Adjustment, at the best of times, can often take a considerable period to deal with and to work into your business, but rapid adjustment – like we have seen over the past couple of months – is always going to be a struggle to cope with and to formulate business practices and processes to overcome the challenges.

Let’s face it, today’s coronavirus-induced market is not an easy one for any stakeholders to deal with, and while I hope by the time you read this, there is a degree of normality returning, I think we must all plan and prepare for this period of disruption lasting months rather than weeks.

That is, of course, sobering for all of us who want to progress cases – especially at a time when the sheer logistics, norms and practices of our marketplace, in many cases, no longer apply.

Desktop valuations

When meeting people face-to-face or entering their homes to conduct our work is out of the question, then clearly, we have to look at other methods and means in order to carry out our surveys and valuations.

With physical inspections side-lined for a period, this has meant far greater use of our desktop valuation product, which we at SDL Surveying have updated in order to cope with the increase in volume being placed through it.

We fully understand that, for a number of lenders prior to this situation, it was to be a physical inspection or nothing; and of course there has needed to be work at their end in order to deal with this. Or indeed to try and shape their own understanding of what might still be acceptable, how this might impact on their risk, and how (for some) this might play in terms of their ability to securitise their assets in the future.

What we have been able to do is provide a far greater degree of certainty and security for those lenders who can accept AVMs/desktop valuations, and to work with those who – up until now – have not been able to countenance their use within their mortgage book.

Local knowledge

Our own desktop product is PII-wrapped, and is completed by local, qualified surveyors, so it is not just an intuitive tech-based appraisal, but it also takes full advantage of the professionalism and local expert knowledge of our surveyors. In that sense, it’s utilising the tech and the human skill set to deliver a survey/valuation that is as near as damn it to a physical inspection without having taken one.

Of course, we fully understand the frustrations of all those active in this space, however, the Government guidelines around staying at home, self-isolation and social distancing were pretty clear from a surveyor point of view, and the sector had no other option than to stop all physical inspections with immediate effect.

Thankfully, for a growing number of cases, the requirements for a physical appraisal were not there, or if they were, then they have been shifted slightly by certain lenders; and we’re fully aware of lenders moving to accept more tech-produced valuations. In that sense, the sector’s preparations and the technology it is able to utilise to continue deliver in this area, are most welcome.

Digital solution

If anything, as we have said for a number of years, this period in time and the challenges we are overcoming, show the need for a far more digitally focused process.

While we are able to use technology to its current full effect, one would hope there will be a significant appraisal now of all manner of areas which would benefit from this – everything from ID checks, digital signatures, witnessing, and a whole host of other moving parts of the homebuying process can surely now be wrapped up in one digital solution?

If not now, then when? Of course, we have to acknowledge that buying a home requires visits not just from interested parties, but all manner of other professions, and that’s an issue which is not going to be easily solved, even if, for instance, more people are willing to use virtual tours and the like.

People want to see homes before they place offers on them, of course they do, and that might always present a sizeable challenge to the market in a situation like we have now.

But, around that, we have the tech and the capability to keep the whole process moving for everyone else who is beyond that point – ideally to the point of completion. However, if this isn’t possible, perhaps to the point of exchange so chains don’t collapse even if we need to delay the actual completion and move to a later date.

What we can say is that, by working together, we can continue to work, and we are certainly here to support everyone in that endeavour.