New Zealand and Australia’s largest independent property advisory firm Opteon has responded quickly to the COVID-19 pandemic, launching a zero-contact virtual property valuation solution for the New Zealand market that enables lenders to continue to meet regulatory requirements for the security of their lending portfolios.
The solution is a new Virtual Valuation that uses a combination of visual verification aides and a guided interview to provide the valuer with key information about the property and its current state, which can be used to create a full valuation report.
Augmented with insights from Opteon’s team of experienced valuers, the Virtual Valuation consists of a comparable quality of data to the onsite valuation that lenders are required to obtain to manage risk to their portfolios.
Opteon has commenced discussions about the Virtual Valuation with major lending partners who are equally ready to embrace the change, identifying it as a proactive solution in these unprecedented times – particularly as Opteon’s Virtual Valuation does not impact the lender liability position.
Opteon expects that the Virtual Valuation will go live in the first week of April, playing a vital role in supporting New Zealand’s property market to continue to function during the lockdown and other isolation measures put in place by the Government.
Opteon is acutely aware of its role in helping to keep the property industry thriving during this period of global uncertainty. Opteon’s CEO Chris Knight said:
“With the Virtual Valuation, Opteon has removed one of the barriers that might make lenders hesitant to approve mortgages in the current environment. We hope that by providing lenders with a solution that meets all regulatory requirements and maintains their liability position, lenders will have the confidence to continue to approve mortgages, which is critical for New Zealand’s economy.”
Knight points out that exploring innovative ways to provide property valuations and advice has been a part of Opteon’s roadmap for some time.
“Opteon has always played a key part in the evolution of the valuation industry. We are looking to provide agile solutions, playing our part to stabilise the mortgage security market.
“Additionally, we take the safety of our customers and our people very seriously. We’ve acted quickly with this solution because the health of every individual in our community is paramount in these challenging times,” said Knight.
Innovation is a key element in the ongoing success of Opteon, which has grown substantially over the past five years and offers commercial, agribusiness, residential and government property valuation, advisory and specialist property services.
“We’re proud that we’ve been able to bring a zero-contact valuation solution to the market so quickly, and that we’re able to fully support our customers and the broader property industry through this pandemic,” said Knight.
Marketing Manager, Opteon
+61 419 096 970