Why Building Managers Need To Focus On Property Management Warranty

Published Jun 26, 22
8 min read

What is a home warranty?

Home warranties are contracts which cover the repair or replacement of your home's appliances and systems when they fail due to normal wear and wear and. They don't replace insurance for homes that protects your home from theft and natural catastrophes. They're designed to protect your home's appliances and systems. All types of housing are eligible to be covered by warranty for homes. They can help reduce the cost of repairs and replacements and are feasible for landlords of both types, new and old. The cost of service is an amount that is due to the warranty provider for each claim. While most providers cover older homes, some may not cover items in existing conditions.

What are the advantages of using a home warranty for rental properties?

1. Protection against high repair costs

Using a home warranty for rental properties can protect against the high cost of repairs by offering speedy service, the convenience of one-stop shop and with no cost for service. This will reduce the amount of time and cost needed to repair your home and will provide financial security for repairs and replacements that are unexpected. Regular maintenance can help improve the retention of tenants and clients. Tenants can ask for service without landlord approval. The covered appliances and systems can also be repaired promptly, which decreases the possibility of having negative reviews. All of this helps landlords save money and charge higher rents, increasing the amount of money they can put in their pockets.

2. Common household appliances are covered

What appliances are covered under the home warranty of rentals and what are they covered for? Refrigerators, dishwashers dryers, clothes washers trash compactors, ranges / cooktops/ ovens, built-in microwave ovens and built-in food centers heating systems, air conditioning, water heaters, garbage disposals, electrical systems central vacuums, smoke detectors, plumbing systems, doorbells, ceiling and exhaust fans sump pumps, septic tanks and pool. as well as garage door openers.

3. Peace of mind knowing repairs will be made

Landlords have many benefits from having repairs covered by the warranty on their home. By covering repairs, maintenance, and repairs, landlords are able to save themselves from having pay cash on demand whenever there is a problem. A home warranty program will make it simpler for everyone involved to repair their property by submitting a claim to the warranty provider , who will then send a technician to fix the problem at their rental property. Property management companies can expect an improvement in third-party contractor invoices as well as insurance costs due to the fact that many repairs and replacements can be completed in a short time. The home warranty offered for rental properties is also a way in enhancing client and tenant retention by dealing with the number one reason tenants quit: maintenance problems. When tenants are able to request service without permission from the landlord the covered appliances and systems can be repaired quickly, resulting in less opportunity for negative feedback from angry tenants. All in all the home warranty provides landlords with an affordable and efficient solution for repairs for rental properties.

4. It reduces time and makes it easier to locate contractors.

Utilizing a home warranty on rental properties could save time and hassle when trying to find a contractor. Instead of having to head out and find a reputable contractor on an emergency basis, a landlord just needs to make a claim with their home warranty company and they will dispatch an individual to the rental property to take care of the problem as quickly as is possible. This is more convenient that having to call several contractors to find the right one to complete the task.

Property managers can cut down on time and stress by hiring an experienced and reliable vendor to oversee the property. They know the prices, the workmanship and the way the company has performed in the past. It is no longer necessary to spend time searching for the perfect contractor. Additionally, vendors who have received training are more likely to be friendly and ethical towards tenants. This is essential to ensure the satisfaction of tenants.

Sometimes, it can take some time to receive assistance from a home warranty company. This could result in unhappy tenants as they expect that their issues will be dealt with promptly. Property managers have to act as a middleman between the tenants and the home warranty company, which adds to the burden.

Overall, having a home warranty for rental properties is beneficial because it will save time and trouble of finding a contractor. Property managers can refer trusted vendors to manage the homes. Homeowners are able to file a claim with their home warranty provider to resolve the issue promptly.

5. Ability to budget repairs

Renters can save money by using a home warranty to cover repairs and replacements for their home appliances as well as mechanical equipment. A home warranty program helps in making repairs more predictable, making tenants content and improving the overall bottom line. Additionally, it provides greater convenience as it is an all-in-one solution for all maintenance and replacement needs, while not having to swap money on service calls. In addition having a home warranty can reduce the annual cost of ownership by covering all or most of the costs of fixing and replacing aging or malfunctioning appliances and systems.

6. Additional protection from landlord liability

A home warranty for landlords protects against landlord liability. It covers professional repairs to equipment and systems that have failed due to wear and tear or age. This helps reduce the risk of lawsuits for hability from tenants, as the repair and replacement of the systems and appliances are handled quickly. The covered repairs make it less necessary to get approval from the landlord and can also settle disputes. This lowers the risk of liability for landlords. A home warranty may provide additional financial protection as it is tax-deductible and helps to reduce rental costs.

7. Ability to choose between different warranty providers

It can be difficult to choose a home warranty provider for rental properties. It's crucial to look at the plans, costs and reputation of the company, as well as customer support system, and other features. It is recommended to consider the various plans for service, additional coverage options, the depth of coverage plans, cost of plan, industry reputation, customer support infrastructure, and other options when choosing the right home warranty company. You should also consider whether you can choose your own contractor and then upgrade your coverage package. Additionally, consider how simple it is to transfer your plan from one person to another.

Our research has shown that plan coverage is most importantfactor, followed by customer support. Industry reputation, plan availability, and additional features should be rated equally, and price range shouldn't be the sole factor in choosing a home warranty provider to meet your home's requirements.

Liberty Home Guard offers a variety of accessories to meet your requirements, including a saltwater pool, reverse osmosis systems, and appliances from the pro-series. If you're unavailable to take care of repairs within the typical 30 days of the workmanship guarantee, AFC Home Club offers an extended-plan guarantee that could provide additional security. HomeServe's specialized plans are an excellent option for people who are concerned about the lines of electricity in their rental property. American Home Shield is the best option for those looking for more coverage.

In the end, we suggest requesting an estimate from at least three different home warranty companies and carefully reading the terms of the plan to be sure that you're aware of the limitations and exclusions that are in the policy. This will help you make informed decisions and help you choose the right provider of home warranties for your rental properties.

8. You may take advantage of discounts and other offers

A home warranty plan could be a great method to save money on rental properties. These plans offer a convenient and low-cost way to fix important appliances in the home when they fail. This could help landlords save from having to pay for regular repairs. Secondly, depending on how a landlord is registered the whole premium and charges of the home warranty plan can be declared as an operating expense on a tax return and thus reduce the total amount of income they earn, and therefore their tax burden.

9. Ability to submit and track repair claims online

Warranty plans for home owners can prove useful for rental properties due to simplifying the repair process. If a covered product breaks or malfunctions, landlords just have to make an insurance claim with their warranty provider. The provider will then send an expert to the rental property to fix the issue as fast as possible, which saves landlords the time and effort of finding a reliable contractor on short notice. With their speedy service and ease of use the home warranty plan helps landlords ensure that the rental property they lease is taken care of quickly and effectively.

10. Greater tenant satisfaction

Tenants can enjoy many benefits of a HomePRO Warranty, such as better service and satisfaction of customers. The HomePRO Warranty reduces service calls since tenants can make request directly without having to wait for the approval of the landlord. This improves the relationships between tenants and landlords. HomePRO Warranty also eliminates the necessity of maintaining a relationship with multiple vendors. The warranty includes repairs and replacements of various systems and appliances. Tenants can be assured that they will receive timely and efficient service. Additionally the home warranty can also help to boost the rent of the property, allowing landlords to earn more every month.