What Are Virtual Property Appraisals (And How Do They Work)?
In an increasingly digital world, real estate has embraced technology to enhance the customer experience. This trend has gained momentum in recent times, with the adoption of digital tools such as 3D tours, virtual property inspections, online auctions, and even virtual staging. Virtual property appraisals, in particular, gained popularity during the pandemic and continue to be a valuable option for homeowners looking to determine the value of their property. The process is swift and requires minimal tidying or preparation.
So, what exactly is a virtual property appraisal? Put simply, it involves a video call where you take a real estate agent on a virtual tour of your property, replicating the experience of an in-person visit. The agent will then evaluate your property, considering various factors, before providing you with an appraisal report. All you need is an internet connection and a phone with a camera.
How do virtual property appraisals function?
The initial step in obtaining a virtual property appraisal is to get in touch with your local real estate agent. Together, you'll schedule a video call during which you'll showcase your property for sale. You can use platforms like FaceTime, Skype, Zoom, or WhatsApp, so be sure to let the agent know your preferred choice.
Shortly afterward, you should receive an appraisal report from the agent, outlining all the essential details about your property, similar to what you'd receive from an in-person appraisal. This report will include an estimated price and recent sales comparisons. With this information in hand, you can begin the selling process.
Why opt for a virtual appraisal?
A property appraisal, in any format, is vital for formulating your selling strategy. However, virtual appraisals require less time commitment compared to in-person ones. This makes them an ideal first step to determine your property's potential selling price and the current market conditions.
Virtual appraisals are especially useful for vendors who are contemplating selling their property. It serves as a low-risk approach to gauge the market before committing.
What are the advantages of a virtual appraisal?
Understanding virtual property appraisals and their benefits is crucial, especially for those leading busy lives. The main advantages include:
- Flexibility to choose a convenient time, accommodating work and personal commitments.
- Faster process, as you can focus on highlighting the key aspects of your home.
- The ability to conduct multiple virtual appraisals in a shorter time frame, allowing you to select the right agent.
When should I seek a virtual property appraisal?
As soon as you become interested in selling your property or wish to determine its worth, it's advisable to engage an agent for a virtual property appraisal. The sooner you access vital details like a price estimate, market conditions, and buyer demand, the quicker you can kickstart your selling journey and allocate more time to devise a successful strategy with your agent.
A virtual walk-through helps agents gauge the quality of finishes and fixtures, enhancing the accuracy of their valuation. It serves as an informal means to acquaint yourself with a local real estate agent and their business practices if you're considering selling but not yet ready to commit.
What other types of virtual appraisals do agents offer?
Real estate agents may also provide a comparative market overview by leveraging data from companies like CoreLogic. This compares recently sold properties and those currently on the market in your neighbourhood. It considers factors such as the number of bedrooms and land size. Furthermore, they analyse finer details of the property to determine how it stacks up against the local market's upper and lower ends. Google Maps and historical photos may be used to gain insights into the property's potential value.
This kind of appraisal serves as an excellent starting point to engage with an agent, fostering a relationship. It equips sellers with valuable insights to plan their next steps and decide when to enter the market. A more precise price estimate can be established during a face-to-face meeting when you have more time.
What happens after your virtual appraisal?
Your real estate agent will be willing to meet you in person to discuss your goals and motivations for selling. They'll guide you through the selling process and ensure your property is optimally presented for sale. Additionally, they'll conduct a thorough inspection to validate and adjust their online appraisal if necessary.
To discover more about your property's value, consider scheduling a free property appraisal today or reaching out to your local LJ Hooker agent.Share