How do virtual property inspection valuations work?

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.

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.