June 17, 2024 • 17 mins
Ever wonder if skipping that home inspection is worth the risk in today’s fast-paced real estate market? Join us on Standing Out in Ohio as we share the latest updates on our house build, with the drywall up and countertops arriving earlier than expected. We also clear up any misconceptions about our retirement plans and share exciting news about our expansion into southeast Ohio. Our discussion dives deep into the risks of waiving home inspections, featuring insights from a real estate attorney on the surge in lawsuits against agents who advise against them.
In this episode, we emphasize why home inspections are crucial, discussing the limitations on liability for home inspectors in Ohio and how real estate agents face greater risks. We reveal how negative experiences can sabotage an agent’s reputation, stressing the importance of always recommending inspections to clients. Additionally, we hint at an ongoing roofing insurance controversy in Ohio, pointing to practices affecting homeowners. Tune in for a comprehensive look at these pressing issues and stay informed about the ever-evolving real estate landscape. Don’t forget to follow us on social media and subscribe on Spotify or Google Podcasts for the latest episodes!
To learn more about Habitation Investigation, the Three-time Winner of the Best Home Inspection Company in the Midwest Plus the Winner of Consumer Choice Award for Columbus Ohio visit Home Inspection Columbus Ohio - Habitation Investigation (homeinspectionsinohio.com)
NBC4 news segments: The importance of home inspections, and what to look for | NBC4 WCMH-TV
Advice from experts: Don’t skip the home inspection | NBC4 WCMH-TV
OSU student’s mysterious symptoms end up tied to apartment’s air quality | NBC4 WCMH-TV
How to save money by winterizing your home | NBC4 WCMH-TV
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Welcome to the Standing Out in Ohio podcast,
where we discuss topics,upcoming events, news and
predictions with real estateprofessionals and entrepreneurs.
Listen and learn what makestheir companies and themselves
stand out and gain advantagesover the competition and gain
market share.
Subscribe for the latest newsand discussion on what it takes
(00:23):
to stand out from the crowd.
Now here's your host, jim.
Speaker 2 (00:31):
Hey everybody, Welcome to the Standing Out and
Out podcast.
This is Jim, and with me, ofcourse, is Laura, the office.
Goddess, Hi everyone.
So all right.
Update on our house Builds,come along.
Drywall is up.
It was getting taped and muddedthis past week.
Speaker 3 (00:49):
Probably finished mudding and sanding this week.
Speaker 2 (00:53):
Yeah, so they might start painting next week, at
least the primer coat.
Get all that done, and then wehave to pick out paints and
bring them in to them.
Speaker 3 (01:02):
And the tile for the bathroom, for the shower.
Speaker 2 (01:05):
Pick up the tile we ordered.
Here's the story.
You always hear about storiesabout the bill taking longer
than it should have.
There's weather, people getsick, they can't show up, things
happen.
Poundertops for the kitchen andbathrooms four to six weeks out
(01:25):
Was what we were told.
That's what they said.
Four weeks.
So Laura ordered them.
Was it Saturday?
Saturday, okay, today's MondayGot notification that they've
been mailed out.
In full, in full, every singleitem.
So sometimes it happens theother way.
(01:46):
The shit is quick, sometimesit's fast.
It must have been like not,it's not custom made.
The quartz is for thecountertop, the quartz is oh, so
they did the quartz also.
Speaker 3 (01:58):
It said your order has been fulfilled in total, so
my thought would be yes.
Speaker 2 (02:04):
Was that all in one order?
Speaker 3 (02:07):
There were two separate orders.
So maybe I don't know whichorder it was.
Speaker 2 (02:13):
Sometimes things go quicker and better than you
thought they might.
But we'll talk about that, andI also want to talk about bad
things that can happen, even ifjust perceived.
But first let's listen to this.
Speaker 4 (02:28):
Habitation investigation is the way to go
for a home inspection in Ohio.
Trusted licensed homeinspectors for your needs.
From radon to mold towarranties For a great home
inspection, you really can't gowrong.
(02:48):
Visit HomeInspectionsInOhiocom.
Speaker 2 (02:54):
All right, laura.
So our order for our cabinetsthat stuff's coming in faster.
That's awesome because we'relooking to move into the house.
I know some people are probablywondering is Jim and Laura
retiring and stopping doing homeinspections?
No, we are going to continuedoing home inspections, running
the company.
We're not retiring.
Speaker 3 (03:16):
From our forest and we're doing inspections down in
southeast Ohio now.
Speaker 2 (03:20):
Yeah, so actually we kind of spread out of the
territory, because now wherewe're at now, inspectors can
cover that and our inspectorsare good.
They are good, thoroughinspectors, every single one of
them, because if they weren'tthey would not be here, at least
they wouldn't have lasted long,right, but they've all been
here getting great reviews, sothey're all good.
(03:42):
But what we're doing is wemoved down to that area near
Hawking County, actually BentonCounty that is now well within
our range to easily get to andinspect.
So actually we're expanding ourterritory Right, athens, logan
(04:02):
which we've always beenavailable to do but it's been
harder to get.
They were, but worked into theschedule a little bit more
delicately now athens I'm 30minutes away yeah or at least I
will be in, uh say, two monthsso anyway we got that, got that
going, and I want to talk aboutthe.
(04:24):
Sometimes you're planning ondoing something.
Well, what's the worst that canhappen?
All right, real estate market'scrazy right now.
Yes 9,000 agents low inventory.
It's the same thing.
The last two, three years Lowinventory, people waiving
(04:46):
inspections.
You know they are.
Speaker 3 (04:49):
Yep.
Speaker 2 (04:50):
I don't think people are announcing as much, because
one of the worst things that canhappen if you are a buyer you
waive the inspection.
The worst thing that can happenis and this is various levels,
but there's issues pop up thatyou did not know existed until
(05:11):
you moved in the house or livedthere for a month or so or maybe
almost six months a year, andhopefully nothing's major.
But that's the worst thing thatcan happen to the home buyer is
issues popping up.
Hopefully they're tiny issuesthat's no big deal Cosmetic
stuff's not part of theinspection anyway but large
(05:33):
issues you don't want thatpopping up.
A terrible thing that canhappen to a real estate agent is
they let their client, and Iknow that the client makes the
decision.
But if you somehow encouragethem or something, no, that's
okay, let their, and I know thatthe client makes the decision
but.
If you somehow encourage them orsay no, that's okay, the house
is just redone, it'll be goodand they waive the inspection
(05:54):
and then stuff pops up.
Who do you think the homebuyeris going to blame for that?
Who let them make a mistake?
Well, they're going to blamethe agent, because that's the
only person to blame.
Speaker 3 (06:04):
It is the only going to blame for that who, who let
them make a make a mistake?
Well, they're going to blamethe agent, because that's the
only person to blame it is theonly person that blames didn't.
So you had a conversationwithin the past year I can't
remember how long ago it waswith a I think he was a real
estate attorney from somewhereout east and you asked him about
(06:26):
this current trend with peopleblowing off home inspections.
Speaker 2 (06:31):
Oh, yes, this guy was cited in some national
newspaper publication.
Speaker 3 (06:37):
He just talked to you .
Speaker 2 (06:38):
And I found him, talked to him.
He was like yeah.
Speaker 3 (06:42):
So he said that nationally, lawsuits against
real estate agents were up 11%and that part of what people
were saying wasn't that.
You know, yeah, my agent toldme blah blah, no, what they're
saying was they didn'tunderstand what they were giving
(07:02):
up and what that meant to them,said that the what's it called
the award that they that thatclients, consumers were getting
from the court was up 20 000.
Speaker 2 (07:21):
Oh, and I came here with that?
No, I don't know if it was 20000 or was it more?
Speaker 3 (07:27):
it was one, it was one year 40, I think that.
I think an average was like 40000 oh, that's what it was the
average, but it was higher.
It was, but it was higher, sothe average was $40,000.
Speaker 2 (07:36):
It was higher than in the past, but lawsuits were up.
But well, if you're an agentand you're working with a buyer,
you are the real estate expert,Right?
You are there to give themguidance.
Speaker 3 (07:48):
Right.
Speaker 2 (07:48):
And it's easy.
It would depend on the client.
Some people are more Handy.
Well, some are handy.
Some people are, I guess, morefragile.
If there's an issue that popsup and they don't want to handle
it, they can't deal with it.
They get too emotional about it.
Speaker 3 (08:04):
Well, what do you think is going to happen if that
couple doesn't get a homeinspection?
And then they walk in and theyfind this major issue.
Maybe there's a sewer lineissue, or there's a foundation
issue, or the roof leaks, orwhatever the case may be at this
point.
Speaker 2 (08:19):
Yeah Well, here's another thing.
Okay, home inspectors here inthe state of Ohio, the limit we
can be sued by a state law isthe price of the home inspection
.
In case you didn't know thatthat was when they did licensing
.
That's the most we can be suedis the limit of the home
inspection fee, unless, ofcourse, we did fraud.
(08:41):
Then that changes that Right.
Speaker 3 (08:44):
Or we did something blatantly outside of the
standards.
Speaker 2 (08:48):
Yeah, very negligent, it's got to be really negligent
of the standards.
There's no limit.
That I've ever heard for realestate agents how much they can
be sued.
Speaker 3 (08:58):
Nope, and I will hear people go well, they have E&O
insurance.
Speaker 2 (09:03):
Yeah, most people don't understand how E&O even
operates.
Like well, you got E&Oinsurance, I'll take care of it.
Like no, not really, I stillhave a deductible E&O insurance,
see, and I no, not really, Istill have a deductible, you
know, see, I don't know why weeven have even have, you know,
we, while we have it, becausesomebody did something really
negligent like a blatantly thestate at this point tells us
(09:24):
that we have to have, you know,insurance but the you know, I
think the deductible is liketwenty five hundred dollars for
us.
I think it's what we have it setat, but that's kind of typical
$2,500,.
If the fee that we're legallyresponsible to, according to the
state, is to the inspection fee, we will never get touched.
(09:47):
Right Because everything iswell below the deductible.
Speaker 3 (09:52):
State standard.
Speaker 2 (09:53):
The deductible.
So all of our inspection feesare well below that deductible.
It's like you just paid out ofpocket.
Right, if that was ever anissue, if that was ever a thing.
Speaker 3 (10:00):
But Real estate agents don't have that luxury.
Speaker 2 (10:03):
Nope, nope, no, they don't so here's another thought
when you you've had to study,you read the study.
When somebody has a badexperience, how many people do
they tell?
What was that?
14, they tell 14 16 it was 16.
They tell like 16 people havegood experience.
(10:25):
It's like what they might telllike four people, eight people,
yeah, yeah no more than eight soif they have a bad experience
with a home inspection companyor a real estate agent, they're
telling a shitload of people.
Speaker 3 (10:36):
Everybody they know.
Speaker 2 (10:38):
Yes, and if they waive the inspection and things
pop up, the only person they canblame would be themselves.
Maybe I should have done that,but they're going to go, man my
agent told me that was a badthing to do.
Speaker 3 (10:52):
Or did the listing agent know and help hide this?
Speaker 2 (10:55):
Oh, that's a thought too, because some people will be
like the listing agent and thebuyer agent are especially in
the same offer.
They work together to concealstuff because they want to get
that sale.
Speaker 3 (11:09):
That's why they put no inspections in the MLS, or
that's why they said this, orthat's why we were encouraged to
do that.
Speaker 2 (11:16):
Or we were allowed to do that.
Yeah, it suggested that we didit, but then they made us sign
the papers telling us they toldus to do it.
No, in that journey that Italked to you said, that doesn't
work, they can just go.
I didn't know.
Like you said, I didn't know Iwas giving away my right to a
home inspection and I justwasn't aware of what was going
(11:36):
on.
I was under duress.
The agent even said my odds ofmy getting the house my offer
accepted would be going to bepretty low if I did not waive
the inspection.
Speaker 4 (11:46):
That's all it takes.
Speaker 1 (11:47):
That's all it takes.
Speaker 3 (11:50):
They feel like they have no choice.
Speaker 2 (11:52):
So more or less always get the inspection done,
never suggest that they don't doit.
And here's what I would do Iwould never tell anybody.
No, you don't need to have thatdone.
Speaker 3 (12:04):
That will come back to bite you in the butt, yeah.
Maybe not now, maybe not a fewmonths from now, but it
eventually will catch up.
Speaker 2 (12:11):
Well, the worst thing is like no.
They have a walkout basement,you don't need to do a radon
test.
That is not true.
That is from the uneducatedperson making that statement.
Because that is not true?
Right, because radon can beanywhere.
We have found it.
We've even found it in a thirdfloor condo unit Downtown
(12:32):
Columbus.
It's like an apartment buildingalmost, but it's a third floor
condo unit Downtown.
Speaker 3 (12:34):
Columbus Like an apartment building.
Speaker 2 (12:35):
Almost it was a condo , found it up there.
It can go crazy places, but youdo not want to kind of be hung
out the dry because that buyerhad a bad experience.
They're going to tell them Ihave 16 people.
If you're an agent and you'rewanting to grow your business,
(12:56):
that's not good.
Let's just say each person wasa referral and you lost 16
referrals.
Well, no, I'll be not thatmanny, because you're realistic,
not everybody's going to buy.
But even let's say, one inseven, 14%, you lost growth a
year percent.
Speaker 3 (13:19):
Yeah, yeah, you lost that growth a year.
Not only that, but you losttheir referrals and their
referrals and their referralsdown the road, just because yeah
.
Speaker 2 (13:26):
So let's say do you know the rule of 72?
Speaker 3 (13:31):
oh, I've heard All right.
Speaker 2 (13:33):
So you take this investment term but you take the
number 72, just the way itworks out.
Take 72 and divide it by apercentage of growth, okay, of
return.
Speaker 3 (13:44):
Okay, so let's use that 14%.
Speaker 2 (13:45):
Let's say 14%.
You say one person, we'll say14%.
They tell you.
I won't say 14%.
They tell you.
So if you're getting 14% ofyour referrals, you know told
you're that equals 5.1.
(14:06):
So if you're getting 14%referrals from your clients,
your business doubles every fiveyears.
So I mean you're reallyshooting yourself in the foot if
you get bad or you miss out onthe future referrals.
Speaker 3 (14:23):
And as that number increases because you will have
more people referring you as youdo more business, that number
will become even larger.
That you're missing out on thatwas every five years.
Speaker 2 (14:36):
If you say you do, I don't say you do a million
dollars of sales this year, fiveyears.
You're doing two million, thenyou're doing four million.
You're doing four milliondollars a year in 10 years just
based on referrals because youtreated people well and didn't
let them go the wrong direction.
So always have an inspection.
(14:59):
That's basically the rule.
Speaker 3 (15:02):
And especially for even new builds, like we hear a
lot.
Well, it's a new build, wedon't need the inspection
because they're going up so fastand builders are victims of
their subcontractors.
We are seeing way more areas ofconcern in a lot of new builds
than we have in the past fewyears.
So you really want to make surethat you fight for your
(15:25):
client's right to have aninspection for a new build for
all three phases, because it isreally becoming important for
that yep, and we got somethingelse I want to talk about, but
we're going to try and get ainsurance company to join us
because insurance companies are.
Speaker 2 (15:44):
They're struggling and of course everybody else is
going to pay as a result, whichI get it.
You have to stay open, you haveto adjust your fees and all
that, but if you know anythingwas going on, florida trust.
A lot of insurance companieshave best bailed on doing any
kind of coverage in floridabecause the claims are so high
(16:06):
down there.
Speaker 3 (16:06):
Or gone out of business because they had claims
and had to fold.
Speaker 2 (16:10):
Yes.
So that's the top we're goingto have coming along, because
there's some insurance things.
I want to say insurance monkeyshines going on up here in Ohio
in regards to roofs.
Speaker 3 (16:22):
Yes.
Speaker 2 (16:22):
And we're going to talk about that on the next
podcast.
Speaker 3 (16:26):
And I think we might have a roofing company on with
us too with what they've seen.
Speaker 2 (16:31):
Okay, so Well, I think that's it for this one.
We've got some stuff coming up.
Definitely keep tuned.
Thank you and good night.
Speaker 1 (16:41):
You've been listening to the standing out in Ohio
podcast.
Be sure to subscribe on Spotifyor Google Podcasts to get new,
fresh episodes.
For more, please follow us onInstagram, twitter and Facebook,
or visit the website of thebest Ohio home inspection
company athomeinspectionsinohiocom or
jimtroffcom.
(17:02):
That's J-I-M-T-R-O-T-H andclick on podcast until next time
.
Learn and go do stuff.
Welcome to the Standing Out in Ohio podcast,
where we discuss topics,upcoming events, news and
predictions with real estateprofessionals and entrepreneurs.
Listen and learn what makestheir companies and themselves
stand out and gain advantagesover the competition and gain
market share.
Subscribe for the latest newsand discussion on what it takes
(00:23):
to stand out from the crowd.
Now here's your host, jim.
Speaker 2 (00:31):
Hey everybody, Welcome to the Standing Out and
Out podcast.
This is Jim, and with me, ofcourse, is Laura, the office.
Goddess, Hi everyone.
So all right.
Update on our house Builds,come along.
Drywall is up.
It was getting taped and muddedthis past week.
Speaker 3 (00:49):
Probably finished mudding and sanding this week.
Speaker 2 (00:53):
Yeah, so they might start painting next week, at
least the primer coat.
Get all that done, and then wehave to pick out paints and
bring them in to them.
Speaker 3 (01:02):
And the tile for the bathroom, for the shower.
Speaker 2 (01:05):
Pick up the tile we ordered.
Here's the story.
You always hear about storiesabout the bill taking longer
than it should have.
There's weather, people getsick, they can't show up, things
happen.
Poundertops for the kitchen andbathrooms four to six weeks out
(01:25):
Was what we were told.
That's what they said.
Four weeks.
So Laura ordered them.
Was it Saturday?
Saturday, okay, today's MondayGot notification that they've
been mailed out.
In full, in full, every singleitem.
So sometimes it happens theother way.
(01:46):
The shit is quick, sometimesit's fast.
It must have been like not,it's not custom made.
The quartz is for thecountertop, the quartz is oh, so
they did the quartz also.
Speaker 3 (01:58):
It said your order has been fulfilled in total, so
my thought would be yes.
Speaker 2 (02:04):
Was that all in one order?
Speaker 3 (02:07):
There were two separate orders.
So maybe I don't know whichorder it was.
Speaker 2 (02:13):
Sometimes things go quicker and better than you
thought they might.
But we'll talk about that, andI also want to talk about bad
things that can happen, even ifjust perceived.
But first let's listen to this.
Speaker 4 (02:28):
Habitation investigation is the way to go
for a home inspection in Ohio.
Trusted licensed homeinspectors for your needs.
From radon to mold towarranties For a great home
inspection, you really can't gowrong.
(02:48):
Visit HomeInspectionsInOhiocom.
Speaker 2 (02:54):
All right, laura.
So our order for our cabinetsthat stuff's coming in faster.
That's awesome because we'relooking to move into the house.
I know some people are probablywondering is Jim and Laura
retiring and stopping doing homeinspections?
No, we are going to continuedoing home inspections, running
the company.
We're not retiring.
Speaker 3 (03:16):
From our forest and we're doing inspections down in
southeast Ohio now.
Speaker 2 (03:20):
Yeah, so actually we kind of spread out of the
territory, because now wherewe're at now, inspectors can
cover that and our inspectorsare good.
They are good, thoroughinspectors, every single one of
them, because if they weren'tthey would not be here, at least
they wouldn't have lasted long,right, but they've all been
here getting great reviews, sothey're all good.
(03:42):
But what we're doing is wemoved down to that area near
Hawking County, actually BentonCounty that is now well within
our range to easily get to andinspect.
So actually we're expanding ourterritory Right, athens, logan
(04:02):
which we've always beenavailable to do but it's been
harder to get.
They were, but worked into theschedule a little bit more
delicately now athens I'm 30minutes away yeah or at least I
will be in, uh say, two monthsso anyway we got that, got that
going, and I want to talk aboutthe.
(04:24):
Sometimes you're planning ondoing something.
Well, what's the worst that canhappen?
All right, real estate market'scrazy right now.
Yes 9,000 agents low inventory.
It's the same thing.
The last two, three years Lowinventory, people waiving
(04:46):
inspections.
You know they are.
Speaker 3 (04:49):
Yep.
Speaker 2 (04:50):
I don't think people are announcing as much, because
one of the worst things that canhappen if you are a buyer you
waive the inspection.
The worst thing that can happenis and this is various levels,
but there's issues pop up thatyou did not know existed until
(05:11):
you moved in the house or livedthere for a month or so or maybe
almost six months a year, andhopefully nothing's major.
But that's the worst thing thatcan happen to the home buyer is
issues popping up.
Hopefully they're tiny issuesthat's no big deal Cosmetic
stuff's not part of theinspection anyway but large
(05:33):
issues you don't want thatpopping up.
A terrible thing that canhappen to a real estate agent is
they let their client, and Iknow that the client makes the
decision.
But if you somehow encouragethem or something, no, that's
okay, let their, and I know thatthe client makes the decision
but.
If you somehow encourage them orsay no, that's okay, the house
is just redone, it'll be goodand they waive the inspection
(05:54):
and then stuff pops up.
Who do you think the homebuyeris going to blame for that?
Who let them make a mistake?
Well, they're going to blamethe agent, because that's the
only person to blame.
Speaker 3 (06:04):
It is the only going to blame for that who, who let
them make a make a mistake?
Well, they're going to blamethe agent, because that's the
only person to blame it is theonly person that blames didn't.
So you had a conversationwithin the past year I can't
remember how long ago it waswith a I think he was a real
estate attorney from somewhereout east and you asked him about
(06:26):
this current trend with peopleblowing off home inspections.
Speaker 2 (06:31):
Oh, yes, this guy was cited in some national
newspaper publication.
Speaker 3 (06:37):
He just talked to you .
Speaker 2 (06:38):
And I found him, talked to him.
He was like yeah.
Speaker 3 (06:42):
So he said that nationally, lawsuits against
real estate agents were up 11%and that part of what people
were saying wasn't that.
You know, yeah, my agent toldme blah blah, no, what they're
saying was they didn'tunderstand what they were giving
(07:02):
up and what that meant to them,said that the what's it called
the award that they that thatclients, consumers were getting
from the court was up 20 000.
Speaker 2 (07:21):
Oh, and I came here with that?
No, I don't know if it was 20000 or was it more?
Speaker 3 (07:27):
it was one, it was one year 40, I think that.
I think an average was like 40000 oh, that's what it was the
average, but it was higher.
It was, but it was higher, sothe average was $40,000.
Speaker 2 (07:36):
It was higher than in the past, but lawsuits were up.
But well, if you're an agentand you're working with a buyer,
you are the real estate expert,Right?
You are there to give themguidance.
Speaker 3 (07:48):
Right.
Speaker 2 (07:48):
And it's easy.
It would depend on the client.
Some people are more Handy.
Well, some are handy.
Some people are, I guess, morefragile.
If there's an issue that popsup and they don't want to handle
it, they can't deal with it.
They get too emotional about it.
Speaker 3 (08:04):
Well, what do you think is going to happen if that
couple doesn't get a homeinspection?
And then they walk in and theyfind this major issue.
Maybe there's a sewer lineissue, or there's a foundation
issue, or the roof leaks, orwhatever the case may be at this
point.
Speaker 2 (08:19):
Yeah Well, here's another thing.
Okay, home inspectors here inthe state of Ohio, the limit we
can be sued by a state law isthe price of the home inspection
.
In case you didn't know thatthat was when they did licensing
.
That's the most we can be suedis the limit of the home
inspection fee, unless, ofcourse, we did fraud.
(08:41):
Then that changes that Right.
Speaker 3 (08:44):
Or we did something blatantly outside of the
standards.
Speaker 2 (08:48):
Yeah, very negligent, it's got to be really negligent
of the standards.
There's no limit.
That I've ever heard for realestate agents how much they can
be sued.
Speaker 3 (08:58):
Nope, and I will hear people go well, they have E&O
insurance.
Speaker 2 (09:03):
Yeah, most people don't understand how E&O even
operates.
Like well, you got E&Oinsurance, I'll take care of it.
Like no, not really, I stillhave a deductible E&O insurance,
see, and I no, not really, Istill have a deductible, you
know, see, I don't know why weeven have even have, you know,
we, while we have it, becausesomebody did something really
negligent like a blatantly thestate at this point tells us
(09:24):
that we have to have, you know,insurance but the you know, I
think the deductible is liketwenty five hundred dollars for
us.
I think it's what we have it setat, but that's kind of typical
$2,500,.
If the fee that we're legallyresponsible to, according to the
state, is to the inspection fee, we will never get touched.
(09:47):
Right Because everything iswell below the deductible.
Speaker 3 (09:52):
State standard.
Speaker 2 (09:53):
The deductible.
So all of our inspection feesare well below that deductible.
It's like you just paid out ofpocket.
Right, if that was ever anissue, if that was ever a thing.
Speaker 3 (10:00):
But Real estate agents don't have that luxury.
Speaker 2 (10:03):
Nope, nope, no, they don't so here's another thought
when you you've had to study,you read the study.
When somebody has a badexperience, how many people do
they tell?
What was that?
14, they tell 14 16 it was 16.
They tell like 16 people havegood experience.
(10:25):
It's like what they might telllike four people, eight people,
yeah, yeah no more than eight soif they have a bad experience
with a home inspection companyor a real estate agent, they're
telling a shitload of people.
Speaker 3 (10:36):
Everybody they know.
Speaker 2 (10:38):
Yes, and if they waive the inspection and things
pop up, the only person they canblame would be themselves.
Maybe I should have done that,but they're going to go, man my
agent told me that was a badthing to do.
Speaker 3 (10:52):
Or did the listing agent know and help hide this?
Speaker 2 (10:55):
Oh, that's a thought too, because some people will be
like the listing agent and thebuyer agent are especially in
the same offer.
They work together to concealstuff because they want to get
that sale.
Speaker 3 (11:09):
That's why they put no inspections in the MLS, or
that's why they said this, orthat's why we were encouraged to
do that.
Speaker 2 (11:16):
Or we were allowed to do that.
Yeah, it suggested that we didit, but then they made us sign
the papers telling us they toldus to do it.
No, in that journey that Italked to you said, that doesn't
work, they can just go.
I didn't know.
Like you said, I didn't know Iwas giving away my right to a
home inspection and I justwasn't aware of what was going
(11:36):
on.
I was under duress.
The agent even said my odds ofmy getting the house my offer
accepted would be going to bepretty low if I did not waive
the inspection.
Speaker 4 (11:46):
That's all it takes.
Speaker 1 (11:47):
That's all it takes.
Speaker 3 (11:50):
They feel like they have no choice.
Speaker 2 (11:52):
So more or less always get the inspection done,
never suggest that they don't doit.
And here's what I would do Iwould never tell anybody.
No, you don't need to have thatdone.
Speaker 3 (12:04):
That will come back to bite you in the butt, yeah.
Maybe not now, maybe not a fewmonths from now, but it
eventually will catch up.
Speaker 2 (12:11):
Well, the worst thing is like no.
They have a walkout basement,you don't need to do a radon
test.
That is not true.
That is from the uneducatedperson making that statement.
Because that is not true?
Right, because radon can beanywhere.
We have found it.
We've even found it in a thirdfloor condo unit Downtown
(12:32):
Columbus.
It's like an apartment buildingalmost, but it's a third floor
condo unit Downtown.
Speaker 3 (12:34):
Columbus Like an apartment building.
Speaker 2 (12:35):
Almost it was a condo , found it up there.
It can go crazy places, but youdo not want to kind of be hung
out the dry because that buyerhad a bad experience.
They're going to tell them Ihave 16 people.
If you're an agent and you'rewanting to grow your business,
(12:56):
that's not good.
Let's just say each person wasa referral and you lost 16
referrals.
Well, no, I'll be not thatmanny, because you're realistic,
not everybody's going to buy.
But even let's say, one inseven, 14%, you lost growth a
year percent.
Speaker 3 (13:19):
Yeah, yeah, you lost that growth a year.
Not only that, but you losttheir referrals and their
referrals and their referralsdown the road, just because yeah
.
Speaker 2 (13:26):
So let's say do you know the rule of 72?
Speaker 3 (13:31):
oh, I've heard All right.
Speaker 2 (13:33):
So you take this investment term but you take the
number 72, just the way itworks out.
Take 72 and divide it by apercentage of growth, okay, of
return.
Speaker 3 (13:44):
Okay, so let's use that 14%.
Speaker 2 (13:45):
Let's say 14%.
You say one person, we'll say14%.
They tell you.
I won't say 14%.
They tell you.
So if you're getting 14% ofyour referrals, you know told
you're that equals 5.1.
(14:06):
So if you're getting 14%referrals from your clients,
your business doubles every fiveyears.
So I mean you're reallyshooting yourself in the foot if
you get bad or you miss out onthe future referrals.
Speaker 3 (14:23):
And as that number increases because you will have
more people referring you as youdo more business, that number
will become even larger.
That you're missing out on thatwas every five years.
Speaker 2 (14:36):
If you say you do, I don't say you do a million
dollars of sales this year, fiveyears.
You're doing two million, thenyou're doing four million.
You're doing four milliondollars a year in 10 years just
based on referrals because youtreated people well and didn't
let them go the wrong direction.
So always have an inspection.
(14:59):
That's basically the rule.
Speaker 3 (15:02):
And especially for even new builds, like we hear a
lot.
Well, it's a new build, wedon't need the inspection
because they're going up so fastand builders are victims of
their subcontractors.
We are seeing way more areas ofconcern in a lot of new builds
than we have in the past fewyears.
So you really want to make surethat you fight for your
(15:25):
client's right to have aninspection for a new build for
all three phases, because it isreally becoming important for
that yep, and we got somethingelse I want to talk about, but
we're going to try and get ainsurance company to join us
because insurance companies are.
Speaker 2 (15:44):
They're struggling and of course everybody else is
going to pay as a result, whichI get it.
You have to stay open, you haveto adjust your fees and all
that, but if you know anythingwas going on, florida trust.
A lot of insurance companieshave best bailed on doing any
kind of coverage in floridabecause the claims are so high
(16:06):
down there.
Speaker 3 (16:06):
Or gone out of business because they had claims
and had to fold.
Speaker 2 (16:10):
Yes.
So that's the top we're goingto have coming along, because
there's some insurance things.
I want to say insurance monkeyshines going on up here in Ohio
in regards to roofs.
Speaker 3 (16:22):
Yes.
Speaker 2 (16:22):
And we're going to talk about that on the next
podcast.
Speaker 3 (16:26):
And I think we might have a roofing company on with
us too with what they've seen.
Speaker 2 (16:31):
Okay, so Well, I think that's it for this one.
We've got some stuff coming up.
Definitely keep tuned.
Thank you and good night.
Speaker 1 (16:41):
You've been listening to the standing out in Ohio
podcast.
Be sure to subscribe on Spotifyor Google Podcasts to get new,
fresh episodes.
For more, please follow us onInstagram, twitter and Facebook,
or visit the website of thebest Ohio home inspection
company athomeinspectionsinohiocom or
jimtroffcom.
(17:02):
That's J-I-M-T-R-O-T-H andclick on podcast until next time
.
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