If the area where you work has depressed neighborhoods and vacant homes, you could find another opportunity to grow your business. Property inspections that protect the bank’s interest can be a lucrative side gig, especially when your usual home inspection work is a bit slow.
Home inspections and property inspections are different. Where a home inspection usually takes at least a couple of hours and costs a few hundred dollars for the customer, property inspections are quick and the pay is low. But a certified home inspector could handle a few of them in a day and do a better job.
If that piques your interest, here’s what you need to know.
Capitalize on the Pressing Need for Honest, Reliable Property Inspectors
Although the housing market is still improving, every town has areas where depressed properties linger on the market. A vacant home is a classic invitation for vandals, squatters, but a property inspector can help keep those problems in check.
Unfortunately, the Federal Housing Finance Agency (FHFA) says the property inspection process “needs improvement.” That’s according to an FHFA report on pre-foreclosure property inspections.
One problem with the current system is a lack of trained property inspectors. Another is that some inspectors either misrepresent the property condition or falsify reports and doctor property photographs without visiting the house in person.
Communicate with Lenders, Your Attorney General and Real Estate Agents
Property inspections differ from home inspections on several points. Where a home inspection customer is usually a buyer or homeowners, a property inspection customer is typically a lender or another interested party. A home inspection happens just before a sale or at any time when a homeowner wants a checkup, but property inspections happen when a home is moving toward foreclosure or it’s already there.
Lenders, real estate agents and your Attorney General all have an interest in the condition of vacant properties and the performance of property inspectors. They’re a good place to start when sourcing property inspection work. So are national and local property inspection firms.
The job might include these and other points, depending on who hires you to perform the work:
- Is the house vacant?
- What’s the general condition of the house?
- Does it need repairs?
- Is the property maintained (such as cutting the grass and removing rubbish)?
- Has the property condition changed since the last property inspection?
FHFA says some property inspectors may also find work in maintenance. Abandoned and otherwise vacant homes need winterization, lawn care, and other maintenance work.
Certified home inspectors bring knowledge and a code of ethics to an unregulated industry.
Perform a Better Service and Make a Name for Yourself
According to FHFA, the “industry is largely unregulated.” There are no federal laws for property inspections and most states don’t regulate them, either. That leaves the industry ripe for charlatans who see the work as a way to make a quick buck as well as unqualified inspectors with good intentions.
As a certified home inspector, you could bring experience and ethics to a niche industry that needs both. But prepare yourself; the pay isn’t what you’re accustomed to.
Huffington Post says a typical property inspection pays about $20, which is significantly less than a general home inspection. But the scope of work is much smaller, as well.
In areas with an abundance of vacant homes and homes headed into foreclosure, you could perform several inspections in a day. In depressed areas, you might have many such homes in the same neighborhood. And over time, your customers will come to know you as a reliable, trustworthy contractor who protects their interest.
When home inspection work is slow, or even when it’s not, property inspections can serve as another way to branch out, do something good for the community and build a name for yourself. The industry needs more qualified people like you.
Another way to provide a better service, no matter who your customer happens to be, is a reliable, professional home inspection reporting app. Report Form Pro is straightforward, it looks great and you can start using it today. Download the home inspection app for Android or find us at the Apple App Store.