Virtual Inspection Valuations

AUSTRALIA, 14 MAY 2020 – After a number of years in development, JLL has rolled out ‘Virtual Inspection Valuations’ to provide for contactless property valuations for residential owners, however it is suitable for all asset classes.

The development of the virtual solution took significant time to develop due to the security framework required to protect both the property occupant and the valuer.

The technology of the platform is built on encrypted live-streaming, ensuring JLL does not record or store any data, to remain compliant with local privacy and data laws.

JLL’s Head of Residential Valuations – Australia, Matthew Singleton said, “This new virtual platform allows our valuers to safely view and discuss every detail of the property, just as they would have done in a traditional onsite face-to-face inspection.  Through this contactless service, a residential owner or occupant can still speak to the valuer via a live visual and audio link.”

JLL’s Managing Director, Mortgage Services – Australia, Bart Mead said, “Technology innovation is part of JLL’s DNA and we are proud to have delivered our Virtual Inspection and Valuation solution across Australia, New Zealand, the US and Spain.

“Due to the work JLL has done in ensuring regulatory requirements are met, we believe this new platform for valuations will be viewed favourably as a new choice in the residential valuations market in Australia, including the banking sector.

“The launch of the Virtual Inspection platform adds to JLL’s suite of proptech products currently in the market, including our Automated Valuation Model (AVM) for residential  property, JLL Live (delivering an on demand same day valuation product) and the JLL Residential and Commercial Desktop (a product to date only provided by data companies),” said Mr Mead.

Last year, JLL partnered with CSIRO-backed start-up Digital Agriculture Services (DAS) to deliver new proptech desktop assessments for agricultural property.  This platform delivers quicker, cost effective value assessments for lenders, investors and portfolio monitoring, based on a combination of Artificial and Property Intelligence.

In late 2018, JLL launched its Automated Valuation Model (AVM) that combines the property valuations knowledge and expertise of its team of valuers across Australia, with the latest technology, to provide an automated residential property valuation service in the market.

Mr Mead said, “JLL has invested heavily in technology and people to build our in-house analytics team.  We have assembled a team of experts who have an entrepreneurial technology background which is helping us to evolve our valuations business model.”