How Virtual Property Inspections Are Transforming an Evolving Real Estate Industry

Image shows home inspection with magnifying glass

As the real estate industry continues to evolve and modernize, industry participants are seeing increased effort toward driving efficiency in the lending process. We’re already seeing modernization play out using data to increase appraisal waivers, digitization of the loan process, Artificial Intelligence (AI) is being used to streamline quality control, and we’re finding more and easier ways to get eyes on a property.

In the real estate sector that has traditionally relied on in-person inspections, the rise in virtual inspections represents a monumental shift. At the end of the day, when innovative solutions are released, benefits to the industry and impacts to our collective customer, the borrower, must be considered. Here’s why virtual property inspections are gaining traction and are essential to the real estate industry’s future.

Groundbreaking Efficiency for the Industry

 

The beauty of virtual inspections is that they bring a wide range of benefits that drive efficiency. Virtual inspections can bring substantial cost savings to the borrower by cutting down on paying a third party to travel and complete an in-person inspection.

With a traditional in-person inspection often required for an appraisal, scheduling and getting to the property is the long pole in the tent and can be frustrating to stakeholders when holding up the loan process. Virtual inspections dramatically shorten that pole by removing travel time and allowing inspections to occur at the convenience of the property contact. Virtual inspection reports are often completed on the same business day they are ordered, providing a quick turnaround to understand the condition and characteristics of the property which enables the loan to progress faster. The improved efficiency is particularly felt with hard-to-access properties, such as those impacted by a weather event or highly remote/rural areas.

Convenience: Making Property Access Easier Than Ever

 

One of the key reasons virtual inspections are taking hold is their incredible convenience. There is a growing demand from consumers to go digital, from online loan processes and closings to streaming fitness and educational classes, or online shopping. Traditionally, borrowers and other property contacts often face challenges scheduling in-person visits to properties—due to geographic distance, time constraints, or conflicting schedules. Virtual inspections break down these barriers, and with a click of a button, you can engage with a property from anywhere, at any time.

Transparency: Boosting Trust

 

Another crucial benefit of virtual property inspections is their ability to combat fraud and ensure transparency. One of the challenges expressed with virtual inspections has been the potential for misrepresentation. Virtual inspections help eliminate this issue by offering a real-time, verifiable walkthrough of a property, checking off all product requirements with geo and time-stamped photos.
When virtual inspections are paired with a disinterested third party in attendance, it allows for live quality control to ensure all product requirements are documented and photographed, and all aspects of the inspection are objectively attained.

The Wave of the Future: Embracing Virtual Inspections as the Standard

 

As the real estate industry embraces digital tools and adapts to modern technologies, virtual inspections will become integral to the real estate experience. They are not only more efficient and convenient; they also align with the broader trends of modernization across the industry.

For those who want to stay ahead of the curve, embracing virtual inspections is essential to enhancing the borrower experience with innovative, convenient options.

The future is digital, and virtual property inspections are leading the way.

Picture of Kristin Gruidl

Kristin Gruidl

Kristin Gruidl is the Director of Product Management at Valligent (a Veros Real Estate Solutions sister company). Kristin has over 20 years of experience in the fintech industry, serving the government-sponsored enterprises, lenders and other partners intersecting the housing finance process. She has been an integral part of modernizing and innovating in the housing industry and is known for obtaining the pulse of the customer.

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