Episode 24

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Published on:

26th Jul 2021

3 Simple Ways to Increase Revenue

Need to increase your revenue? Mike has 3 simple ways you can. It is important to note though, simple doesn't necessarily mean easy.

If you want to reach Mike or have a question for him, contact us at hello@coachblueprint.com

Transcript
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Hi, this is Mike Crow, and I run home inspection business.

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In fact, I've run a couple of home inspection businesses.

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You know, true joy for me, though, has been helping literally

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thousands of home inspectors build really solid home inspection business as well.

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We can help a single man operation be able to do over three hundred

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thousand dollars a year,

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maybe all the way up

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to 400 thousand dollars a year as a single inspector operation.

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Even better for me is the 80 plus companies that we have helped

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be able to build million dollar home inspection businesses.

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I would like to help you be able to do the same thing.

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At a recent conference, Mike shared some of his best secrets,

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this short segment talks about three simple ways you can increase your revenue.

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Here's one of the things that that Jeff learned as well, and all the members

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learned it, is that there's a difference between clients and customers.

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So most people think clients and customers are the same thing.

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You're taught that clients and customers are the same thing. They're not.

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I learned and I learned it from real estate agents,

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and then I learned it from other sources as well, that clients are

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the people that are paying you and that you're working for ,

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and then customers are those people that can refer you.

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And most people only market.

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In fact, the ninety five percent only

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market to the clients.

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The home buyers in this case.

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OK, and then what I try to teach people, especially those people that have grown

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million dollar companies,

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are now in the one percent of the home inspection industry. OK.

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What I've tried to make sure that they do is that they market to the mavens

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or the customers.

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They're, in that words, interchangeable for me.

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OK, so here's one of the ways this looks.

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So you have clients and you have customers.

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If you're a real estate agent, this is the way it looks.

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The seller is your client because you make a listing,

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you set a listing agreement in place.

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You put a sign in the yard and then somebody calls you off.

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That sign goes, oh, we'd like to make an offer on that home.

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And you go, He's sure. I'd be glad to help you with that.

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That buyer now becomes your customer for the real estate agent.

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This is how it works. OK.

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So when the home inspection world, though, we're slightly different.

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That buyer most likely.

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Ninety nine percent of the time becomes our client.

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But here's where this is this gets fun.

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The agent is your customer.

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And I have inspectors all the time, although I don't work for the agent.

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Well, of course you don't.

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But if you don't take care of them in the process, you're an idiot, OK,

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because you've got to make sure that they want to refer you.

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Now, people keep telling me sometimes, oh, Mike, you're

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you're just you're just making the agents happy.

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No, I'm not just making the agents happy.

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I give my buyer a good, solid, thorough home inspection.

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That's why we do probably do five thousand inspections this year.

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OK, maybe probably more than that. All right.

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And and if we didn't do a good, solid inspection,

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we'd already been out of business.

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Somebody would have

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sued us out of business or somebody would have come back after us.

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And by the way, when you get bigger, it's one of the things you will learn

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is that there's always that challenge of that as well.

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But we make sure that the report is good enough

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so that the agents can easily understand it.

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The the listing agent, the selling agent, the title company, the

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the mortgage company,

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the whoever ends up seeing the report, we try to make it as clean as possible.

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And it's one of the things that completely changes this thing.

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So for you, you know, the person that pays you is probably your client.

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In most cases, that's the buyer.

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And then the person that refers you well, that's your customer

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are your referral source. That's very important.

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Very simple. All right.

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Next piece here, there's three ways to increase your revenue.

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Now, we've kind of talked about some of it already, but I want you to understand.

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One is you could go get new clients.

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So, yes, we have we have a website and we have

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Google paid advertising, all that out there.

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And then we have that and then we have marketing towards the the mavens as well.

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So we're always trying to get new clients and new mavens into our business.

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All right. And here's a secret.

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Here's something that I started teaching years ago.

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And I've heard one or two people teach it as well now.

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But here's something I've never seen anybody do that hasn't learned it from me.

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And that is that you need to count how many new maven's.

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Have used your business every single month.

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See, most people count how many inspections

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and how many more inspections and how many dollars

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and how many more dollars. I'm future banking.

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I want to know how many agents have use me and how many new agents

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have referred me this month or that I'm working with this month.

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OK, so last year that number was over 500,

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and I think it was five hundred forty three new agents

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recommended our business last year, and that was just for one inspection.

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And then many of them recommended us for a second, a third.

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I think our top one ended up recommending us for 17 or 18.

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I think the top two, 17 and 18 new inspections over the period of that year.

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That's why a mavin is so important to us.

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And now you want to try to make sure that you get as much money

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from every inspection.

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So when you do a sprinkler and a swimming pool

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and a termite and a raid on and a mold and a sewer cam check, it's not unusual

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for inspectors to make over a thousand dollars per inspection now.

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And the other thing is, there's a simple formula for knowing how to raise prices.

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And I can show that to you at some point.

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But if you're. But let me just tell it to you this way.

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If you're booked out more than three days,

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you need to raise prices, not a barge. Ten dollars.

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Thirteen dollars, eight dollars.

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And by the way, any two week period that you're booked

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out, three days or more, you should raise prices.

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So when people start coaching with me, it's it's

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normally what will happen is that they will raise prices.

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Two weeks they'll raise prices, and then two weeks later,

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they'll raise prices again and they'll raise prices,

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sometimes as many as three, four, even five or six times in one year

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until they get to a point where they're not booked out three days.

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So, for instance, I keep our company set up so that we have inspectors available.

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Almost same day.

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Right now, we're booked out about a day and a half, which is perfect.

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The average person, the ninety five percent would go, oh, my God,

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I can't be I need to be booked out as far as I can.

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No, not in the home inspection business, maybe in the carpet

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cleaning business, maybe if you're a dentist.

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You know, my wife went to go get an eye appointment the other day

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and I said, sure,

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we could schedule you July twenty fourth or some crazy thing like that.

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And I told her, I said, well, that's a shame.

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And I picked up the phone and made three phone calls and we were in.

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That was a Tuesday. On Thursday, we were sitting in somebody's shop.

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And that's the way it works.

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In fact, I want you to hear this loud and clear.

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The company that offers speed and accuracy,

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speed and accuracy will win over every other competitor down the road.

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OK, so you want to get them to spend as much money with you as possible.

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You want to get new clients.

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You want them to get as much money as you can,

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and then you want to get those mavens to refer you more frequently.

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And a lot of the stuff that we're teaching you gets the maven's to go,

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oh, you want to use this company? Oh, you want to use this company?

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Oh, you want to use this company, OK.

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And we teach them how to say that in such a way that it works well.

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About the Podcast

The Home Inspector Marketing Podcast
Marketing and Business Building Strategies for Home Inspectors.
Revealing the secrets to building your home inspection business.