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  #16  
Old 5/21/16, 5:22 PM
Devereaux Van Dyne's Avatar
Devereaux Van Dyne Devereaux Van Dyne is offline
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Default Re: How to get rich in the inspection business.

Gary, I have no idea why you are always bashing on realtors. You work with the top 3%? Then you should be busy. I work with 6 of the top 10 producing agents in the city and they keep my schedule full.

You don't have to be under $275, I certainly am not and get a lot of my business from realtors. I do 10-12 inspections per week and turn down 5-10 more each week because my lead time is too long. I'm not the cheapest by any means.

Do your job thoroughly, be professional, friendly, outgoing and positive.




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  #17  
Old 5/21/16, 6:25 PM
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David Asselin David Asselin is online now
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Default Re: How to get rich in the inspection business.

Quote:
Originally Posted by dvandyne View Post
Gary, I have no idea why you are always bashing on realtors. You work with the top 3%? Then you should be busy. I work with 6 of the top 10 producing agents in the city and they keep my schedule full.

You don't have to be under $275, I certainly am not and get a lot of my business from realtors. I do 10-12 inspections per week and turn down 5-10 more each week because my lead time is too long. I'm not the cheapest by any means.

Do your job thoroughly, be professional, friendly, outgoing and positive.
Congrats, did you market exclusively to those top producers at the beginning? How did you get them to send you lots of leads?

Thanks,

David
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  #18  
Old 5/22/16, 5:13 PM
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James Eubank James Eubank is offline
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Join Date: Oct 2004
Location: Colorado
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Default Re: How to get rich in the inspection business.

I've been doing inspections for 15 years now. I still enjoy seeing the great variety of construction styles, and helping clients understand what they are buying. Gary is right when he says there are too many variables in pricing - your location, your competition, the overall RE market, your own specialties, even your personality, etc. So it doesn't make much sense to compare yourself to someone else.

And Marcy is even more correct when she alludes to our priorities. Hopefully we have enough sense to realize that making money is not really the goal. The goal is something more personal than that. Yes of course we want to support ourselves or a family. Maybe we want to plan for retirement, or want to support worthy causes. But I suspect that even more than those good things, we want a life that is somehow fulfilling or enjoyable. And money doesn't buy those things. Nick says he would aim for $200K. I say we aim for the important things in life and not so worry much about the money. Let's not be greedy.



Certified Property Inspector
Home - Commercial - International
Love my family. Do the best quality of work I can.
Serve with compassion the orphan children of the Philippines.
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  #19  
Old 5/23/16, 12:07 AM
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Nick Gromicko Nick Gromicko is online now
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Default Re: How to get rich in the inspection business.

The experiment is pretty simple. Every time a consumer looks at the wall of brochures, each brochure suffers one of but three possible fates:
  • The brochure is not chosen by the consumer.
  • The brochure is chosen by the consumer, studied, and put back in its rack.
  • The brochure is chosen by the consumer, studied, and kept.

Now, before you think this is brochure design experiment, I assure you it is not. Brochures are merely representations of actual home inspectors, much like their websites are. But websites are complex. Conversely, brochures are typically only one tri-folded page. This is helpful, as a good experiment has as few variables as possible.

Note that this particular experiment doesn't help us learn how to command higher fees for inspection services or learn how to cause our former clients to refer us to others. But it can help us dramatically improve other steps as outlined in my post #1.

My aim was to try to understand the reasoning behind all three possible outcomes for each inspector. Why would a consumer, right from the beginning, show no interest in a particular home inspector whatsoever? What causes a consumer to show some initial interest in a particular home inspector? What causes a consumer who researches a home inspector to decide to reject that inspector? And what causes a consumer to ultimately choose a particular home inspector?

Now aside from being a REALTOR, I also owned a four-crew (two inspectors per crew) home inspection company at the same time (no, I never sold homes I inspected or inspected homes I sold). So the answers to these questions were very important to me. If I could uncover the answers, I would stand to make a lot of money. Stay tuned... much more to come.

Last edited by gromicko; 5/23/16 at 1:45 PM..
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  #20  
Old 5/23/16, 8:54 AM
Bob Elliott's Avatar
Bob Elliott Bob Elliott is online now
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Location: Chicago
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Default Re: How to get rich in the inspection business.

Quote:
Originally Posted by jjimenez View Post
LOL SHUT UP GARY. No one cares about your pity party.
You two are extreme Polar opposites.
Just shows how the human mind effects the outcome and should be used as example of how important implementation is.

Right now could do a entire psychological study based on the differences of how Juan vs Gary see the world and its effect on outcome.

Nick include that as part of your chat because you can put a race car in front of some but they would still never get to the finish line as they will keep walking past it and never see the keys in the ignition.

They will simply feel good about being great walkers.
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  #21  
Old 5/23/16, 7:20 PM
Juan C. Jimenez Juan C. Jimenez is offline
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Default Re: How to get rich in the inspection business.

Quote:
Originally Posted by belliott View Post

Right now could do a entire psychological study based on the differences of how Juan vs Gary see the world and its effect on outcome.
Good point.



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  #22  
Old 5/23/16, 9:53 PM
Gary Farnsworth, CMI's Avatar
Gary Farnsworth, CMI Gary Farnsworth, CMI is offline
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Location: Olathe, KS
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Default Re: How to get rich in the inspection business.

You can charge $250 with termite on any size home and your phone will ring off the wall. REA's here love these HI's, who write short reports, not alarm the home buyer, and give-a-way lots of freebees to REAs.

Or, you can charge high fees, do a few inspections, serve the top 3% professionally, do fewer inspections, not make as much money monthly, but you will sleep well at night.

Do you want to be a Mike Crow, or a Dan Bowers? Big differences in the fees you charge, and the services you provide..



Certified Master Inspector, Retired
Formerly Serving the Greater Kansas City Metro Area
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  #23  
Old 5/23/16, 10:12 PM
Stephen W. Stanczyk's Avatar
Stephen W. Stanczyk Stephen W. Stanczyk is online now
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Default Re: How to get rich in the inspection business.

Quote:
Originally Posted by gromicko View Post
The experiment is pretty simple. Every time a consumer looks at the wall of brochures, each brochure suffers one of but three possible fates:
  • The brochure is not chosen by the consumer.
  • The brochure is chosen by the consumer, studied, and put back in its rack.
  • The brochure is chosen by the consumer, studied, and kept..
You forgot the 4th and most current option.

The brochures stay in the racks because people buying real estate never step foot in a real estate office anymore....... and the best agents are only there to drop off escrow checks.




Stephen Stanczyk
Washington State Licensed Home Inspector # 221
President, Washington Association of Property Inspectors (WAPI)
(253) 241-0602 calls answered until 10pm


Pierce County -Thurston County - King County - Kitsap County
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  #24  
Old 5/23/16, 11:29 PM
Michael A. Clark, CMI's Avatar
Michael A. Clark, CMI Michael A. Clark, CMI is offline
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Join Date: Apr 2012
Location: Almost Heaven, WV
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Default Re: How to get rich in the inspection business.

Quote:
Originally Posted by sstanczyk View Post
[/LIST] You forgot the 4th and most current option.

The brochures stay in the racks because people buying real estate never step foot in a real estate office anymore....... and the best agents are only there to drop off escrow checks.
'Zactly!! You can't really do much good at leaving cards there either.

You gotta get'em in the RE agents' hands!




Michael A Clark, Certified Master Inspector®
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St Albans, West Virginia

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do what you say you will,
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  #25  
Old 5/24/16, 12:55 AM
Nick Gromicko's Avatar
Nick Gromicko Nick Gromicko is online now
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Default Re: How to get rich in the inspection business.

Quote:
people buying real estate never step foot in a real estate office anymore
Again, this isn't about real estate offices or brochures. It's simply a controlled experiment. An experiment that revealed something much broader and more important: what causes consumers to take interest in an inspector, reject an inspector, or choose to hire one.

Last edited by gromicko; 5/24/16 at 1:10 AM..
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  #26  
Old 5/24/16, 3:59 PM
Nick Gromicko's Avatar
Nick Gromicko Nick Gromicko is online now
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Default Re: How to get rich in the inspection business.

So, after years of observing my little experiment, it became clear that there were certain brochures that almost no one ever touched, and certain brochures that were looked at, but then returned to their holder. These brochures sat for months, even years, before we ran out. There were also brochures that every consumer would choose and take with them.

As a real estate agent, I recalled the Golden Rule: "Location, location, location." So I wondered if it was true for brochure placement. I shuffled the brochure wall so that the most popular brochures were in the bottom corner, below some brochures that had nothing to do with inspections. And I relocated the least popular brochures to the center of the wall. Then, I watched. Consumers continued choosing (and not choosing) the same inspectors they always had. Location made no difference. I needed to find out what was going on and what made consumers behave as they did... and I figured out just how I'd do it. Stay tuned.

Last edited by gromicko; 5/24/16 at 11:21 PM..
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  #27  
Old 5/24/16, 10:06 PM
Jeff Cutter Jeff Cutter is offline
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Location: Central FL
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Default Re: How to get rich in the inspection business.

Excellent thread topic. Outstanding material. Are you willing to do the work to 10X your business?

NICK IN THE HOUSE! Bring it!
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  #28  
Old 5/24/16, 11:43 PM
Nick Gromicko's Avatar
Nick Gromicko Nick Gromicko is online now
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Default Re: How to get rich in the inspection business.

So, there I sat, watching consumers each day. Now, don't get me wrong -- sometimes the popular inspectors weren't chosen and sometimes the unpopular inspectors were chosen. But most of the time, the winners won and the losers lost (seems like a law of the universe). And I wanted my home inspection company to win. I couldn't correctly predict what any particular consumer would do for certain. The best I could do was predict the probability that a consumer would behave a certain way.

Déjà vu is the phenomenon of having the strong sensation that an event or experience currently being experienced has already been experienced in the past, and that's the sensation I had.

Before I was a REALTOR, I was a research analyst for a nuclear physics laboratory--specifically a particle accelerator facility (an atom smasher). I recalled that in quantum mechanics, atoms behave unpredictably. The best one can do is accurately predict the probability that an atom would behave a certain way... just like I became able to predict the probability that a consumer would behave a certain way.

Could I use quantum physics to discover why consumers chose certain inspectors and not others? I was on to something!

Stay tuned.

Last edited by gromicko; 5/25/16 at 1:26 AM..
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  #29  
Old 5/24/16, 11:47 PM
Brian E. Shriver's Avatar
Brian E. Shriver Brian E. Shriver is offline
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Location: Branchport, NY
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Default Re: How to get rich in the inspection business.

At the risk of sounding ungrateful, which I assure you I'm not, we're six days in on this thread and i'm getting impatient. Can we put some meat on this bone?



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Branchport, NY 14418
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  #30  
Old 5/24/16, 11:58 PM
Jeffrey R. Jonas's Avatar
Jeffrey R. Jonas Jeffrey R. Jonas is online now
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Location: Minnesota & Northern Iowa
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Default Re: How to get rich in the inspection business.

Quote:
Originally Posted by bshriver View Post
At the risk of sounding ungrateful, which I assure you I'm not, we're six days in on this thread and i'm getting impatient. Can we put some meat on this bone?
You don't know Nick very well, do you?



Jeffrey R. Jonas
Owatonna, Minnesota



"I am not a teacher, but an awakener."
- Robert Frost, American poet (1874-1963).


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