Is experience required for field inspections?
The large majority of field service inspections require no experience. All of the inspection forms are provided to you. Most firms provide a training package which provides policies, prcedures and practices for performing such inspections. Firm coordinators are available to answer questions.
I recently performed a business verification inspection that paid $40. The business was a medical clinic at a hospital complex. I completed a simple page of questions about the business and took three digital photos. The firm provided me with written directions on how to perform the inspection. I spent about 15 minutes on site and another 10 minutes uploading the report and photos.
Is insurance required for inspections?
The large majority of firms do NOT require insurance for inspectors. I would estimate that about 98% of the firms in the industry do NOT require insurance.
About a dozen or so of the firms in the residential mortgage segment of the industry require E&O insurance that costs about $2,400 a year. These inspections also pay the lowest fees in the industry - typically $3 - $6. Many firms in the residential mortgage segment can offer lots of volume because no one wants these low fee inspections. Commercial inspections typically pay in the range of $25 - $250 with the large majority typically in the $25 - $60 range.
The bottom line is that the commercial and insurance inspections pay the higher fees and insurance is usually not required. Residential mortgage inspections pay the lowest fees and most of the large national field service firms require E&O insurance.
Which are the best inspections?
Most inspectors agree that the commercial inspections are the best. They pay the highest fees. The hiring firms are also usually higher quality firms.
A few of the well-like firms are Lease Inspections, Collateral Specialists, Sand Castle Field Inspections and CRM Global.
Which are the lowest paying inspections?
The lowest paying inspections are in the residential mortgage segment. Some of these inspections pay as low as $3. The average is about $5-$6.
The residential mortgage segment of the industry also has the most complaints.
How big an area should I cover?
You are best to cover a metropolitan area and not a whole state or a large number of counties.
If you lived in Denver, Colorado, you might cover the Denver Metropolitan Area.
If you live in a very large metropolitan area like Dallas, Texas, you might cover one of the quadrants or an area described as North Dallas or East Dallas.
The key to making money for a full-time field service respresentative is to work for about a dozen quality firms in a metropolitan area.
You will make more money with commercial inspections.
How do I describe my service area?
In your resume, you should describe your service area in general terms. Do NOT list a bunch of counties and ZIP codes. If you live in Philadelphia, list your service area as the Philadelphia Mertropolitan Area.
When firms contact you, ask for a description of the inspection task and the fee paid for the task.
If the fee is LOW, your definition of the Philadelphia metropolitan area will include a SMALL number of ZIP codes. If the fee is HIGH, your description of the Philadelphia metropolitan area will include a LARGE number of ZIP coces. Make Phiadelphia (described by ZIPs) as small or as big as needed to match the fee offered.
You can have different services areas for each company.
Remember: Low fees dictate a small list of ZIPs serviced. Large fees dictate a large list of ZIPs serviced. Tailor your coverage area to the size of the fee offerred.
What is the average age of inspectors?
We find that the average age of field service inspectors is about 45-50 years old. There are more inspectors over the age of 65 than there are under the age of 25.
There are more male inspectors than female inspectors.
There are both full-time and part-time inspectors in the industry.
Why are some firms not listed in your directory?
We talk to a lot of field service representatives so we hear about the good, the bad and the ugly firms.
We filter the National Field Service Directory. We do not promote the bad and ugly firms that we hear about in the industry. We also do not promote some of the low fee firms that like to play lots of games.
We would like to remove the bumps and put everyone on a smooth road.
I have seen some e-books that are promoting some very ugly firms. One firm being promoted has a history of a bankruptcy, unpaid court judgments and current complaints on slow- and no-pay. Another firm is the subject of numerous complaints of no-pay. Another firm has a $60 chargeback for a late $3 inspection. SOFI does not promote such firms.
What is the average discount rate for property preservation?
The range of discount rates is about 15% - 20% on the average. This range will vary even with a single firm. Some property preservation specialists will be at 15% and some at 20% or higher while working for the same firm.