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New Business Trends  Property Investment
Taking a look at property inspection with HomeSafe Inspection
Property inspection is a relatively new and fast-growing service in South Africa, but is widely practiced internationally. In essence, their purpose is to ensure that prospective buyers are making an informed decision and not buying in to a host of hidden problems and costs.
We spoke to local property inspection franchisor Kevin Harris, of Home Safe Inspection, about the current state of the market.
Kevin, what is a Property Inspector?
An inspector provides a service, which essentially gives a “visual snapshot” of a home’s condition, as it exists at the time of the inspection, and that condition is described in a comprehensive written report. Inspectors are generalists and network with specialists like structural engineers, electricians, roof specialists etc.
Who, in your opinion, needs a HomeSafe home inspection?
Anyone looking to buy or sell a home will want to take advantage of an advanced home inspection in order to have the most accurate information about the house itself, to save future costs in repairs or litigation and to expedite the sale. Realtors, insurers, banks and anyone else involved in a home’s sale also will benefit from a HomeSafe home inspection.
What areas does a HomeSafe inspection cover?
You name it - we cover it - thanks to our high-powered technology. We begin with a thorough infrared scan for concealed structural flaws, water damage, leaks in pipes, faulty wiring, heat and energy loss, roof and ceiling problems, duct work problems and termites or other pests. Once “suspicious” areas are identified by the infrared scan, we follow up with an in-depth visual inspection of the home, paying special attention to the “suspicious” areas in order to determine the specific nature and cause of the problem. Finally, if the infrared scan detects signs of moisture pointing to termite activity, we employ high-tech sensors (patent pending), which can detect termite noises and pinpoint their exact location for treatment.
Why would you advise local entrepreneurs to buy into the home inspection industry?
Money Magazine has rated the home inspection industry as one of the “Top 10 Highest-Income Home Businesses” and among “America’s Hottest 50 Jobs.” Entrepreneur Magazine calls it the “fastest-growing segment of the housing industry.” About 90 percent of all homes sold in the U.S. will involve an inspection by the end of the decade, Entrepreneur reports.
The SA market is yet in its infancy, but awareness is fast growing to include an inspection in the property transaction. The local property market is embarking on a major revamp of the way property is traded, along with USA trends and other first world countries. This is a perfect platform to develop your area demand with a HomeSafe Inspection franchise.
Why is a property inspection franchise a good franchise to get involved in?
The potential demand created by a residential property industry that is deemed to be worth R13 billion per month is massive. To get in at this level and help shape a new industry is both exciting and a lucrative prospect for an investor with vision.
In your experience, how has the demand for inspections increased?
The SA market although in its infancy is being fueled by a total revision of the way property is traded. The EAAB and legislature are revising estate agents training and disclosure and greater liability by agents and sellers will become the order of this new property revolution between now and 2010. The demand although currently muted at below 10% of properties traded is set to grow to levels above 50% and currently 90% of all homes in the USA are inspected prior to selling or buying.
What do you suggest investors look for in an inspection franchise?
The initial investment should not be too high, as demand needs to be created in their territory by way of networking with the existing property players. A franchisor that can provide long term support in establishing brand equity and assist franchisees to market the service nationally and in their market.
What sort of things should one look for when evaluating a home?
Our specially trained inspectors put advanced technology to work for you when you really need it – before you make the purchase – in order to spot areas of concern or potential concerns that may cost you a lot of money weeks, months or years down the line. A seller also gains by pre-inspecting as the inspections provide a transparent and useful marketing advantage. The entire home is reported on in a 26 page technical overview.
Kevin, tell us a little bit more about the technology HomeSafe Inspection uses when inspecting a home.
Our technology combines thermal imaging (infrared) and acoustic (listening) sensors that can actually see and hear through a building’s cavity walls, ceiling and floors. Using this technology, a HomeSafe home inspector can spot problems or potential problems that likely would go undetected in an ordinary visual inspection.
What Training is available to people wanting to become a property inspector?
HomeSafe provides all licensees with 7 days of training comprising of modular basic visual inspection techniques and reference manuals. Plus HomeSafe provides the final 2 days of advanced thermal imaging and technology use training, as well as marketing techniques for the franchisees. INTEC distance learning provides an 18-month ongoing training course to SA home inspectors via correspondence.
This being a very hands on industry, would you say that a lot learnt on the job?
Practical inspection techniques are taught during our 7-day training, but Home inspectors do improve with each inspection. HomeSafe’s proprietary software also serves as a guide to inspectors in the field by way of pre-determined scenarios provided on drop down menus as the inspection is conducted. In established markets like the USA an inspector with a certain number of inspections successfully completed is termed a master inspector.
Form more information on Home Safe Inspection contact:
Kevin Harris www.homesafeinspection.com
new business trends  property investment |
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section specialist
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Jason Lee
Jason Lee has a BA LLB degree from the University of Cape Town and is an admitted attorney of the High Court of South Africa. He is the co-founder and a director of TCB Properties, a dynamic property investment and development company offering a range of property services. Since the publication of his bestselling book Making Money out of Property in South Africa , Jason has been featured in a number of magazine and newspaper articles and has appeared on radio and TV. He is also a regular guest speaker at property-related functions. You can visit his website at www.jasonlee.co.za. |
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