Remote connections: Have lockdowns made virtual due diligence of assets an acceptable practice?
As soon as the pandemic took hold last year, businesses and markets around the globe found themselves having to adjust. Remote working away from the office became the norm, with an increased reliance on technology for communications, monitoring and collecting data. The buying, selling and managing of real estate assets began to follow this path, with stakeholders discovering a variety of tools to enable virtual due diligence.
As Dan Drogman, CEO and founder of Smart Spaces, says, desktop virtual tools have enabled the viewing and continued assessment of assets during the pandemic, offering engagement and an appreciation of the opportunities available. “Smart tech, for example, provided real-time property data, demonstrating and improving efficiencies to be used around ESG and sustainability metrics,” he says. “Then 3D virtual tours and digital twins offered visual scenarios and an immersive experience.”
For Max Bassadone, partner at Tokoro Capital, it has been