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What is a Field Inspector?
A Field Inspector is an individual who has received specialized training or Certification and is hired to provide visuals inspections of real estate i.e. residential rental property inspections, (BOP) Bank Owned Properties,(REO) Real Estate Owned properties, as well as perform inspections for investors, landlords, tenants, banks, and insurance companies. Field Inspectors also perform collateral inspections that might involve inspecting heavy equipment or even recreational vehicles.
The main responsibility of Field Inspectors is to document with photos and comments the condition of property or collateral for the person or companies they represent, such as Landlords, Tenants, Property Managers, Banks, Mortgage Companies and other lending institute.
Examples:
1. A Property Management Company often requires several types of inspections for their owners, inspections in the form of Move-in, Periodic, Drive By, and Exit Inspections. More and more property managers are moving to Field Inspectors for the 3rd party protections.
2. Banks often require inspections on foreclosed properties to guard against vandalism, squatters or other unauthorized activities.
Because most property management companies and lenders prefer to avoid the expenses of having full-time employees (and in some cases…in several cities or states), they often "out-source" the work to Independent Inspections Firms such as PMIS and/or to Independent Certified Field Inspectors. Independent Field Inspectors get the majority of their assignments form Landlords, Investors, Tenants, Property Managers, Banks, Leasing Companies and Insurance Companies, however and with that said you never know who might call you for your services to include any company that might have a warranty problem with their product such as.. a national mattress company recently hired independent field inspectors in towns around the U.S. Those inspectors visited homes, took pictures of the defective mattresses and filed a simple report. $25.00 per visit and each inspection took about 25 minutes.
The economic downturn of the last few years has created financial hardship for millions of homeowners, forcing many to lose their homes to foreclosure. This is one of the toughest experiences anyone can go through. Over three million homes nationwide have been foreclosed. This has created a huge opportunity for those who can do foreclosure inspections. Banks and other lenders who hold the mortgage on foreclosed are required by law to track the condition of the property to prevent damage from lowering the property value further.
Opportunity for Field Inspectors and the types of Inspections:
1. Inspections for Landlords, Investors, Tenants and Property Managers.
a. Pre- Agreement Inspections: Designed to protect all parties including the property manager. The Pre-Agreement Inspection starts the documentation process and leaves no doubt in anyone’s mind as to the actual condition of the property at the time of inspection and the management agreement is signed.
b. Initial or Move-In Inspection: Designed to replace the Walk-Through Checklist. It provides both the tenant and the property manager a ligal document as to the condition of the property as documented through the trained eyes of a certified NAARPI Field Inspector.
c. Periodic Inspections: Are used to chronicle and document the maintenance habits of the tenants. Designed to prevent illegal activities such as Grow Houses and Meth labs and reduce the need for costly maintenance by identifying minor issues before they become major issues.
d. Transitional or Exit Inspections: Are used to document the condition of the property at the time the leasing agreement is terminated or when the owner and property manager decide to terminate their contract.
e. Drive By Inspections: NAARPI Certified Field Inspectors document the condition of the exterior of the property and verifies that it is still occupied.
f. Monthly, Quarterly and Bi Annual inspections of Residential Rental Properties.
2. REO (Real Estate Owned) & BOP (Bank Owned Properties)
