As you may have guessed, the real estate market affects the home inspection industry, and it’s been good news for both fields as recent economic information shows an uptick in the housing market. July had the highest rates for new-home construction in the past eight years. Furthermore, interest rates remain low, and the job market continues to improve, according to the Cape Cod Times. In addition,
- Home builders are feeling more confident, as new-single family homes rose to the highest levels since November 2005.
- Single-family gains have pushed housing starts to a seasonally adjusted annual rate of 782,000 units. The new-home market appears to be inching forward at a slow but steady rate so far this year, and the outlook remains positive through 2017.
- Existing home sales are also on an upward trend and are higher than they have been since February 2007. Sales rose in June at a seasonally adjusted rate to 5.59 million.
- Commercial real estate showed a 30 percent increase in the second quarter this year.
While lower interest rates have many home owners refinancing through different types of programs, the inspection field has blossomed. The aspiring real estate market statistics represent a time of enormous growth potential and prosperity for home inspectors.
Now is the time to prepare for upward trends in home construction and sales. Home inspectors should stay motivated and continue to work diligently as the market continues to rebound. Obtaining specialty certifications for mold inspections and testing, wood-destroying organism (WDO) testing, thermal imaging, and four-point inspections are among several add-on services that can lead to increased revenue for home inspectors.
This is also a great time to market your property inspection business and take advantage of any networking opportunities that may arise. Connect with Realtors and bank and mortgage companies that may use your services. Deliver yourself in a professional manner and keep in touch with them — you want them to remember you by name. Make a positive and lasting impression so that when they need to refer a property inspector to their clients, they know you are the inspector for the job. After that, deliver service to your clients, and your will continue to receive referrals.
Are you interested in starting your own home and commercial property inspection business? National Property Inspections in the United States and Global Property Inspections in Canada have franchise opportunities in your area. For more information, visit our website and complete the Next Step form.