Owning a Home Inspection Franchise
As millennials surpass baby boomers as the largest generation of home buyers, demand for home inspectors is growing. Discover some pros and cons of owning a home inspection franchise and alternatives that cater to new homeowners.
Despite high home prices, people continue to turn to home ownership. At least 82% of home buyers believe buying a home is a “solid financial investment,” according to the National Association of Realtors. Millennials make up 38% of home buyers and Gen Z is already starting to shop for homes. Strong home sales make this a fertile market for businesses that support new homeowners, such as home inspectors and general home services — home renovations, lawn care, cleaning, and painting are all performing well. The average household spent nearly $14,000 on home improvement, maintenance, and emergency repairs in 2023.
What is a Home Inspector?
A home inspector is a professional trained to assess the condition of a residential property. They perform detailed inspections to identify potential issues or safety concerns within a home. Their job is to provide an objective analysis that helps buyers, sellers, or homeowners make decisions about a property. Hiring a qualified home inspector is a critical step in making informed real estate decisions.
Home inspection services are an important component of most existing home sales. Approximately 4.1 million existing homes sold in 2023. And 67% of home buyers made passing a home inspection part of the agreement when purchasing a home, Zillow reports.
Pros and Cons of a Home Inspection Franchise
A house inspection franchise requires low start-up costs and you can trim overhead costs more by working from a home office. You can also start small as an owner-operator and grow the business as you build your reputation in the community.
While the home inspection industry is performing well, owning this type of business does have some drawbacks:
- Hefty licensing and certification requirements: Home inspectors need to undergo rigorous training and adhere to professional standards to ensure they have the required skills.
- Physically demanding: As a home inspector, you’ll have to cope with the physical demands of the job, such as crawling into tight spaces, climbing ladders, etc..
- Seasonality: A home inspection business is seasonal, as many homeowners opt to relocate during the summer.
- Referral-based business: Connections in the home inspection business often come from real estate referrals, making it essential to maintain strong relationships while balancing professional objectivity.
A Better Home Services Option
If you want to join the booming home services industry but prefer a management-led endeavor, The Tailored Closet may be a better choice. The Tailored Closet takes closet organization to the next level by creating stylish, custom storage and organization solutions for any room in the home. The Tailored Closet enables you to open a franchise with no experience in home services. We have the operational playbook, tools, and training you need to launch a business in this industry.
Here are some of the advantages of partnering with The Tailored Closet:
- Minimal inventory and no franchisee manufacturing
- Scalable business model with quick ramp-up
- Residential and commercial client opportunities
- Sliding scale royalty fees
- National lead generation programs and dedicated local area marketing manager to keep you abreast of the rapidly moving digital advertising landscape
- Proprietary technology, including 3D design software
Franchise with The Tailored Closet
Inquire now to learn more about the home organization industry and how The Tailored Closet can help you reshape your future as an entrepreneur.