Importance of remote inspection of real estate during COVID-19

Importance of remote inspection of real estate during COVID-19

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  • 2021-06-02
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The COVID-19 crisis is unprecedented, which causes problems for professional appraisals from mainly two aspects. From the market perspective, the lack of data and unstable market conditions provides difficulties in correctly determining the value of assets. However, at the same time, from the micro perspective, appraisals are not able to freely inspect the valuation object due to social distancing.

In Poland, we are testing the alternative solutions for inspection methods and processing of the obtained data from this way to increase efficiency and accuracy of property market analyses and valuation.  As the effect we create tools and published scientific paper as the result of our conceptual work and justifying empirical solutions: Remote measurement of building usable floor area. The principal intention of the authors of this particular research was to come across the citizens (investors, administration body, real estate professionals) needs for more precise, full and detailed property information provided by a numerical algorithm of applicable character. The authors concentrated on delivering one of the most important and probably most lacking feature describing properties – building usable floor area (BUFA). The solution was elaborated in the form of automatic algorithm based on data mining, machine learning, computer vision with the use of LiDAR (big data) and property registers sources of information. The obtained results related to UFA estimation in comparison to the state of the art one are satisfying and increase the reliability of decision making in the investment, register and planning context.

Our conducted research is quite advanced, and there are alternative methods that are more basic, which can be used for remote inspection of assets. We are pleased to hear that Lithuania is also planning to take into consideration methods for remote inspections of assets.

About the author

Małgorzata Renigier-Bilozor is Professor in Real Estate in the University of Warmia and Mazury in Poland. She is Director of Institute of Spatial Management and Geography at the Faculty of Geoengineering. She has been a co-author of the programme of the concerning creation of the management system of real estates sources. She was a involved in multiple projects related to real estate such as  “The elaboration of the decision making system with the utilization of rough set theories on real estate market”, “Development of the structure of the  decision support subsystem for real estate”, “Development of methodology the rating real estate markets”, ” SHOW – Senior Helps Others Wisely “, “SoURCE – Service of Utility Risk/Cost Evaluation” The latest work of her are connected with concept of Hybrid artificial intelligence system for AVM – modern technology in the service of the real estate analyses.

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