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One of the best ways to build your business as a real estate agent is to ensure your clients are happy long after a sale is finalized. This bolsters your professional reputation and leads to more referrals in the long run. Purchasing real estate home warranty coverage is an excellent means to this end.
A home warranty for real estate agents is a service agreement that can be transferred from the realtor to the buyers of a home. Real estate home warranty plans can raise the value of a home and protect realtors and homeowners alike from the costs associated with the repair or replacement of systems and appliances that fail due to wear and tear.
If you’re considering real estate warranty plans for your clients, there are some guidelines to bear in mind. Consider these tips to get the most out of your realtor home warranty and to keep your clients satisfied as they settle into their new home.
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The details of home warranties vary significantly from plan to plan. Some warranties cover appliances, from refrigerators to ceiling fans. Others cover home systems, such as plumbing and electrical wiring. Some include all of the above and can still be adjusted to include coverage for pools, septic systems, and more.
It’s important to purchase a plan that is suited to the home. If the property uses a well pump for water, adjust the plan so the pump is covered. You don’t want homeowners to make a service request down the line and find that the failing appliance or system isn’t covered by their warranty.
Home warranties can save homeowners significant amounts of money, but they have their limits. Help homeowners understand that they may need to pay a fee for a service request. Make sure they’re aware that items with pre-existing conditions are not usually protected. If the home inspection found an issue with the sump pump, the homeowners should not be under the impression that a warranty will guarantee the pump’s replacement at no cost to them.
Also make sure that homeowners are aware of when the warranty is due to expire. Let them know how they can renew the policy.
Many people, especially new homeowners, are not necessarily familiar with the ins and outs of home warranties. Help your clients understand the differences between a home warranty and homeowner’s insurance. Explain that to fix an item under warranty, the homeowner will file a service request, pay a service fee, and then the warranty company will handle sending a licensed technician to the home.
Closing on a home can be an overwhelming experience. New homeowners may not remember the contact information for the warranty provider. They may not even remember the name of the company. It’s helpful to provide documentation that has the important details, including step-by-step instructions on how to file a service request.
A home warranty for realtors is an excellent way to support your clients long after they’ve moved into their new home, but it’s important for realtors to choose the right plan, set reasonable expectations, and act as an informative resource.
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