How To Increase Your Average Home Ticket Price in a Tight Home Inspection Market
As interest rate hikes by the U.S. Federal Reserve fuel a rise in mortgage rates, the real estate market has begun to cool, having a downward impact on the demand for home inspection services.
Given the cooling effect, it’s more important than ever for multi-inspector firms to manage their team as efficiently as possible. Doing so will help home inspectors maximize their earnings, save on costs, and manage their business more efficiently.
In this article, we will take a look at some of the tactics that you can use to provide more value to your customers and thus, increase your ticket prices:
Offer services that go beyond a basic home inspection
ISN offers a wide range of services that can help you maximize your earnings potential. One of them is the Repair Estimate Report (RER) which uses the details from your inspection to create cost estimates that agents and clients can use during their negotiation process.
How the RER process works:
- After completing an inspection, agents or homebuyers purchase the RER from you.
- From there, Porch will deliver an itemized list of estimates based on your inspection report for the buyer and agent to review.
- Agents can then generate a repair request addendum with the estimates, saving work hours through a powerful web interface.
- The finished request supplement can be downloaded or shared as a link to anyone who needs access it.
RER new features
Previously, home inspectors could send the RER to either the client or the agent. Now, they can send the RER to clients and agents simultaneously. This new feature reduces home inspectors’ work and allows them to communicate with both stakeholders more efficiently.
By providing your agent or client with a Repair Estimate Report, you will make the post-inspection portion of the home buying process much simpler while earning additional revenue.
How to sell RER reports to your clients
When you add an RER to a client order, ISN will charge $40. We will also add an $80 RER fee to the purchaser order invoice–leaving you with a $40 profit! This fee is customizable, so it’s up to you how much you charge for the RER’s.
How to sell RER report to your agents
Marketing RER reports to real estate agents is a great way to boost your revenue since RER can help them to utilize your inspection report better and negotiate more efficiently.
Offer ancillary services
Some examples of additional services include radon inspections, sewer scopes, thermal imaging, mold inspections, and fireplace inspections.
ISN has recently updated its app, allowing home inspectors more flexible scheduling of additional services.
Offer payment processing services
Payment processing services like Pay-At-Close from Guardian Inspection Payments allow inspectors to increase their ticket prices by an average of 20 percent. Pay-At-Close is a risk-free, hassle-free way to give your clients an option to pay for their inspection at closing.
Here’s how it works: Guardian funds the inspector for the inspection upfront and takes responsibility for collecting the buyer’s payment at closing (even if the sale doesn’t close.) Since the inspection is being presented to the homebuyer as a pay-later option, inspectors have the potential to increase revenue by selling additional services.
Why increasing your average ticket prices is important:
Increasing your ticket prices is important in the current real estate market, which has cooled due to rising mortgage rates. ISN makes it easy for you to add ancillary inspection services so you can maximize profits and grow efficiently in a changing marketplace.
Sign up for ISN 30-day FREE trial today to test our services.