How do virtual property inspection valuations work?
Read more to learn what virtual property inspection valuations is and why do we need it.
Virtual property valuations? The idea has been floated around the residential space for quite some time.
In the past it hasn’t really gotten traction as many deemed its capabilities more of a novelty. However, when the global pandemic hit, the case for virtual inspection valuations was reignited.
What is it?
After identifying a gap in the market and following 3 years of development, we launched our Virtual Inspection platform to the market.
The Virtual Inspection tool allows registered valuers to undertake property valuation inspections without visiting the property. The property owner downloads an app onto their mobile phone and then walks around the property guided by a registered valuer who is located offsite.
As the technology is built on encrypted live-streaming, JLL does not record or store any data, ensuring we remain compliant with local privacy and data laws. This framework protects both the property occupant and Valuers - allowing Valuers to safely view and discuss every detail of the property – just as they would normally onsite.
Why do we need it?
During the initial lockdown period in New Zealand, critical mortgage security valuation work still needed to be completed. The importance of continuing inspections under alert level 3 was recognised, balanced with the priority of keeping our people safe.
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The global pandemic was a catalyst for the governing bodies to approve the virtual tool for mortgage security work. The regulatory bodies wrote an addendum memorandum specific to COVID-19 to allow virtual inspections to comply during this crisis. valuations report where the virtual inspection was completed virtually to ensure it was not deemed a limited inspection.
However, under current regulations for mortgage security work the tool can only be implemented under COVID-19 restrictions and at this stage there is no intention to replace full valuation jobs undertaken on site. There are of course many scenarios where the tool would be beneficial, such as use in remote areas of New Zealand or within retirement villages still operating on heightened alert levels.
Today, we’re one of the few firms on Corelogic’s Valuation panel with the ability to perform virtual inspections. Technology innovation is a field we continue to advance in and we look forward to developing the tool further.
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