CAUTIONARY TALES: WHY BUYER’S REGRET SKIPPING THEIR HOME INSPECTION April 6, 2021 | Business Tips , Marketing | client satisfaction , inspection industry , digital marketing , business growth Most everyone aims to save money where they can, but in some cases saving now will cost you later on. Homebuyers are starting to waive a home inspection in the hopes that they’ll save a few hundred dollars up front. This is a risky choice since you never fully know what you’re getting into. In fact, some folks that bought a home within the last year are realizing that their attempt at pinching pennies is coming back to haunt them. How can you save a homebuyer from potential disaster and keep your schedule filled with inspections? Read on for a few effective selling points! The Speed of Covid It comes as no surprise that COVID-19’s impact on the housing market continues nearly a year later. With so many people relocating for their jobs, some markets saw a high turnover rate with homes and exceedingly low inventory. To expedite the acquisition process, buyers either opted for a virtual meeting to go over an inspection report or skipped it altogether. Those who did forego an inspection are now faced with the possibility of learning the hard way why safety should always take precedence over speed. Not All It Seems Digital tours are a great substitute for agents who can’t meet a buyer in person, but they only show so much. Photos could be outdated and inaccurate in their depiction of a property. Buyers also don’t have the ability to get into every corner of a home, leaving items overlooked. Even a normal walkthrough doesn’t provide all the information a buyer needs before purchasing a home. What may seem perfect on the surface can actually harbor multiple underlying problems that won’t appear until it’s too late. Substituting for DIY To try and have a little peace of mind, some buyers have tried a do-it-yourself home inspection. They may be confident in their own abilities after doing a bit of research online, but this is a big underestimate of what a professional inspection is like. A trained inspector knows the intricacies that come with an inspection. Hours of training, specialized tools, and field experience are required to perform a complete inspection. Skipping and Risking According to a study by Redfin in June of 2020, 20 percent of winning bidders waived their home inspection. That’s up from around 17 percent in 2019, due in large part to the volatility of Covid. It’s likely that some will still waive the inspection contingency in an attempt to sweeten the deal, but it’s a dangerous game to play and usually one where there’s no winner. As buyers are finding out, they could be stuck with a safety hazard, like poor electrical wiring, carbon monoxide, mold, or radon. Their family’s health and safety is then in limbo while they budget costly repairs. Showcasing that You’re Essential It’s especially important to inform first-time buyers who might not have a full understanding of what an inspection entails exactly what you do. Letting them know that it’s a small price to invest successfully will help clear up any uncertainties. It’s also a good idea to make sure agents are on the same page. They can help reassure clients of the benefits of a home inspection. Lastly, making yourself available for questions even after the inspection shows you’re a professional who cares. If you want help developing your marketing strategy, reach out to your NPI Marketing Team!