My background is in and around new residential construction and “high-end” remodeling. I have also been in sales with a large termite control company, and a roofing company. My knowledge of general residential construction is pretty good.
I have just begun the beginning stages of exploring the possibility of starting a home inspection company. Getting info, etc…
I will obviously need to brush up for any and all required testing for my licenses, secure my insurance and business licenses for my projected municipalities and counties I would target.
I have many contacts already established in the real estate business, etc…
Last year, there were roughly 12,000 homes sold in my target market. I’m guessing 75-80% of these had some type home inspection done. There are literally dozens and dozens (being conservative here) inspectors already in this market. Looking at financial targets, I would like to build to the point to where I’m doing 2 inspections a day with a target of 8-10 pr week. Minimum of 400 pr year in other words. If my math is correct…(don’t have a calculater handy) I would be looking to obtain 4-5% of the market in my area.
My question I suppose is “how realistic are my chances of securing this market share?”
I understand many variables come into play with such a question, and I know my networking and sales skills are strong. I am looking for some advice from people that are already in the business and maybe have achieved this type success and or are attempting to do so now.
What area are you in? It is helpful for those that would post to know what geographic locale in case there is information on state licensing or other items that may be of use.
Your chances of success ride heavily on what the dozens are doing and how you will do things better than them. There’s a treasure trove of concepts on this BB to accomplish that (problems is many of it is in the Member’s Only section, though I guess I could plug http://www.gogetforum.com/?mforum=marketing, You’re welcome, RR! )
Pay very close attention to your liability in inspecting everything you inspect. The book “Inspect and Protect” by NACHI VP Keith Swift is a great guide for that, many of his articles are on this site as well. Basically, I make it very clear in my inspections (orally and in the report) that litigation-magnets such as Chimneys are not fully inspected by me and therefore should receive such an inspection by the appropriate specialist (a CSIA-certified chimney sweep). As for other subjects, be dang sure to report them properly and defer further evaluation to a specialist whenever in doubt.
As far as technical knowledge, get your education and then pay very close attention to the tech threads on this BB. It is amazing how much you can learn from the experiences of others. When you have a good tech question, there are at least half a dozen that will give you good answers (unless Jeff Pope answers, then you don’t need anymore replies;-) ).
As far as landing all those inspections, you need to have your marketing in order. Market your *** off and do so Guerrilla-style (highly creative, low cost). A big key to my success has been my relationship with realtors, for they are highly involved in the selection process of most home inspections. Honest realtors like a home inspector who is highly competent, available and most important- assists the client with the findings (tell them why things are important, offer insight on how issues can be addressed, answer their questions at anytime, etc.). There are countless ways us NACHI members accomplish guerrilla marketing, feel free to ask us!
So in short, come prepared! Also, don’t hesitate to ask us proud NACHI members for our 2 cents. We’re here to help!
I suggest that yu take a look at what your capital expendatures will be just to get started. Then, look at what your professional memberships will cost you (local real estate association, Rotary, etc). Consider your variable costs (such as fuel) and your fixed costs (insurance, for example) and decide where your breakeven point will be. When a person does a detailed analysis and a business plan (which it seems you have a handle on) it makes one better able to see the possibilities and market accordingly.
I suggest that yu take a llok at what your capital expendatures will be just to get started. Then, look at what your professional memberships will cost you (local real estate association, Rotary, etc). Consider your variable costs (such as fuel) and your fixed costs (insurance, for example) and decide where your breakeven point will be. When a person does a detailed analysis and a business plan (which it seems you have a handle on) it makes one better able to see the possibilities and market accordingly.
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