As the real estate market cools down due to rising interest rates, home inspectors must take advantage of every opportunity to keep their business profitable.
One of the best ways to keep your business healthy during a cooling home inspection market is by tapping into your business data – and there are many ways to get it.
As a home inspector, you can identify opportunities for growth and any inefficiencies in your business by farming data already at your fingertips. Leveraging available data will help you to keep your business thriving during difficult times and help you identify areas for improvement.
Here are a couple of critical data points that you could leverage to gain insights into your business performance:
Analyze financial reports
With ISN, you can obtain a closer look at how your business is performing by leveraging our quarterly/annual financial reports feature. It provides a detailed analysis of how well your business is performing over the near and long term.
ISN’s financial reports features contain a great deal of information that might not be immediately obvious. Identifying revenue patterns and profitability gaps as well as your cost structure can help you cut down on unnecessary expenses.
With ISN, you can even drill down to create gross dollar-by-day/week reports and see your average inspection fees. Then, you can compare that to what other inspectors typically charge to see if you’re above or below the market.
Check reports by inspection type
ISN also allows you to analyze your home inspection reports by inspection type, so you can easily see what inspections drive the most revenue for your business. ISN is an excellent tool for getting this information with a couple of clicks.
Additionally, home inspection reports by date can give inspectors insight as to when their busy season occurs so they can better plan for slower times.
Real estate agents are the lifeblood of any home inspection business because they often provide the bulk of an inspector’s leads. In addition to helping maintain good relationships with real estate agents, ISN’s agent reports feature can help you generate new business in the changing market conditions.
Inspectors should know which agents are sending them the most business so they can maintain good relationships with them and keep the leads flowing.
Likewise, home inspectors should know which agents aren’t sending much business their way so they can try and figure out why it is not happening and address the situation.
Another great way to get new leads is by maintaining relationships with customers who could also give you additional referrals. ISN makes it easy to do this via its Real Estate Professional Dashboard. This is an intuitive, easy way for agents to schedule and review inspections on their computer or mobile device.
Investing in marketing is critical for acquiring new customers and maintaining long-term relationships with existing customers.
Marketing reports are invaluable when it comes to analyzing your marketing strategies are helping to generate more revenue. Email communication is critical for home inspectors for establishing and maintaining relationships with clients and potential clients.
By running marketing reports, you can quickly and easily gain insight as to how your emails are performing. Are they being sent? Are they being delivered? Are they being read? Are they driving new business? All of these items are crucial to understanding whether your communications are effective, and the data is right there for the taking.
Sign-up for a 30-day trial with ISN
Keeping leads coming in when fewer people buy and sell homes is not easy. Generating leads during the downtime takes a lot of work, grit, and perseverance.
Luckily, you don’t have to do it by yourself. Inspection Support Network (ISN) software helps home inspectors run their businesses more efficiently, saving them time and money while helping boost profitability and earnings potential.
Sign up for a 30-day FREE trial with ISN here.