Fail or Succeed? Is the Home Inspection Business Right for You?
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- Опубліковано 2 лип 2024
- Why do so many home insepction comapnies fail in their first year of business? I give some insight on how to find out if starting a home inspection business is right for you.
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I started my home inspection business 14 months ago. I’m happy with my progress so far despite dealing with the COVID19 pandemic lockdowns in my state. My wife handles the marketing, scheduling and customer calls. I get to focus most of my attention on inspections and report writing.
Getting more than 2 a week?
@@StoryCraft62 I run my business part-time. I work 7 days per week in the skilled trades as a millwright. I plan to retire in 4 years with my pension at age 56 and run my inspection business full time in Georgia (we are moving from Michigan). My goal is to gain experience and have a 5 year old business when we relocate. In the fall I averaged 2-3 per week. I’ve been averaging one per week since March. We have a severe real estate inventory shortage in my area. Plenty of potential home buyers and no inventory. My real estate agent friends believe it’s going to pick up. I really don’t want more than 2-3 per week for now. I’m simply too busy at my job to do more than that.
@@ObeseModetoBeastMode I’m interested in getting my license. Is it worth it? How much can you make per inspection?
@@chrisdob1231 It’s hard to give a generic answer. It depends on your state, your real estate market, if you work for a company or work for yourself. Some states require you to work with a licensed inspector on a set number of inspections before you can be licensed. This can take several months or longer. How much you make per inspection if you own your business depends on your market. Pricing is typically set based on total square footage and the age of the house. I started off setting my prices based on the average prices my competitors were charging. I didn’t want to come in too low. My overhead expenses are low: Insurance (errors & omissions / liability), inspection software, web hosting and my InterNACHI membership. My daily driver is a 2019 F150 4x4 Super Crew cab. It works great for my inspections. I didn’t need to buy a vehicle specifically for my business. The biggest expense is your tools and equipment. I have several thousands of dollars in tools and equipment.
@@ObeseModetoBeastMode I was wondering if you can tell me how much you pay for the O&E/Liability insurance per month? Thanks!
Agreed! The entrepreneurial mindset is so much different than the employee mindset.
I love this video! I’ve always seen myself starting my own business of some sort but never knew what to do. I’ve come to realize that I want to be comfortable but I enjoy my time off with family and friends. Starting to think working for a good company isn’t all that bad. It’s all in the mindset! Best of luck everyone!
Excellent video!! I have a fulltime job right now and my wife is a fulltime realtor. I plan on being a fulltime home inspector. Once Im licensed Im going to keep my job and start doing inspections by using my vacation time. Im going to give my business time to let it grow. Once my funnel keeps flowing very well, then Yes Ill leave my job which I had for 14 years, But till then Im going to keep my job because the number one reason businesses fail is because the lack of revenue coming in.
I could have written the same comment here. How is it going for you?
We looked into this and there was a lot of liability if you miss anything and you have and relationship to anyone involved in sale.
Glad I found your channel! I'm currently taking online classes with ASHI. I look forward to more content
If they're struggling, I believe at least in part, because they're not very good at the wrap up. You have to have the right personality. Agents won't continue to use somebody they don't trust. Many of them are alarmists and do not put things in perspective properly for the clients thus blowing the deal. The agents wont use them again. They have an uphill battle.
Business doesn’t boom right away you have to have the hustle and drive be patient
I agree with you 100%. This video helped re-iterate my thoughts on the 'business aspect' of becoming an actual success in the field. After running my own business, experience losses etc, chasing $ ,,, the list continues. I did find it difficult to say the least. What 'sucks me in to the home inspection business ' is the limited amount of tools, monitoring guy's, bidding jobs, getting materials, chasing the homeowner or bank for $.... Ughhhh. I'm happy to know biggest hurdle is marketing said inspection business on the computer/website etc. Definitely not a field I am competent at the moment computer wise. That said I will take learning that skill as opposed to ALLL the things I stated. Good Vid an thanks man.
Andrew
Highly valued perspective, thank you!
Great video. I’m in training as we speak. I’m thinking of, going to work for somebody first, and eventually starting my own company. Things to think about.
Hey Ray, how is it going for you? And what school did you go to?
Thank you.
kind regards
Ricardo
I went to Ahit, how bout you?
@@raybaker8924 New to the industry, still learning the ins and outs. Are you still in home inspections?
Your are 100% correct about the business aspect. I see it all the time as "most" people are not cut out to lead, run a business and handle the stress that comes with it. Nothing at all wrong with that as the military always needs more regular boots on the ground so to speak. That is why business ownership is reserved for the best of the best, and ....rightfully so, they should make the best of the best income and financial rewards that come from it.
In my experience, your ex boss is definitely not going to like it if you start a rival business in their service area. So play your cards close to the vest if that's your angle. Also be prepared for your ex employer and their friends/family to take shots at you in the online reviews. In my case it was a towing business, but maybe home inspectors are more polite.
Great video. Lots of excellent info. Thx
It's not an inspection business, it's a marketing business.
100% true in any business
Great video, and very true. I'm working towards my license right now, but I'm pretty ambivalent about running a business. I'm introverted and don't have a head for the ins and outs of business. Having to figure out witholding and FICA and my health insurance, billing, yikes!
But I'm fascinated by homes and by the inspection process, plus I really like the idea of providing a genuinely helpful service and making a living doing so. I like my current job and the security of a steady check. But that steady check has been reduced since even before covid and my company shed a lot of employees. And I've been laid off or had reduced income several times in my long if not storied career. So being able to support myself without depending on someone else seems pretty attractive.
Could I maybe work for a company to gain experience? Is working for a company a decent living? I know you don't keep 100% of your fee, but maybe it's worth it?
You don't have to be good at everything when you run a business you just have to know people who are that can help you I'm not good with any of the financial stuff but I have somebody that will do my books for $85 a month. I never have to worry about it and it's worth every penny. You stick with what you do best and delegate the rest. I use the Inspection Support Network to manage all the scheduling and calendars. It handles everything and even start your inspection because it'll sink with your software. You just have to have good resources.
I have been toying with this idea for a few years now. I did almost every trade and several years of apartment maintenance. I would be a great inspector, but, I am apprehensive about starting a whole business doing it right off the bat.
I am considering the business and it doesn't matter if I am working for a company or doing it on my own. My concerns are that it might be just too competitive just like real estate photography. I've been a photographer for over 20 years mainly weddings and portraits. I've even done some real estate photography, but like in all areas of photography it's super competitive and it's very difficult staying busy-that is unless you're doing $100 photo shoots. Any thoughts on this? Thanks.
I will finish up my license in January how would someone get hired by a inspection company and what does the pay look like for a new inspector, I have 15 years in management and I just got tired of the industry I was in I was good at what I did but I've always wanted to do this and help people while making a living. I am thinking of starting my own company as I know the business aspect but I am nervous but excited. Thanks so much love ur videos please continue.
Great video
you must have read the e myth. love that book. Thanks for info
I thought the same exact thing.
I was a prep cook in a restaurant, saved some money and started a lawn service company, right now I'm in transition into a landscaping company and watching what is next and I think this can be a probability. thank you for this information.
Honestly that sounds like a good way to go if you can do both at the same time. When you're doing home inspections you can leave people cards for your lawn care services because a lot of people who move are coming in from out of state or out of town and would appreciate having someone they can trust do their lawns so if you make that good first impression as a home inspector and have a decent price for your lawn services I feel like it's a shoe in. And on the same note but flip side, give cards for your home inspector business to your lawn care clients even if they're not moving they might have kids who are going to be first time home buyers or friends and family and they can pass your information around if they trust you. And if it snows in your area you can start a snow removal company and do the same thing then bam you have 3 businesses all ready to go and serve each other. That might be a lot of paper work and insurance / tax crap to deal with but hey could probably make some decent money.
Great video. I am getting ready to take the licensing course in Feb 2022 and plan to start my own inspection company. Poor communication and a lack of leadership are driving me out of my current job and I do not want another one. Moreover, I do not want to work for someone else in the inspection business because I will be working to make their financial goals and dreams come true and not my own. I spent 5 years as a REALTOR, so hopefully that insight will help me as well.
I feel the same about corporate America and starting my own home inspection business. Good luck! I hope to join the ranks soon!
How is it going so far ?
Hi sir I need help with my business I am a certified home inspector but for a year i am trying to get some inspection but it’s hard here in Toronto Canada I don’t know what is going on if you have any Suggestions please thanks.
Ia from a nursing background for the past 15 years. Wanting to get in to building inspection in Victoria, Melbourne.
Confused about which course that takes me to gain registration as a building inspector.
Can anyone lease guide me on this. TIA
At time stamp 6:45… bathroom break?