Is it the independent, self-employed home inspector or someone who works for a multi-inspector firm? Why does the Bureau of Labor and Statistics only say $70,000 when other home inspectors are saying they make six figures every year? How is it possible for someone to make so much money in such a short period of time even when they’ve never worked in the construction trades?
In this article, we’ll talk about the answers to those questions and show you how HI-TEC is the premiere home inspection school in the US to help you get there.
SelF employed vs. employment
This question has come up in just about every class I’ve taught since my first field training and marketing class in 2003. People commonly struggle with choosing to work for someone versus taking the risk to start their own business. We discuss the pros and cons of each in another article, so let’s just focus on the money in this one.
It’s simple. You’ll make more money having your own business. Most firms only pay 30-50% of the inspection fee to an employed inspector. The overhead costs associated with running a home inspection are a lot less than 50-70% of the gross revenue. When I started in the industry, I worked for a multi inspector firm that only paid a 35% commission. I did 500 inspections a year and only made about $50k. After 2 years on my own, I was doing 400 per year with a fee of about $350. My overhead was only about 15%. Do the math.
What’s up With the Statistics?
The Bureau of Labor and Statistics lumps home inspectors AND governmental building inspectors into the same category. That means in the category where they say you’ll only average $70k per year, they’re including:
- Government hourly wage employees making $30-55k per year
- Part time home inspectors self-employed
- Full time home inspectors self-employed
- Part time home inspectors employed by someone else
- Full time home inspectors employed by someone else
So, we have the highest and lowest paid individuals from two entirely different professions together in one category, driving the average income down.
To muddy the waters even further, the Bureau of Labor and Statistics numbers are based on reported income, not gross.
Is it ReaLLY Possible to Make Six Figures?
While a six-figure income doesn’t provide what it used to, it’s still a milestone in anyone’s career to accomplish. It’s a comfortable income allowing for some decent standards of living. And, yes, home inspectors make over $100,000 per year all over the United States. That’s one of the many things that makes our industry so attractive. If one is willing to make the effort, the rewards are plentiful.
Do the math: $100,000 ÷ $400 (per inspection) = 250 inspections.
250 ÷ 50 (work weeks) = 5 inspections per week
5 inspections x 2.5 hours = 12.5 hours per week
Leaving plenty more time in the week to go out and do the marketing to get to 400 or 500 inspections for the year. Put in the effort and you’ll see the results.
HI-TEC thinks like a school AND a business. We have live classes and a fully self-paced curriculum to suit the many needs of our students. We discuss everything about the home inspection career in every class we teach. Like we’ve mentioned so many times, we want to be a part of your success and that means teaching you everything we know about building your business, passing the exam, and starting your career. It’s how we give you the high ground advantage. We’re better because we focus on the core competencies you need to get started. We’ve worked for the biggest schools in the country. We know what students need to be successful, and how to best provide everyone with the knowledge and skills required to make home inspections a lifelong career. We don’t make sales pitches in class, and we teach the marketing in every class so you can get licensed, get marketing, and start recouping your investment right away.
Give us a call at 877.51.HI.TEC and let one of our admissions experts help you get the answers you need!