Many home inspectors are having to turn away business and even those who never wanted to be a multi-inspector firm are reconsidering their position because of the demand for inspections right now.
Ken Compton here from The Savvy Inspector and I wanted to congratulate you if you have a packed schedule now but I also want to make sure that you are an effective “Marketer of Home Inspection Services” because there are a couple of external factors that may hamper the real estate market in your area as we move forward.
The next housing crisis is here… and this time the crisis is primarily about one thing: lack of inventory!
There is an ongoing inventory shortage across America. Some markets are desperately short of homes for sale while others aren’t quite so troubled. We have talked to inspectors in some of the most troubled markets that were off 90% in sales because of the inventory shortage!
Now if you live in one of the top 10 markets feeling the worst housing crunch you understand exactly what I’m talking about. Here are ten of the cities with the worst housing shortages right now. Seattle, WA; Eugene, OR; Grand Rapids, MI; Buffalo, NY; Fort Wayne, IN; Sacramento, CA; Detroit, MI; Portland, OR; Santa Rosa, CA; and Omaha, NA.
If the inventory shortages continue to plague your market a number of home inspection companies will go out of business as the crisis worsens and we don’t want you to be one of them.
To combat this we have taught our clients to conduct a SWOT Analysis on their firm.
A SWOT Analysis is a study undertaken by your firm to identify your internal strengths and weaknesses, as well as your external opportunities and threats.
By doing a SWOT Analysis you can develop a “Plan B” for your firm in case the inventory shortage worsens in your market.
Check out this video we did for our clients about how to do a SWOT analysis on their business. The video is Free and very helpful so check it out today so you can start taking advantage of the information generated. https://www.thesavvyinspector.com/swot-analysis/
Next we are going to discuss the second external threat that home inspector face. but for today, check the SWOT video.
Next Blog Post: External Threat #2 To Your Home Inspection Business