A home inspector is a professional that carries out an inspection in both the interior and exterior of a property. Following this, a detailed report is written determining if there are any structural or aesthetic faults that need to be looked into if a homeowner is keen on purchasing the property. These opinions are extremely valuable to potential homeowners, as it can help them make that all-important decision on whether to make the investment.
77% of all homes have undergone inspection, so running a business in this particular field is very much in demand and can provide huge profits.
If you have an interest in the property market, starting a home inspection business may be a career path to consider. Here’s a step-by-step guide on how to make the transition.
- Plan Your Business
As with any business, planning is crucial for achieving long-term success. Doing so will allow you to get to grips with the nitty-gritty details and gain perspective on which areas need the most attention. A few of the key questions you may need to ask yourself include:
- How am I able to get the relevant funding?
- How do I market my business?
- What should I name my business?
- Shadow a Professional
If you’re completely new to the world of property, it would be wise to shadow an inspector first so that you’re aware of what’s involved in the job on a day-to-day basis. Setting up any business is a huge investment, so you want to be sure it’s the right career path before making any expenses.
- Join a National Organization
Starting a new career is daunting, so knowing help is at hand exactly when you need it can make the transition a little less scary. Joining organizations such as ASHI gives you the opportunity to attend meetings and make contacts with those already in the industry, as well as learn about the job in more depth. You’ll also be given advice on any further training courses that may be available to you and how to get your business up and running.
- Determine the Costs
Some of the initial costs involved in this type of business is obtaining the necessary training, securing a business license and paying out for home inspection insurance.
Depending on how many hours you wish to dedicate to your business each week, you may not need to hire an office as the majority of the work can essentially be done from home when you’re not out visiting clients. However, some of the most important start-up expenses to make a note of include online and offline marketing, workflow software, business cards and equipment (in which you’ll need a stepladder, carbon dioxide and moisture detectors, an AC voltage meter and a flashlight). You’ll also need some simple tools including screwdrivers and pliers.
You can always purchase second-hand equipment if you’re looking to cut down on costs, but you can expect all the expenses listed above to equal approximately $10,000 as a starting point.
- Know How Much to Charge Customers
Although the initial spend may be extremely steep, it’s important you’re charging your clients correctly. Fees typically range from $240 per inspection. If you have the relevant training, you could instantly boost your revenue by carrying out a separate termite inspection ($300) and radon gas inspection ($700).
- Make Use of Workflow Software
As already mentioned, software is one of the most crucial investments that needs to be made in order for your home inspection business to be carried out smoothly. A specialized platform can complete tasks such as an inspection report, scheduling and billing. It’s an important investment to make if you’re planning on growing your business and hiring new employees as it will ensure everyone stays on task throughout the course of each project.
- Define Your Brand
The home inspection industry is growing significantly due to demand so it’s important your business stands out from the crowd. One of the best ways to make an impression in this industry is to attend open house events where you’re able to greet realtors and possible buyers. Remember to bring your business cards and any other contact details to hand out to those interested in the services you offer.
It’s also essential to have a website before your business goes live. Your clients are likely to use it as a reference point to find out more about the services you offer and it allows you to demonstrate your key motives and goals as a brand.
