The home inspection industry is a unique industry. It is service-oriented and people-centric. Home inspection is a great business opportunity for entrepreneurs interested in making a good living, being their own boss and serving their communities. It is an especially good opportunity for those looking for something low risk. Home inspection is a multi-billion-dollar industry and is highly recession-resistant. It’s also an industry with low start-up costs and high profit margin.
Getting started in a home inspection business is seamless and requires no prior experience or industry knowledge, just interest and passion! Read more to learn about the industry’s growth potential, inspector’s earning potential and franchise ownership opportunities.
Home Inspection Growth
Getting a home inspection is an essential part of the homebuying process. Even though it is not required to have an inspection to purchase a home in every state, it is highly recommended by real estate professionals nationwide. Furthermore, home inspection is not a single transaction business, it’s a relational business, and if operated as so, has unlimited growth potential through referrals from agents and clients as well as returning customers.
For instance, when homeowners move to a new house, they’ll need a new home inspection. Then, they’ll need an annual home maintenance inspection and health and safety inspections, which will be discussed further on.
Home inspectors play an important role in their communities, not only by being a part of real estate transactions, helping prospective home buyers make sound investments, but also by providing critical health and safety services.
Health Services
As homeowners, we think about our home as our safe place or our comfort zone. But what many homeowners do not know is their home could be exposing them to harmful chemicals and increase their risk for health issues.
Radon and Radon-in-Water: Radon, a radioactive gas, is colorless, odorless and impossible to detect without proper testing. It can also be found in any home of any age in any area. Home inspectors provide valuable services to homeowners and help protect them from health hazards.
Air and Water Quality: Most home inspectors offer air and water quality testing. These tests are particularly important for homeowners who have their own septic system, live in an area with high air pollutants, have a pre-existing respiratory condition, have young children or infants, or simply want to live with cleaner air and water.
Other Harmful Substances: Home inspectors can also test for lead, asbestos, mold, and traces of meth in homes. Most of the time, these substances are not visible to the naked eye, but over time, can wreak havoc on the health of families.
Safety Services
When homes are fully inspected during a home sale, all major systems and components are assessed. The new homeowner and family moves in, and all is well. But there are some areas of the home that should be inspected on a regular basis to ensure that it remains in good condition year after year. While many homeowners may not know they need these routine inspections, when they are skipped, they pose serious safety concerns.
Seasonal Services: Inspecting the fireplace and chimney, and pool and spa, among others, are examples of routine inspections that should take place at least once a year before use.
Maintenance Services: Certain components of the home including the four main systems (roof, HVAC, plumbing and electrical) and others such as septic tank, well flow, and sewer are important to have inspected every year to ensure everything is up to code and functioning properly. Having these components inspected annually with help the homeowner stay ahead of repairs and gain peace of mind.
Factors driving growth in the home inspection business:
- More Listings – An increase in home listing means there are more opportunities for home seller services such as 3D virtual tours, 2D floor plans and pre-listing inspections. These added services could ultimately help the home sell faster and establish a trusting relationship for the inspector.
- New Construction Homes – With the hot real estate market, many homeowners turned to building a new construction home for its affordability and to avoid competition with other buyers. This trend will continue to drive pre-drywall inspections when the home is being built, full home inspections once the house is ready for move in, and one-year warranty inspections once the owner has lived there for a year.
- People Are Moving – As home prices have soared, people are no longer able to afford where they live. Many people have been moving out of states with higher living expenses, such as California and New York, and have been moving to states that are known for being more affordable such as Florida, Texas, Arizona, Nevada and North Carolina.
Earning Potential
Every home inspector’s earning potential is different based on the area or state in which they live, what services and how many services they offer, and other factors. Across the U.S., the average home inspection cost ranges from $300-$500 and can be affected by the size of the property.
With nearly 7 million homes sold in 2021, if an inspector conducted on average four home inspections a week at the average rate, that’s a gross revenue of more than $80,000, and that’s not even considering the other services that could be offered.
Of course, like with any business, that potential is reached overnight. It takes true passion, hard work, diligence and a heart for service. With the right training, a strong support team and sheer will, anyone can become a successful home inspector.
Why Home Inspection?
The home inspection industry is expected to grow 10% by 2026, according to the Bureau of Labor Statistics, and starting a home inspection business is seamless, requiring no storefront or inventory. In addition, entrepreneurs can operate as a sole business owner, or they can build a team of additional inspectors.
Compared to other franchise opportunities, home inspection is flexible as inspectors can build their own schedule, list of services and manage their training, and it’s here to stay as homes are constantly being sold across the country. Many aspiring business owners can find personal fulfillment, financial freedom and professional growth within the home inspection industry.
WIN Home Inspection is the fastest-growing home inspection franchise, backing their franchise owners with the largest support team in the industry. WIN is uniquely positioned in the industry, offering extensive in-house training programs, unparalleled marketing support, and advanced business coaching that drives success.
We hope you found this blog post on The Future of Home Inspection Industry: What You Need to Know useful. Be sure to check out our post on Should First Time Home Sellers Pay For A Pre-Listing Home Inspection? for more great tips!
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