The Home Inspection Industry in the Long Term
Because it is closely tied to the housing market, the home inspection industry is constantly changing. When prospective investors think about becoming Pillar To Post franchise owners, they often ask us about how our industry will survive and thrive in the long term. This is an important question to ask to understand the investment, so we’ve put together a brief history of the home inspection industry.
In the Past
When Pillar To Post started in 1993, there was not a lot of continuity in the industry. Even though the industry was about ten years old, there were a lot of inconsistencies from home inspector to home inspector. Our founder started Pillar To Post in part to provide a consistent home inspection experience to homeowners all over the U.S. and Canada.
Before there was a formal home inspection industry, home buyers asked friends and family with construction backgrounds to inspect the homes they were going to buy. This meant that a small number of people were getting homes inspected before they bought them, and the inspections that did occur were radically different from each other. By 2001, estimates showed that 77% of single-family home sales included an inspection.
In the Present
Fast forward to now, and the home inspection industry is radically different than it was when we started. Technology has become a big player in home inspections, making it easier to detect problems, give reports, and do a comprehensive check on all the systems in the home. Things like infrared scanners and mold testing equipment make it easy for the home inspector to ensure that homes are safe and livable.
Additionally, in our nearly 30 years in business, Pillar To Post has grown to be the #1 home inspection franchise in North America. Our franchisees cover more than 550 territories, providing their markets with the quality inspections that we are famous for.
In the Future
Going forward, it is hard to say how the home inspection industry might change. As technology improves, energy systems update, and homes become more high-tech, home inspectors will need to stay up to date to be relevant in the industry.
In addition, the housing market is looking like it will continue to thrive. As the population grows in the next decade, there will be 48 million people in their thirties (up 5 million from today), who are prime first-time buyers1. In addition, the number of people in their forties will increase by 7% in the next ten years1; typically, people in their forties upgrade to bigger homes in nicer neighborhoods, which means demand for home inspections.
Although it is impossible to predict exactly what the future holds, we can be confident that updating technology and changing population will drive real estate sales. Increased real estate activity, in turn, drives the home inspection industry. Joining Pillar To Post as a franchisee puts you at the heart of this industry and gives you the tools and resources you need to run a strong business. Contact us to learn more about becoming a franchisee!