Determining the pricing for your property inspection services can be quite challenging. You want to stay competitive but at the same time, you have to earn a living. The challenge is further compounded by the fact there is no price that has been accepted as the industry standard. Therefore, it is incumbent upon every inspector to set his or her prices. Here’s a look at what he or she might want to consider when setting pricing.
Your expertise
There is no specific qualification for home and property inspection. Many inspectors have had another occupation before settling into inspecting. Your expertise in the previous job should support your inspection and that affects what you charge for your services.
If you were a structural technician, for example, you should mention to potential clients that you understand the structural aspect of a building very well. As a result, you can charge more than a regular inspector can if a client is specifically concerned about the structural integrity. The same applies for expertise in other fields like chemistry, pest control, and firefighting, to name a few.
Size of property
The square footage of an area is an important determiner of the pricing too. Price should be in direct proportion to the square footage. However, there are instances where you will not be able to charge by square footage because of other factors, like the depth of the report and others.
Scope of inspection and consequent report
To avoid ambiguity, experts recommend that an inspector create a checklist with all the things he or she covers during an inspection. This should not be hard to do, especially now that we have property inspection software and apps, which come pre-loaded with templates with an extensive inspection checklist. When you have this covered, you can proceed to set prices for every included item. The more difficult tasks like inspecting roofs and chimneys should be priced higher than the easier tasks.
Duration of inspection contract
If a client wants to hire you for a long time to inspect a number of properties, you will want to adjust pricing to avoid losing that business. This should be a tactical move you rarely pull. Financial and marketing experts say that competing by cutting prices is one of the poorest practices a business person can engage in. Think of the slight reduction as a discount, or an investment for future business to come your way from that client or others recommended by him or her.
Insurance
If your client has General Insurance covering inspectors at his or her premises, you will want to take that into account. While this should not affect your pricing to a large extent, it is recommended that you at least extend him or her discount since he or she has taken measures to have your safety covered.
Other factors can influence how much you charge per inspection, for example, additional facilities to be inspected like swimming pools and detached garages. The important thing is that you find a balance between work done and remuneration without jeopardizing chances for being hired in the future.
