Property Inspection Program to Aid Veterans Launched in Palm Springs
The Environmental Service Professionals Inc. (ESP) in Palm Springs, California has raised $150 million to fund the formation of a national residential property inspection initiative designed to give military veterans across the U.S. a chance to gain employment. According to ESP, around 60,000 veterans will be employed under the project.
The program, called Healthy Home Mortgage, will be financed by a private equity through ESP. According to the firm, the aim of the initiative is to make sure that structural, energy efficiency, air quality and mold-related problems are addressed early on in residential structures. Inspections under the project will be conducted over a 10-year period in an effort to minimize the cost of repairs and to also maintain equity for various industries involved in residential real estate, such as property management, home building, mortgage banking and home insurance.
Officials from ESP have stated that the company is planning to become the first ever national residential property inspection firm in the U.S. The company has been described as a consolidator that will try to bring together the scattered segments of the housing inspection industry. ESP is also known for its innovative and environmental-focused housing inspections.
A survey conducted by ESP showed that residential inspection services are in short supply in the U.S., with only around 38,000 professional inspectors providing services to residential properties. This means that only between four and five million houses receive inspection services every year, which only account for 3.5% of the nation's residential property stock.
Part of ESP's plan is to attract around 120 million residential households in the U.S. to its services which will include moisture and energy inspections, mold testing and allergen screening. The company also stated that these services will be offered at a rate that is affordable to most average households.
ESP, a publicly traded business, has been acquiring environmentally-focused businesses since 2006. It has also created a subsidiary that provides certification and training to environmental housing inspectors called Environmental Safeguard Professionals Inc. The company offers property inspection services to residential and commercial real estate with emphasis on environmental issues and construction defects. ESP is also focusing on hiring veterans as inspectors and customer service representatives.
