If there is one thing that is certain – 2020 has radically shaped the way that we do business globally. In April this year, Singapore went into a circuit breaker. Essentially – all Real Estate listings in Singapore was inaccessible except through remote viewing.
By “remote viewing” – we’re referring to Virtual Tours for property of course. While this is nothing new, the demand for virtual touring increased significantly. In fact, if you’re looking to buy a home right now odds are that a realtor will suggest doing a virtual tour if you don’t prefer to have any form of contact.
This is probably the reason why you are reading this article today looking for answers. Is it safe to buy a house or condo simply by watching a video or taking a virtual reality tour? Are there any protections for the buyer in the case that the virtual tour and the actual property doesn’t match up?
Today – we’ll be pulling back the veil and looking at the Pros and Cons of Virtual Real Estate Tours in Singapore, best practices and why a Singapore Realtor is an important asset to have in your corner. Let Jimmy Sum guide you into this ‘new normal’ within Singapore Real Estate and Remote Viewing.
Is it safe to buy a property in Singapore through a Virtual Tour?
Can you effectively buy a house you have never physically been in? The answer is yes – but is it safe? The answer to that question is a bit more nuanced.
For example – when it comes to New Launch Condos or New Property Development Projects in Singapore, the conditions of the condos and apartments are completely new. There is no wear and tear from previous owners and developers would ensure that what was observed remotely would reflect what was purchased once occupied. Furthermore, for new launch condos, there will be a one year warranty given to the buyers once the development has achieved its Temporary Occupation Period (TOP).
However, the same cannot be said for resale properties. In the case that someone had previously occupied an apartment, condo or house – we believe that it is still preferable to conduct an “in-person” review of the property.
The reason why we don’t support the idea of “buying a resale via Virtual Touring” alone is because video will not be able to capture things like – water pressure, wiring, small damaged areas, etc.
This can only be achieved when physically at the location and specifically looking for these issues. Virtual tours will never be able to give you an accurate picture of the property you are buying.
In either case – we believe that it’s always in your best interest to have a qualified Singapore Real Estate Agent with you when making these decisions. A SG Realtor can ask the right questions on your behalf so that you are protected and get the most value for your money.
Different types of Virtual Touring – Singapore Real Estate
In the next section, we’ll be taking a look at the different virtual touring you’ll run into in the Singapore Real Estate Market
1. Pre-packaged Video Tour
The most-common way of offering virtual tours for property come in the form of a pre-packaged video. In these instances – developers or property owners will create a pre-recorded video of the property and guide the buyer through each room. These typically include photos from different perspective of the room, a walk through while facts such as amenities, square footages, benefits are listed.
Pro: These tours are typically under three-minutes in length and can give you a quick overview of the property.
Con: This is as “pre-packaged” as you can get. This is the ideal representation of the property and ignores any negative aspects of the property within the presentation.
2. On-site Video Tour
Realtors are trying to offer a wide variety of different options for potential buyers. This includes things like “on-site video touring”, where a realtor would physically walk through the property while streaming the video to the buyers. Typically, Facetime, Skype or Zoom are the preferred applications in these dynamics.
This means that virtually anyone can participate in this form of Virtual Touring and has a higher appeal than the pre-recorded approach mainly because you get to see a live stream of the property and can guide the realtor to show you what you want to see.
Pro: You get to see the property in real-time without any filters. A much more honest view of the property.
Con: While video is good – it still doesn’t allow you to feel what it feels like inside especially for a resale property.
3. Virtual Reality Tours
Finally – some real estate firms are implementing VR Tours, where a Life-like replication of the apartment or condo is created. Using this approach – the buyer can “feel the space” remotely while walking through the apartment virtually.
This is the closest you’ll get digitally to actually being in the physical space. However – this is still simply a rendering of the environment and while it may be eerily accurate – it’s still not be the real thing.
Pro: The most honest way of a virtual tour. You can feel the space while having the freedom to explore at your own pace. You’re in control of the tour.
Con: It is still not able to provide you with the kind of physical presence that you can feel about the property.
Nonetheless – if you have to make a choice on a purchase without physically being there, VR Tours would be the most trustworthy option and I will think that this is the best option that you can use for new property launches.
Virtual Tour Best Practices
Since Virtual Touring is, a new reality and has become the viewing option for many of you, we still believe that it is important to understand how to protect yourself when purchasing a property.
Have a Singapore Realtor in your corner:
The first thing we recommend is to not go about it alone. Having an experienced Singapore Real Estate Agent helping you with your property purchasing process will simply keep you more protected and in many cases – get you a better deal than if you were to go about it alone.
See the Buyer/Selling Agent’s Face
When it comes to virtual tours – trust is a key factor. If the Realtor on the other side is hesitant at showing their face or disclosing information that should be accessible – these are red flags. If someone is unwilling to show you their face it only indicates that they have something to hide.
In the case of rentals – you’d want to have a “face-to-face” with them via Zoom or Skype. Within this “new normal” – we need to create new dynamics to establish trust between buyers and sellers – seeing your face is one of these dynamics.
Make sure it’s live [at least once]
Even though 3D virtual tours for property are exciting, they aren’t 100% accurate. You will need to use a combination of different approaches – perhaps, first a 3D tour, then a live-stream guided tour. After all, if you’re going to breaking the bank – you need to be certain that it’s worth it first.
Ask for the Floor Plan
A virtual tour for property is not enough – you need to have the floor plan to get a better picture of the dimensions of the property. With the Floor Plan – you could pace out the area either in your own house or in a park to get the idea of how big the place is (in the case that you can’t see it physically).
Last Words
Virtual Tours for property has become more popular and you can be sure that you will see more instances of it in the coming years. Thus – becoming smart about how to go about virtual purchases and having a real estate agent that is well informed about best practices will be key.
Here at Jimmy Sum – we are always on top of the latest trends and help prepare our clients to get the most value for their purchases. Whether you’re looking for new launch condos in Singapore or resale homes – reach out to us today!
