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Home warranty plans are most often marketed specifically to homeowners as affordable, effective methods of maintaining and repairing expensive home equipment. There’s the home seller’s warranty, which can attract buyers and raise a home’s value when it’s on the market. There’s also the home buyer’s warranty, which provides some risk mitigation for a new homeowner who may experience an appliance or system failure shortly after purchasing a home.
But home warranty benefits are not limited solely to homeowners. Realtor home warranty programs can help real estate agents in several ways. In this post, we’ll review real estate home warranty coverage and some of the most important benefits that it can provide.
What Is a Real Estate Home Warranty Plan?
A home warranty, generally speaking, is a service contract to maintain and repair home appliances and systems. If a refrigerator, washing machine, stovetop, or any other covered item fails, the warranty provider will source a repairperson and any necessary replacement parts. The policy holder is protected from paying the full cost of repair out of pocket.
A realtor or real estate home warranty is a class of this kind of service contract that is tailored to suit the unique needs of real estate agents. Listing agents or buyers’ agents can take out a policy to protect their properties and better support their clients.
Benefits of a Realtor Home Warranty
The primary benefits of any home warranty are savings, convenience, and peace of mind, but a realtor home warranty has more specific benefits for real estate agents. Here are the most important things to consider.
Increased likelihood of referrals. Home buyers and sellers alike overwhelming favor home warranties and the protections they provide. Even if a home you represent doesn’t experience a significant appliance or system failure while on the market or shortly after closing, your clients will feel reassured by the protection the policy provides. A home warranty takes much of the stress out of the home buying and selling process, leading to happier clients who will refer you to family, friends, and neighbors in a heartbeat.
Transferal of responsibility. With a realtor home warranty, the warranty provider takes on the responsibility of an appliance or system failure. If that water heater conks out unexpectedly, it can be resolved without your involvement.
Incentive for buyers. Home buyers are much more comfortable purchasing a new home that has home warranty protection. Who can blame them? Home buyers spend a significant sum of money up front and often are not prepared to pay for expensive appliance repairs until many months after closing. Research has shown that 80% of home buyers want a home with warranty protection.
Faster home sales. Because home warranty protection is so attractive to buyers, homes with coverage tend to sell much more quickly. Recent research has shown that a home with a home warranty can sell 50% faster than a home without coverage. For realtors, selling homes at a more rapid pace can mean a greater number of closings in a year and higher annual income.
Protection from issues during a home’s listing period. Few things can torpedo a potential home sale faster than the discovery of an appliance or system that needs to be repaired or replaced. Home buyers are looking for a new home, not a new headache. A home warranty can help you quickly resolve any issues that may surprise you during a home’s listing period.
Higher home values.Home warranty protection has been shown to raise a home’s value on the market. This increase can be as much as 3%—a significant amount of money for an expensive home. While this is good news for the seller, it’s also good news for realtors who earn a commission on the home sales they facilitate.
Liberty Home Guard’s Realtor Portal
Liberty Home Guard takes support for realtors a step further. Our Realtor Center provides a host of resources to help real estate professionals build their business and support their clients. We also partner with real estate agents across the nation to make finding and transferring home warranties as simple as possible. Partners also have access to our Realtor Portal, which provides client and listing management and communication channels with the Liberty Home Guard team.