As a real estate lender, you may encounter properties situated in rural or tribal areas, presenting challenges in obtaining timely and cost-effective property valuations. Valuing these specialized properties demands the expertise of a seasoned real estate valuation partner who understands their intricacies.
Valligent, possessing extensive experience in valuing rural and tribal properties, comprehensively understands these challenges. Through the utilization of advanced virtual valuation technologies, Valligent introduces a higher standard of accessibility, efficiency, and client satisfaction to the valuation process. Let’s take a moment to explore the effectiveness of virtual valuations and the innovative solutions available for accurately assessing rural and tribal properties.
The Power of Going Virtual
Virtual valuations offer numerous benefits to homeowners. Here are a few of the advantages:
- Accessibility: A primary hurdle in evaluating properties in remote regions has been the logistical challenge of on-site visits for valuations. Yet, with virtual valuations, connected to reliable internet and mobile device service, some property valuations can now be conducted remotely. This removes some of the challenges posed by hard-to-reach locales.
- Enhanced Experience: Virtual valuations enable data collectors or appraisers to collect a wealth of data and still make it a pleasurable experience for the homeowner or property contact. At Valligent, we conducted a survey of 250 property contacts to gather their opinions on virtual valuations. The results showed a favorable reaction, with 95% indicating satisfaction with virtual inspections. Additionally, 71% supported the idea of virtual valuations becoming a standard procedure in the industry. These figures highlight the desirable customer experience.
- Time Efficiency: Time is of the essence, especially in the fast-paced world of real estate transactions. By leveraging virtual valuations, gathering property information for the assessment and report generation is quicker than traditional valuation methods. Freed from distance and accessibility constraints, remote valuations improve timelines, particularly benefiting homeowners with properties situated in rural and tribal areas.
Exploring Virtual Valuation Solutions
Valligent’s Virtual Property Valuation Suite offers a diverse array of tech-enabled solutions tailored to meet the unique needs of every property assessment:
- ValINSPECT Virtual: This service empowers homeowners or property contacts to facilitate property inspections through their mobile devices. Not only does it ensure a cost-effective approach, but it also results in a comprehensive and accurate collection of property data.
- ValPRAZE Appraisal: Bridging the gap between traditional appraisals and virtual inspections, this service combines the best of both worlds. By integrating virtual data collection with appraisers’ analyses, it delivers reliable opinions of value for properties.
- Virtual eVAL (Evaluation): Compliant with IAEG standards, this evaluation relies on virtual inspections, detailed market analyses, and value assessments to furnish accurate property valuation reports.
- Virtual ValBPO (Broker Price Opinion): Accelerating the valuation process, this service furnishes residential property selling estimates via virtual inspection methods, offering a faster and more cost-effective alternative to traditional appraisals.
- 1004D Virtual Completion Certificate: Modernizing the verification of home construction or repairs, this service facilitates the swift completion of Form 1004D reports through video connections between property contacts and appraisers.
Navigating the Virtual Valuation Terrain
When participating in a virtual property valuation, the homeowner or property contacts should keep in mind several items to ensure a successful and accurate assessment:
- Technology Requirements: Ensure access to the necessary technology, such as a stable internet connection, a compatible device (phone, tablet, or laptop), and any specific software or apps required for the virtual valuation process. With Valligent’s virtual valuations, no mobile app is required. They work on camera-enabled mobile devices that are less than ten years old. A single use live steam link is sent to the property contact to connect them with the data collector and/or inspector.
- Property Preparation: The homeowner should prepare the property for the virtual inspection by ensuring it is clean, well-lit, and all areas are accessible for viewing. This includes opening blinds, turning on lights, and decluttering spaces to provide a clear view of the property’s features.
- Communication: Clear communication between the data collector or inspector and the property owner is essential during the virtual valuation. Both parties should be able to effectively communicate any specific details or features of the property that need to be highlighted or discussed during the virtual session.
- Privacy and Security: It is crucial to prioritize privacy and security during a virtual valuation. Ensure that any live-streaming or video conferencing tools used are secure and compliant with data protection laws to protect sensitive information about the property. Valligent’s virtual valuation process follows high standards to comply with privacy requirements and ensure data security.
- Technical Support: In case of any technical issues or glitches during the virtual valuation, having someone that can help provide technical support may help resolve issues promptly and ensure a smooth process.
Virtual Valuations are transforming the way properties in rural and tribal areas are assessed, offering enhanced accessibility, streamlined processes, and improved customer experiences. As technology continues to advance, virtual valuations will undoubtedly play a pivotal role in shaping the future of real estate valuation, unlocking new opportunities and efficiencies along the way.
Interested in Valuations for Rural or Tribal Homes? Valligent can Help!
If your clients need a valuation for these types of properties, Valligent can help. Valligent has completed real estate valuations for unique properties for over a decade, providing the expertise and knowledge necessary to navigate their complexities and ensure accurate valuations. Complete our web form to request more information.
