionally conducted to show potential tenants a property to lease or potential buyers a property to buy.
These changing times will have property inspections become virtual inspections. Some may appreciate this service while others will not. Now is a good time to learn more about virtual inspections.
What are virtual inspections?
A virtual inspection can be used for both presentations to sell and rent.
It is essentially a tour of the property by viewing photos and videos via your computer, iPhone, Android or tablet. This is quite a new experience for many Australians.
Virtual inspections offer many new benefits to a traditional property inspection. Here are some points to note:
Convenience
A virtual inspection provides greater access for interstate and international buyers who may not be able to attend a property inspection. The convenience provides greater flexibility for buyers to walk through a tour in their own time, anywhere around the world. This may be on their lunch break, holiday, after work or even after midnight. Historically winter restricts and puts people off attending inspection. The virtual experience will allow people to tour a property no matter the weather conditions.
The convenience of not having to be available at a set day/time, makes virtual inspections very helpful.
Privacy
Properties that are tenanted will benefit from this form of technology. Tenants can maintain their privacy while not being concerned that people are snooping around their home. People who walk through a virtual inspection can also discuss their thoughts openly with the someone who has their best interests.
Internet network
Most properties are sold or leased through the assistance of the internet. As people often look online before discussing their potential intentions, the virtual property inspection will help provide a more in-depth look in advance to speaking to someone.
This will help people become more time efficient without wasting time driving to a property inspection to be bitterly disappointed.
Health benefits
With COVID-19 this new method of viewing a property is a safe way to interact. A virtual inspection can reduce any potential exposure to getting sick. Looking into the longer-term, this new opportunity can allow you to view a property in your own home if you are feeling unwell too.
There are some setbacks and negative that need to be considered but these can be managed effectively.
What are the negatives?
Viewing a property inspection will give you an absolute tangible perspective. You can identify and defects, wear and tear or any structural issues of concern. The virtual inspection may not pick up on these issues. If the property takes your interest, you could of course look at ways to see the property in a private inspection or have a building inspector review the property for potential faults.
If you have no computer or other form of technology, this will obviously be of no help. You may also not be very good at using technology. In this case, you may need to rely on others to help.
Will virtual inspections be here to stay?
Virtual inspections have been around for a long time. As we specialise in sourcing brand new and off-the-plan properties for buyers, we use them regularly. We expect these to continue to grow in popularity and find a permanent role in real estate.
As the global health pandemic improves, we anticipate that property inspections will become available, but via a booking, schedule to limit numbers in the home. If you have the ability to use both in advance to buying your next property, we think this will only add more value to all parties involved in buying/selling or leasing.
If you need some assistance in sourcing your next property, please feel free to contact us.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
Mar 2020
