Why Building Managers Ought To Focus On Residential Property Monitoring Service Warranty

Published Feb 24, 23
8 min read

What is a home warranty?

Home warranties are a service agreement that will pay for the cost of fixing or replacing your home's system and appliances if they fail due to normal wear and tear. Home warranties aren't identical to home insurance , which shields your home's structure against natural disasters and theft, but instead safeguard your home's systems and appliances. They are available for all types of housing and can help lower the costs of replacements and repairs and are therefore ideal for both new and existing landlords. Service call fees are an expense that is due to the home warranty company each time a claim gets put into. The majority of providers provide coverage for older homes, however certain ones don't cover items in the home that have preexisting issues.

What are the benefits of using a home warranty to rent properties?

1. Protection against high repair costs

The use of a home warranty on rental properties can protect against the high cost of repairs by providing expedited service, the convenience of one stop shop, and no service charge. This can reduce the amount of time and expense that is spent on repair work and also provides financial protection from unexpected repairs and replacements. Additionally, the protection of regular maintenance can increase the likelihood of the retention of clients and tenants, as tenants are able to make requests for service with no landlord approval and covered appliances and systems are fixed quickly, which reduces the possibility of negative reviews. This allows landlords to charge less rent, and also save money.

2. Common household appliances covered

What kinds of appliances are covered under the home warranty in rental properties? (Extended list) Refrigerators, dishwashers and clothes dryers, clothes washers trash compactors, cooktops and rangesand ovens, microwaves with built-in ovens, built-in food centers, heating systems, water heaters, air conditioning, garbage disposals, electrical systems central vacuums, smoke detectors, plumbing systems, doorbells, ceiling and exhaust fans, sump pumps, septic tanks spa, pool and garage door openers.

3. You can be sure that repairs will be completed

Making repairs through the warranty of a home for rental properties can provide landlords with numerous advantages. The landlords don't have to pay cash on demand for repairs and maintenance. In addition, a home-warranty program makes it easier to complete the home repairs process for everyone involved . submitting a claim to the warranty provider, who will then send a person to their rental property to fix the issue. Furthermore, because many repairs and replacements are addressed and solved quickly and efficiently, property management companies will see a decrease in charges for contractors from third parties and insurance costs. The home warranty offered for rental homes helps tenants and clients retain their clients by solving the primary reason why tenants abandon their homes: maintenance issues. Tenants are able to request assistance from their landlords without having to get approval. This lets them repair their systems and appliances quickly. Also, it reduces the chance of tenants complaining about it. Home warranties offer landlords a cost-effective and efficient solution for repairs to rental properties.

4. It saves you time and makes it simple to find a contractor.

A home warranty that covers rental properties can reduce time and stress when it comes to finding a contractor. Instead of having to head out and find a reliable contractor with short notice, a landlord just needs to submit a claim to their home warranty provider , and they will send someone to their rental home to address the issue as soon as possible. This could be more convenient that needing to call multiple contractors to locate the best one to complete the task.

Property managers, on the other hand, can save time and stress by sending a trusted vendor they have already worked with to a managed home. They know the prices, the work, and background of the vendor. This makes it unnecessary to spend time researching and finding the right contractor for the task. Furthermore, trained vendors are more likely to be honest and kind to tenants, which is crucial to ensure the satisfaction of tenants.

Sometimes, it may take several days to get assistance from a company that offers home warranties. This can lead to unhappy tenants as they expect that their issues will be addressed quickly. This adds to the anger. Property managers serve as intermediaries between the tenants, the home warranty company, and the property owners.

A home warranty could be a great way to save time and avoid the hassle of hiring an expert contractor. Property managers can recommend reliable vendors to manage their homes. Homeowners can submit a claim to their home warranty provider for the issue to be resolved promptly.

5. Budget for repairs

Renters are able to save money using a home warranty to cover repairs and replacements to their appliances at home as well as mechanical equipment. The warranty for homes ensures that repairs are more predictable and can help tenants feel more comfortable. It also boosts the bottom line. It also provides more convenience as it is an all-in-one solution for all household maintenance repairs and replacement requirements, and eliminating the necessity to exchange money at service calls. A home warranty can cut down the annual expenses of the homeowner by covering the total expense of replacing or fixing malfunctioning appliances or systems.

6. Additional protection from landlord liability

A home warranty for landlords protects against landlord liability. It offers professional repairs to appliances and systems that have failed due to wear and tear or old age. Tenants are less likely sue landlords for hability because repairs and replacements for appliances and systems are done swiftly. Repairs covered by the warranty reduce the need to seek approval from landlords as well as resolve disputes. This further decreases the liability of landlords. A home warranty could offer additional financial protection since it's tax-deductible, and aids to reduce rental costs.

7. You can choose among a variety of warranty companies.

It's not easy to select a home warranty provider for rental properties. It's important to consider the coverage options, cost and industry reputation, the customer support, and additional features. We suggest considering the available service plans and extensions, coverage depth, plan cost, brand reputation, customer support infrastructure, as well as additional options when choosing a provider for your home warranty. Also, pay attention to the ability to select the contractor of your choice, increase your coverage package, change your policy to another owner, and also cover roof leaks, top-of-the-line appliance brands, ceiling and exhaust fans, and fixtures and faucets.

Our research has shown that coverage for plans is the most crucial factor, followed by customer service. Industry reputation, plan availability as well as additional features should be rated equally as well as price. Price should not be the primary base for selecting a home warranty provider for your home's needs.

Liberty Home Guard offers a assortment of additional options to meet your requirements, including an saltwater pool reverse osmosis system, and pro-series appliances. If you're not able to take care of repairs within the normal 30-day workmanship guarantee period, AFC Home Club offers a plan-length guarantee that may provide an additional level of protection. HomeServe special plans could be an ideal option for those most worried about their rental's utility lines, and American Home Shield may be the best option for those looking to choose a home warranty company with more coverage limits.

We recommend getting quotes from at least three home warranty companies , and reading through the terms carefully to be aware of any exclusions or limitations. This will allow you to make informed decisions and help to select the most suitable home warranty provider for rental properties.

8. The ability to benefit from discounts and incentives

A home warranty plan could be an excellent method to reduce the cost of rental homes. These plans offer a convenient and affordable method of fixing major appliances that fail. This could help landlords save from having to pay for regular repairs. The second benefit is that the cost of premiums and service charges from the home warranty plan can be included on tax returns as operating expenses, depending on the registration of the landlord. This could decrease their total income and tax burden.

9. Ability to submit and track repair claims online

Warranty plans for home owners can prove helpful for rental properties by making repairs easier. Landlords only need to file a claim with their warranty company if an item covered by warranty malfunctions or fails to function. The warranty provider will dispatch a technician to your rental property to fix the issue as fast as they can. This will save landlords time and energy in finding a trustworthy contractor who is available on the shortest notice. Home warranty plans enable owners to be sure that their rental property is taken care of with prompt service and convenience.

10. Greater tenant satisfaction

Using the HomePRO Warranty can provide many benefits for tenants, both in terms of customer service and satisfaction. HomePRO Warranty helps to reduce customer service calls because tenants are able to make requests directly, without having to wait for the landlord to approve the request. This enhances the relationships between tenants and landlords. Furthermore, HomePRO Warranty eliminates the requirement for landlords to keep up with multiple vendorssince the warranty covers repairs and replacements for different appliances and systems. Tenants can rest assured they will receive prompt and efficient service. The house warranty, which may raise the rental value of the home as well, is a fantastic opportunity for landlords to earn more money each month.