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Virtual inspections have helped to move transactions during the pandemic. These inspections have been essential to maintaining social distancing and health and safety requirements during the pandemic without totally stalling the investment market, but the benefits have extended beyond the pandemic. In fact, lenders are realizing surprising benefits of virtual inspections, including cost savings, depending on the location and property.

“In addition to helping minimize in-person contact during a pandemic, virtual inspections can help save companies the cost and time associated with flying an inspector across the country or state for a traditional in-person inspection,” Matthew Stoehr, chief technology officer at Sabal Capital, tells GlobeSt.com. “However, it is important to note that virtual inspections can cost several hundred dollars to conduct, so in some cases they are more costly to utilize. Sabal has inspectors located across the country, so flying an inspector across the state may actually be less costly than the virtual option. For companies with inspectors in fewer locations, however, the cost and time savings can be significant. It’s important to analyze the potential pros and cons on a case-by-case basis.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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