A Guide to Starting a Home Inspection Business
Home inspectors play a vital role in the property sector. Their day to day tasks are primarily related to the creation of reports that are completed after a thorough examination of the inside and outside of a property. They offer suggestions as to where improvements can be made and recommendations on repairs. As the housing market continues to see ongoing growth, home inspectors are in more demand than ever, so now is a good time to start looking at a business launch in this sector. However, while starting a business may be easier than ever, there are unique challenges for home inspectors. If you want to launch a home inspection company in 2020, here’s what you need to know.
There are some immediate costs that you will need to consider when it comes to your business plan. The first step is ensuring that you have the right training and the relevant certification. Once this is in place, you will need to consider your ongoing insurance costs as well. However, one of the main areas that new home inspectors neglect to include in their initial cost evaluations is the need for the right home inspection tools, which will make your ongoing report generation and customer management far easier. Remember that you will also need to factor in:
- Office equipment
- Vehicle costs
- At least one drone
- Testing equipment (such as circuit testers and gas detectors)
Startup costs for any business can be prohibitive, so you need to know exactly what your expenses are going to be before you start marketing your services.
Promotion and Marketing
Once you have your setup complete, you will need to start marketing your business. There are obvious options to consider, such as attending networking events in the housing and construction sector or handing out business cards to local realtors and construction companies. Always focus on delivering the most efficient and professional service and your clients will not only come back to you when they need you, but will also recommend you to friends and colleagues, or leave positive reviews on your website. That website is going to be a critical component of your business, so you need to get it right. Make sure that your business website:
- Has a strong web design that incorporates SEO
- Is viewable on all devices
- Is easy to navigate
- Includes all of your professional qualifications and contact details
Marketing is an area that many people struggle with. If you lack the skills to optimize for search engines or create content for your blog, then consider outsourcing this task; just remember to factor those costs into your launch.
Many home inspection companies have proven to be so successful that they are now offering franchise options for those that want to spend more time with clients and less time on branding and authority building. If you have access to the finances needed to buy a franchise, then this can be a good way to get help with getting the right insurance coverage, as well as the benefits of contacts in the industry and options for mentoring. However, whether you buy into a franchise or got it alone, there is plenty of potential for high earnings and business growth. Although there are variations by state and by the number of services that you provide, the average home inspector can expect to earn anywhere between $30k and $84k per year. The average annual salary for home inspectors in the US is an estimated $48,255.
Your home inspection business will be more likely to succeed if you prioritize staying up to date on the latest trends and technologies that are relevant to your career. You should consider joining professional organizations like the National Society of Home Inspectors and the American Society of Home Inspectors. You should also make sure that you regularly sign up for classes and courses related to real estate practices and construction developments. The more that you know about building codes and emerging trends the better you’ll be at not only delivering high-quality service but pre-empting the demands of property buyers.
Launching and running a new business might be more achievable than ever, but it will always be a challenge. It takes hard work and dedication to build a business. If you’re giving serious thought to the idea of starting a home inspection business, then make sure that you take the time to get everything in place before you launch. The more prepared you are, the more likely your success.