The continued evolution of AI as well as property inspection technology and cutting-edge marketing tools should never replace physical property inspections, with consumers putting themselves in danger of buying a dud without undertaking one, according to the Real Estate Buyers Agents Association of Australia (REBAA).
REBAA President Melinda Jennison said the speed of AI and technological advancements over recent years was potentially leading more buyers to believe that buying sight unseen was no longer risky.
She said: “A physical inspection will always be paramount and one of the most important due diligence factors for all buyers.
“While sleek video walk-throughs and aerial flyovers are undoubtedly effective marketing tools, offering buyers greater visibility of a property than ever before, they can never fully replace the depth of information gained through a physical inspection.”
Jennison said some buyers opting for sight unseen purchases were not only becoming overly reliant on technology but also the results of a building and pest inspection.
She said: “A building and pest inspection is essential for identifying structural issues and potential pest infestations, but it won’t reveal important external factors such as neighbourhood dynamics, or nearby nuisances like unpleasant odours or disruptive noise.
“Additionally, they won’t highlight whether the property is situated in a less desirable part of the neighbourhood or if there are disruptive neighbours or other similar external factors.
“Conversely, a physical inspection by an appropriately licensed real estate professional would be able to determine any minimum housing standard requirements for investors amongst other vital factors.
“It’s vital that an investor thoroughly understands the additional financial outlay that may be required to ensure a property meets minimum housing standard tenancy provisions in that state or territory, which is only something that a licenced real estate professional can provide.
“A physical inspection allows the buyer, or their representative, to experience the property and its surroundings first-hand – seeing, smelling, and hearing both the positives and negatives – something that can never be fully replicated by AI or technology.”
Without a comprehensive physical inspection, buyers may overlook important external environmental factors that can influence the overall living experience.
These issues are not tied to the property’s physical condition but to its surroundings, and they can greatly affect the property’s appeal.
Jennison continued: “Every single property that a REBAA accredited buyer’s agent recommends to their clients must have been physically inspected by an appropriately licensed representative.
“While our industry welcomes the many advantages brought by advancements in AI and technology, a physical inspection will always remain the gold standard for thorough due diligence before making an offer on a property.
She added that buyers can protect themselves by always working with a REBAA accredited buyers’ agent in the state or territory in which they are purchasing, which will ensure they will conduct a comprehensive pre purchase inspection on every property.
Jennison said: “Buying a home or an investment is a significant financial commitment, which is why no one should ever buy a property without conducting a thorough inspection either by themselves or using the services of an appropriately licensed real estate professional.”
