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  #1  
Old 3/13/19, 12:40 PM
Bryan Gifford, TREC #23391 Bryan Gifford, TREC #23391 is offline
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Join Date: Sep 2018
Location: Waco, TX
Posts: 31
Default Inspection Pricing Details

Hey guys!


I'm rounding up the last bit of details prior to starting my inspection company (have to work on website and some other marketing avenues).


I have a question for all of you who have been in business for awhile. What fees do you charge for a base residential inspection, and how do you determine pricing for additional sq ft and add on services? I feel like pricing varies greatly and I'm not sure what to charge (I don't want to undersell myself but I also don't want to go too cheap and scare away potential clients).


Any tips or info would be greatly appreciated. Thanks everyone!
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  #2  
Old 3/13/19, 7:13 PM
Jeffrey R. Jonas's Avatar
Jeffrey R. Jonas Jeffrey R. Jonas is online now
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Join Date: Feb 2007
Location: Minnesota & Northern Iowa
Posts: 31,209
Default Re: Inspection Pricing Details

You need to first tell us your total $$$ of doing business. That number needs to include EVERYTHING that costs you any money throughout the year, such as Business Insurance, Vehicle Insurance, Health Insurance, Licenses, Association Membership Fees, etc... etc... etc... Hopefully you have a Business Plan written out for reference.
That number plus your preferred profit margin will give you your base inspection fee that you MUST charge to survive!!



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  #3  
Old 3/13/19, 8:41 PM
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Chuck Evans Chuck Evans is online now
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Join Date: Sep 2006
Location: Stagecoach, TX
Posts: 10,901
Default Re: Inspection Pricing Details

Quote:
Originally Posted by bgifford View Post
Hey guys!


I'm rounding up the last bit of details prior to starting my inspection company (have to work on website and some other marketing avenues).


I have a question for all of you who have been in business for awhile. What fees do you charge for a base residential inspection, and how do you determine pricing for additional sq ft and add on services? I feel like pricing varies greatly and I'm not sure what to charge (I don't want to undersell myself but I also don't want to go too cheap and scare away potential clients).


Any tips or info would be greatly appreciated. Thanks everyone!
If you're not scaring away some prospects, you're underpriced. Your personal pricing depends largely on your cost of doing business and your ability to convince others of your value. Your value will be very much predicated on the quality of your work. That probably puts you somewhere between $179 and $600 for a basic TREC inspection on a new smaller home, with no add-ons.

How much revenue do you need from each inspection to cover your fixed and variable costs and make your target profit? How much are you worth?



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  #4  
Old 3/24/19, 10:32 PM
John Cahill, TREC 855 John Cahill, TREC 855 is online now
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Join Date: Dec 2004
Location: Plano, TX
Posts: 1,115
Default Re: Inspection Pricing Details

The cost of doing business plus profit factored into your business plan. As you said, "cost of inspection varies widely". Specific discussion of pricing is probably against the law. Current proposed TREC law changes are empowering them to investigate anti-trust allegations. I am confident they are aiming for bigger game than home inspectors but still not a good idea to discuss pricing on a forum. I'll end with what an old foundation repair guy told me 30 years ago. I asked, "how do you determine price"? He said, with a grin, whatever I can get out of them". The business plan model sounds better but I am sure the majority of inspectors use that old-timer's model.
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