- Commercial agents now turning to virtual tour technology
- 'Make good' clauses are being substantiated with visual evidence
- Virtual tour technology in property has cross application use
Commercial agents are turning more to technology to provide evidence of how the condition of a property was at the commencement of a lease.
Virtual tours are proving to be a time and cost-saving way commercial premises are leased by helping provide an accurate record of what the premises were like at the handover stage.
Unlike a residential tenancy agreement, condition reports are not a legislative requirement. This can leave a landlord, tenant and agent exposed to a wide range of issues to deal with in the future with dispute resolution.
However, virtual tour technology can support make good clauses where approved or non-approved structural alterations occurred during a tenancy.
Incorporation of technology
What was previously a daunting task with manual writing whenever performed, virtual tours are now rapidly escalating the record-keeping process of a commercial tenancy with immense detail, capturing what a property looks like in a fraction of the time normally spent.
Commercial agents have recognized that a contingency like a digital data record has can provide enormous benefits for users well into the future, especially when property ownership changes or agency staff leave, valued adding service to their clients as well as sound risk-management practices.
Digital data records provide invaluable importance when needed in the future.
Virtual tours can accurately show what the condition of a retail, commercial or industrial premises was years beforehand, meaning alterations, or damage caused during the tenancy period can easily be identified after the lease has expired.
Their cross-application use also means agents are using this product for advertising the property.
There’s been a 60% per cent increase in bookings since the start of this year as more commercial agencies are recognizing the benefits this technology provides.
We’ve had to employ more staff to deal with this surge in demand, something we can only see increasing as awareness in the industry becomes more widespread.