The success you seek in your career path is dependent on not only the hard work you do, but also the amount of knowledge you have about processes and factors associated with your industry. This is especially true when it comes to the demanding but rewarding field of property inspection. As a professional in the industry, it’s up to you to remain cognizant of terminology that most impacts your progress. Staying current on specific concepts can make or break your chances of moving ahead in your vocation and your ability to distinguish yourself from competitors. Check out some of the principle words and phrases that should be in your vocabulary.
Housing Market
The state of your field is often shaped by the nation’s housing market. This is because its positive or negative reports may reflect the number of clients you receive or what types of customers may be drawn to your business. For instance, if there’s a rapid decline in home sales versus rental properties in your locale, chances are you won’t be contacted by an overwhelming number of prospective buyers at that time. This doesn’t mean that you can rule out all homebuyers, as mortgages are usually still being obtained despite what impacts the market. It just implies there could less of what’s considered normal.
E&O Insurance
Every property inspector that wants to protect his or her small business needs to be kept in the loop on E&O insurance. Also referred to as Errors & Omissions Insurance or malpractice insurance, this prevents companies and professionals in this field from being penalized for claims against them regarding negligent acts, clients’ financial losses, or alleged mistakes made by service providers. The majority of coverage packages accounts for settlements and defense costs that can force a small company into bankruptcy if not applied. It’s essential to remember you’re taking a huge financial risk if you don’t obtain E&O insurance which is not to be confused with general liability insurance.
Mobile Software
Mobile property inspection apps are the latest technological development in the industry. These impressive commodities simplify business processes for professionals since it leaves less room for error on client-ready reports and enables surveyors to provide on-the-spot feedback. It’s also not as time-consuming as previous documents that had to be written out and includes number of features that revolutionized the way inspectors conduct home evaluations, such as auto-text, video capabilities, digital checklists, electronic file importing and scheduling, and compatibility with a wide range of mobile devices.
Real Estate Appraisal
It’s common for those who don’t have professional roles in the housing industry to assume that property appraisals are synonymous with inspections. This is why it’s vital that you have the ability to tell these kinds of individuals the difference in a straightforward way. Unlike property inspections, appraisals are processes that are performed to determine the overall value of a home to protect the interests of mortgage lenders. Inspectors need to be able to communicate their role is solely to point out the structural and aesthetic condition of a residence for buyers’ or sellers’ knowledge.
