| By R.L. Fielding | | | | of the system. It also involves paying for an existing |
| As the housing market continues to cool, | | | | business model - one that includes approved |
| opportunities in related businesses, such as the home | | | | marketing materials, the latest software systems, |
| inspection industry, often thrive. Despite a slower | | | | insurance and other operational systems. Owning a |
| than average market, the National Association of | | | | business franchise is an attractive option when |
| Realtors, estimates that 5.7 million resale homes will | | | | considering the time and money it would take to |
| be sold and almost 852,000 new homes will be sold | | | | organize all these elements on your own. |
| this year - and many of them will need inspections. | | | | Successful franchise owners generally have a strong |
| An inspection is one of the most important steps in | | | | background in marketing, management, remodeling or |
| the home buying process, especially in today's | | | | home rehabilitation and utilize those skills to grow |
| market. At a time when price negotiations have | | | | their local franchise and potentially expand into a |
| become more vigorous, a home inspection can give | | | | multi-unit operator. |
| buyers, or sellers, an edge in the negotiation process. | | | | The best candidate for a franchise is someone who |
| A professional home inspection can help buyers avoid | | | | is interested in reaping the benefits of hard work, but |
| buying someone else's problems, and for sellers the | | | | values the added coaching and accountability of a |
| home inspection can help them eliminate potential | | | | franchise system. While a franchise owner controls |
| defects that could turn off a prospective buyer. | | | | the day-to-day operation of a business, he or she is |
| As the home inspection business continues to remain | | | | also required to follow the franchisor's ways of |
| steady and profitable, there has never been a better | | | | operating. These might include designated hours of |
| time to buy a franchise in the field. Buying a franchise | | | | operation, the use of specific equipment or materials |
| is a wise investment, but only if the buyer | | | | to operate the franchise, or franchisor-approved |
| understands the ins-and-outs of the relationship | | | | marketing and/or sales materials. |
| between the franchisor and franchise owner. | | | | If you think you might be interested in starting a |
| Franchises generally have successful track records | | | | home inspection franchise, it's a good idea to consider |
| compared to non-franchise start ups; however, it | | | | the following: |
| takes time and money in order to turn a profit. Like | | | | 1) Get Educated - Find out what kind of training is |
| any small business, undercapitalization is usually the | | | | offered by the franchisor. Training is the cornerstone |
| number one cause of failure. It could, in fact, take a | | | | for success, so it's important to make sure the |
| significant amount of time before a franchisee | | | | training provided by your franchisor is top notch. |
| realizes a return on his investment. However, once | | | | 2) Get Input - As part of your due diligence, you will |
| your franchise takes off, the benefits are well worth | | | | want to speak to as many current and former |
| the investment in time and money. | | | | franchisees of the system as possible. As part of the |
| The Benefits of Owning Your Own Inspection | | | | disclosure process, the franchisor is required to give |
| Business | | | | you these contact names - use them! |
| Although the housing market has cooled in some | | | | 3) Assess Your Strengths - or weaknesses. Buying a |
| areas of the country, the percentage of transactions | | | | franchise does not automatically guarantee clients. |
| where a home inspection is used has been growing. | | | | Calling on RealtorsÂ(R) in your area and bank |
| Opening a home inspection franchise offers | | | | managers dealing in home loans will be a big part of |
| tremendous business potential for entrepreneurs and | | | | your marketing strategy. If you can't see yourself |
| for home inspectors looking to grow their business | | | | putting on a professional presentation or making a |
| with the help of a national company. Just a few of | | | | sales call, a home inspection franchise is probably not |
| the benefits of being part of a home inspection | | | | right for you. |
| franchise system include: | | | | 4) Talk to Your Family - Family support is a critical |
| • There is no building, real estate | | | | factor in making the dream a reality. If your spouse |
| investment or inventory to carry. | | | | is against the plan, it will be difficult to navigate the |
| • There is no construction | | | | highs and lows of a new business alone or with the |
| experience necessary as you can hire qualified | | | | added tension at home. |
| inspectors to work for you. | | | | Deciding to invest a significant amount of your time |
| • You gain access to training | | | | and money into buying a home inspection business |
| resources and marketing support from your | | | | franchise is, of course, a risk. The first step should be |
| franchisor. | | | | taking the time to learn all you can about how to |
| What It Takes to Get Started as a Home Inspection | | | | launch and operate a successful business. The rest |
| Franchise Owner | | | | should fall into place with a little perseverance, steady |
| Becoming a successful franchise owner involves time, | | | | clients and a real passion for the business. |
| energy, commitment, and a willingness to be a part | | | | |