What Are Virtual Property Appraisals (and How Do They Work)?

As more and more aspects of our lives migrate online, real estate recently picked up its pace and adopted digital tools to offer consumers a better experience. As a result, 3D tours, virtual inspections, online auctions or even virtual staging have now become commonplace. And so have virtual property appraisals.

  • 1 March, 2021
  • RESIDENTIAL

But what is a virtual property appraisal? Simply put, it is a video call where you take an agent through an online walkthrough, much like if they were physically in your home. The agent will then assess your property and other factors before providing you with an appraisal report. From here, you can begin your selling journey. All you will need is an internet connection and a phone with a camera.

How do virtual property appraisals work? 

The first step of a virtual property appraisal is to get in touch with your local real estate agent. Together, you will set a time for a video call during which you will show your property for sale. You can use apps such as FaceTime, Skype, Zoom or Whatsapp, so let the agent know which platform you are most comfortable with.

Shortly after, you should receive an appraisal report from the agent, detailing everything about your property, just like you would find after an in-person appraisal including price estimate, recent comparable sales. From here, you can begin the selling process. 

Why get a virtual appraisal? 

A property appraisal in any form is crucial in elaborating your selling strategy. However, an online appraisal involves less time commitment than an in-person one, so it is a great first step to discover what your asset could sell for and the current market conditions.  

What are the benefits of a virtual appraisal?

There are many benefits to a virtual property appraisal, particularly for those with busy lifestyles. The main advantages are: 

  • You can choose the most convenient time for you. This is especially important if you’re trying to balance work and personal commitments. 
  • It is faster than an in-person appraisal, as you know which aspects of your home are important to showcase.
  • You can fit more virtual appraisals in a shorter time before selecting which agent you would like to sell your home with. 

When should I get a virtual property appraisal? 

As soon as you are curious about selling or what your property could be worth, you should engage an agent for a virtual property appraisal. The earlier you have access to essential details such as a price estimate, market conditions and buyer demand, the sooner you can kickstart your selling journey and the more time you can spend on setting a successful strategy with your agent.

After the appraisal (virtual or in-person), your real estate agent will be able to guide you through the process and ensure that your property maximises its selling potential. To find out more about the value of your property, book a free property appraisal today or get in touch with your local LJ Hooker agent.

LJ Hooker NZ

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