The Reality of Home Inspections
You control your own destiny. Well, the truth is you can create whatever you want with this great profession. Some inspectors are happy working in a larger company, while others want to own that large firm. Many are thrilled to build a successful single inspector shop where they only have themselves to answer to. In any instance you need to know what the price of a home inspection is in your market. Yes, there will be a big variance from one company to the next, but look at inspectors who are established and professional.
Now consider how much you really want to work. Depending upon the size of the house, you can reasonably perform two to three inspections per day. More than likely two to be sure you spend the proper amount of time on each job. Larger and older houses take longer, but your typical slab house around 1800 square feet will run about 2.5 - 3.5 hours to inspect and you must consider time spent on the report.
If you can collect $300 or more per inspection and can capture 10 inspections per week, your monthly gross income will be around $12,000 and annual income over $140,000. Not bad for working on your own. But it will take some time to get to those numbers and you will have your share of expenses to pay to get there. Deducting your expenses for insurance, advertising, auto, tools, education and more will lower your net income.
|Liability Insurance||Protecting yourself and your clients is the only professional way to run your business. Errors & Omissions insurance is a must and will protect you incase you make a mistake or overlook something. Your annual costs for insurance will range from $2,500 to $4,000.|
|Marketing||You won't make much money if no one knows you are in business, so be sure to budget plenty of time and money to building your clientele. In the beginning expect 15 - 20% of your gross to go into marketing.|
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