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Surviving when it is slow

By
Home Inspector with Trace Inspections, LLC TN #17

Surviving when it is slow

I have been self employed since 1992 and I have learned to survive when the phone stops ringing.  Now surviving does not always mean the same life style, some things might need to go on that back burner and you might need to eat a few more home cooked meals.  When my children were growing up they use to call it the Beans and Rice season!  When I was single I called it the mustard sandwich diet!

Over the past five or so years we have had a multitude of folks entering into the home inspection profession and the real estate profession, most entered into what they perceived as an easy work at home job.  They did little research and in many instances they were blinded by what they perceived as a "cash cow" business.  To some degree it is true, that is when homes are selling left and right and overnight.  Well, those times are behind us for now in many parts of the country.  Homes are back on the 45 to 90 day sale times, and the credit to buy a home has become increasing more difficult to get.  So we now have what many have coined the Slow Down.  Yes, and in some areas in has come to a screeching halt!

I say all this to point out that many of our fellow home inspectors and real estate agents have not had to worry about the phone ringing, times were good and business was easy.  In other words it was an Easy Ride!

If you find that your phone is not ringing, it might be time to look for that part time job at the mall or the big box store.  Working a part time job can make a huge difference in what you eat and what bills are paid.  You should never be too proud to work when the time get tough.  For those of us who have been around for awhile we know and understand about the slow times of year.  We have learned to adjust and to save for them as you can count on them just like the sunrise.  Just a few years ago I worked the sales floor in a sporting goods store, come to think of it I might do it again in the winter months!

Kenneth Miller
Jordan Hill Home Services, LLC - Berkley, MI
Great post, Scott. 
Oct 09, 2007 01:55 AM
Bob Elliott
Elliott Home Inspection - Chicago, IL
Chicago Property Inspection

You are so right ,as August was so dead that I took a few days a week to work at comcast part time.

Of course business picked up soon as I did,but thats how those things seem to work out.

Oct 09, 2007 02:55 AM
Jeffrey Campbell
Campbell Property Inspections - Gardiner, ME
Maine's Home Inspector!

for some home inspectors out there... try this as well...

 

there are a lot of foreclosures... sadly enough and as many banks that need "someone" to check them out... this can include... walk through inspection, simple drive by photos, trashouts, grass cuts, re-keys, winterizations etc... this can really get you though some tough times... i just landed a 1000.00+ job for a home that was abandoned/forclosed... sub out the nasty... do the rest myself...

look beyond the normal inspection work for other things that can still get your mobile billboard out and about... 

Oct 09, 2007 06:05 AM
Donald Sutherland
Marathon Constructors Inspection Services - Seward, AK
Inspector-Seward, Alaska

Scott,

Energy audits is a very timely things to do item, especially with the ever increasing cost of fuel.

Alaska Don

Oct 09, 2007 07:35 AM
Erby Crofutt
B4 U Close Home Inspections&Radon Testing (www.b4uclose.com) - Lexington, KY
The Central Kentucky Home Inspector, Lexington KY

I well remember working those part-time jobs full time during the winter months a few years ago.

Put's food on the table.

I have a feeling a LOT of people will be looking for that part-time job or a full time switch this winter.

 

Oct 15, 2007 09:31 AM
Bob Elliott
Elliott Home Inspection - Chicago, IL
Chicago Property Inspection

Erby the good thing is that even when slow we all have skills and knowledge from this business that will always be with us.

The bad thing about the part time is that it takes my mind off what I love.

Oct 15, 2007 02:32 PM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Scott

A very fine post and some very good comments.

I got in to this business because it was not a easy one to do. That it would be very challenging.

Have a good one

 

Oct 19, 2007 11:02 AM
Steven Turetsky
Comprehensive Building Inspections & Consultants - Staten Island, NY
Building Moisture Analyst

Fortunately, I have a very full time job in the construction industry. Unfortunately, I was hoping to get busier doing inspections and fire the job. With the slow down, it certainly looks as if that will take longer than I had hoped.

I'm still trying to figure out how to make it happen. I really do love inspecting more than anything  have ever done in my life.

I did not become an inspector because I was out of work. It is really everything that I have been doing for many years that made me an inspector. My only regret is that I did not become a Home Inspector 25 years ago.

But then again, I wouldn't be me.

Oct 20, 2007 05:16 AM
Jimmy Breazeale
Sherlock Home Inspections - Coldwater, MS

Hey, Scott, Steven, Bob, Ken, Don, Erby....

As we all well know, anything that has to do with foreclosures is about to boom.  Property condition inspections, property preservation and associated stuff is out there.  Less money, yes, but they'll keep you swimming.  Field services work of all types is not to be ignored, either.  In the end, the cream will rise to the top.  Hang in there guys, any way you can.  After the big shake-out subsides, the whole real estate industry will be healthier, wealthier, and, above all, wiser.

Nov 01, 2007 04:11 PM
Donald Sutherland
Marathon Constructors Inspection Services - Seward, AK
Inspector-Seward, Alaska

Scott, Steven, Ken, Erby, Bob, etal,

With fuel oil crowding $3.00 a gallon, energy audits are becoming popular. They can be done with a HI or on their own. Go to cmcenergy.com to learn more. It fits in with what we are already doing.

Keep the sun shining

Alaska Don  

Nov 01, 2007 05:53 PM
Scott Patterson, ACI
Trace Inspections, LLC - Spring Hill, TN
Home Inspector, Middle TN

Yes, diversification will help you make it during the slow times.  CMC has a good concept and I would expect to see more of the established home inspectors getting into that type of business.  I say established, because it will take a small investment to get into. 

Back in the early and mid 1990's, I performed energy audits.  We used blower doors and really spent a great deal of time at a home.  The fee's were low and just did not justify the time that was spent performing the audit.  With the new CMC program it is more of an energy savings inspection, rather than a true audit. 

Nov 02, 2007 02:01 AM
James Quarello
JRV Home Inspection Services, LLC - Wallingford, CT
Connecticut Home Inspector

I do the CMC energy audits. I enhance the service with infrared. I do not use or own a blower door. Antiquated technology in my opinion. I make as much on an audit as a home inspection, usually, but not always in less time. I currently have scheduled 3 audits for the coming week. 2 more in the pipe.

As far as it being slow, now is the time to do one of two things;

  1. Get a second job or
  2. Market like crazy and diversify.

One thing about being in business for your self is you should not put all your eggs in one basket. This is how it can becomes feast or famine.

Nov 02, 2007 03:22 AM
Jeffrey Campbell
Campbell Property Inspections - Gardiner, ME
Maine's Home Inspector!

things appear to be changing with the interest rates dropping... a lot of inventory on the market... more and more foreclosures to sell... it is a strong buyers market and providing they preform their due dilegence and have an inspection complete, we should all be seeing more and more work.

 

the first half of January was dead... we are much busier now... good things to come! 

Feb 10, 2008 03:07 PM
Scott Patterson, ACI
Trace Inspections, LLC - Spring Hill, TN
Home Inspector, Middle TN

Yes, it is a great time to buy a home!  Interest rates have never been lower, now if we could only get the news media to stop the Gloom and Doom forecast!

 

Feb 11, 2008 12:31 AM
Michael McEleney
Urban Acres Real Estate - Coralville, IA
' Honesty. Integrity. Loyalty.'
You have to plan ahead for the slow time of the year...
Feb 11, 2008 01:03 AM
Rhonda Burgess
Southern Living Realty Partners - Smyrna, TN
Moving to Nashville TN Real Estate Specialist
I think it is always important to have more than one iron in the fire just in case.  Years before I always had another business or job on the side as well as real estate full-time.  I have to admit that I got lazy and complacent and only practiced real estate while it was really booming.  Now that it's been so slow, I have two other business going and a part-time work-from-home job too.  I won't be caught again "slacking" with only one or two options.  Good post Scott.
Feb 11, 2008 05:19 AM
Steven Turetsky
Comprehensive Building Inspections & Consultants - Staten Island, NY
Building Moisture Analyst

Go for it girl, Me too!

Beside inspecting, I also supervise projects throughout NYC (all 5 boroughs & more) and keep & cultivate a select clientele for residential repairs.

They are all appreciated, but when one is slow, the others are really appreciated.

The only problem is when everything is slow.

 

Feb 11, 2008 05:43 AM