You’ve done it. You have reached the stage where you are committed to start your home inspector business. This is for good reason. Not only is it a satisfying role with various challenges, but being a home inspector can also prove lucrative for your bank balance.
At least, that is the case if you manage to create a successful home inspector company. Sadly, this is far from a given. A lot of work needs to be put in before you even start visualizing turning over any kind of profit. However, if you remain dedicated and follow the advice provided in this article, you have a great shot of running a fruitful operation.
From acquiring the right certification to installing the best home inspection software, here are five steps to take when creating your dream home inspector business.
1. Training and Certification
Before you even start to put a plan in place for a business, you need to ensure that you become certified as a home inspector.
There are several methods available when it comes to receiving the correct training. You could learn in a traditional classroom or take classes online. There’s also the option of utilizing field training. This is particularly advantageous as it provides hands-on experience via real-life home inspections. There’s no better way of learning than with in-the-field training.
As for gaining the correct certification, this aspect varies depending on the state you decide to operate in. Thankfully, a quick search on Google will reveal the steps to take when acquiring the right certification for your state.
2. Create an Effective Business Plan
After training and certification, it’s about putting the work in for the business side of things. This starts with the business plan.
Research is vital for crafting an effective and accurate business plan. You need to know your figures. You need to know the competition and the industry. You also need to know how to accurately forecast future profits. If you do all of this correctly, you have a better chance of securing a business loan.
3. Have the Right Equipment and Software
If you’ve secured funding and have the green light to go forward with your business, now is the time to focus on what you need to complete home inspections to a high level.
Of course, you will require the standard tools necessary to carry out home inspections. These include:
- Voltage indicator
- Electrical tester
- Infrared thermometer
- Moisture meter
- Electrical gloves
- Safety glasses
- Full-face respirator
- Drone (for safely inspecting any potential roof damage)
Your equipment is only one part of the package. You also need to incorporate a specialist home inspection software solution. Why? Well, because this software can simplify your life in so many ways. You can streamline marketing processes, automate menial tasks, receive business reports, and so much more. The end result is your business increases productivity, efficiency, and profit margins.
4. Insurance Coverage
To gain a reputation as a trustworthy home inspecting business, you will need relevant insurance. This can be via general home inspector liability and E&O insurance.
Insurance is vital for a number of reasons. After all, as a home inspector, you are responsible for guaranteeing a property is safe before a new homeowner moves in. Now imagine a scenario where this homeowner encounters a safety issue. Even if this is years after your inspection, you could still get the blame for not spotting it in the first place. Thankfully, insurance will protect against any complaints or messy lawsuits.
5. Promote, Promote, Promote
Even as early as the training and certification step, you should be putting the work in to promote your business. This begins by networking and building relationships. Success as a home inspector often depends on the connections you make with realtors.
As for how these relationships can be built, don’t be scared to go out of your way to specific networking events. For example, the National Association of Realtors puts on events where you can network and join forces with applicable realtors.
Promoting your business is more than just networking. You will also need to build an online presence. This doesn’t have to be too taxing on your resources, but a dedicated website and social media pages should be a given. It’s also important to have a Google My Business account, as this will provide a local listing of your business.
Physical marketing also has a part to play in any effective strategy to promote a home inspector business. Business cards, leaflets, brochures — all can supply the details needed to turn prospects into customers.
While there are many factors to consider before you can start a home inspector business, the hard work will pay off once you get up and running, secure clients, and begin inspecting properties.