Professional Residential Property Management Service Warranty Services: The Secret to Effective Building Ownership thumbnail

Professional Residential Property Management Service Warranty Services: The Secret to Effective Building Ownership

Published Feb 24, 23
8 min read

What is a home warranty?

Home warranties are service agreements which cover the repair or replacement of the appliances and systems in your home if they fail because of normal wear and wear and. Home warranties are not the same as insurance for your home, which protects your home's structure from natural disasters or theft, but instead safeguard your home's systems and appliances. They are available for all types of housing and are able to lower the costs of repairs and replacements and are therefore ideal for both existing and new landlords. Service call fees are a fee that is due to the home warranty company each time a claim is made into. While the majority of providers offer coverage for older homes, some might not be able to cover items that are in existing conditions.

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

1. Protection against high repair costs

A home warranty is used to protect rental properties from high repair cost. It gives quick service, ease of use and has no charges for service. This reduces the time and expense needed to repair your home and also provide financial protection for repairs and replacements that are unexpected. Regular maintenance coverage helps to retain tenants and clients. Tenants are able to request services without requiring approval from the landlord. Covered appliances and systems are also repaired promptly, which decreases the possibility of having negative reviews. This allows landlords to charge lower rent, and also save money.

2. Common household appliances covered

What appliances are covered under the warranty on homes for rentals and what do they cover? (Expanded List) Refrigerators and dishwashers, dryers for clothes and clothes washers; trash compactors; ranges/ cooktops/ ovens; built-in microwave ovens and built-in food centres; heating systems; air conditioning; electric systems; water heaters; garbage disposals, central vacuums, smoke detectors, smoke alarms; plumbing systems. Doorbells, ceiling fans, exhaust fans, sump pumps, septic tanks spas, garage door openers.

3. You can be sure that the repairs will be made

Making repairs through a home warranty for rental properties offers landlords a myriad of advantages. By covering repairs, maintenance, and even replacements, landlords protect themselves from having to pay out money on demand whenever there is a problem. A home warranty plan 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 address the issue at their rental property. Property management companies will see an improvement in the amount of invoices from third-party contractors and insurance costs because of the fact that a lot of repairs and replacements are completed quickly. A home warranty for rental properties will help tenants and clients retain their customers by addressing the main reason that tenants quit: maintenance issues. Tenants are able to request assistance from their landlords and not need to get approval. This lets them repair their systems and appliances quickly. It also reduces the likelihood of tenants complaining about it. Home warranties give landlords an affordable and effective solution to repair rental properties.

4. Saves time and hassle of the search for a contractor.

A home warranty could be a time-saver when searching for an expert contractor. Instead of having to head out to find a reputable contractor on very short notice, the landlord simply needs to make a claim with their home warranty company and they will dispatch someone to their rental property to address the problem as quickly as they can. This is more convenient that needing to call multiple contractors to find the right one for the job.

Property managers can reduce time and hassle by sending an experienced and reliable vendor to oversee a home. They know the price as well as the quality of work and how the vendor has behaved over the years. It's no longer necessary to search for the best contractor. In addition, trained contractors are more likely to be ethical and considerate of tenants, which is important to the tenant's satisfaction.

Additionally, getting service from a company that offers home warranties may take longer than you expected and can take a few days. This can lead to unhappy tenants, who want that their issues will be completed quickly. Property managers are required to serve as a middleman between the tenants and the home warranty provider, adding to the hassle.

A home warranty is an ideal way to save time and avoid the hassle of hiring a contractor. Property managers can use trusted vendors they already know to manage homes, and homeowners can make an claim to their home warranty company and get the issue fixed in a short time.

5. Budget for repairs

Using a home warranty to cover the costs of repairs and replacements for home mechanical systems and appliances can help budget operating expenses easier for property owners who own rental properties. The home warranty plan will make repairs easier and helps tenants be happier. It also improves the bottom line. Additionally, it provides greater convenience, as it provides a one stop shop for all home maintenance repairs and replacement requirements, and not having to swap money on service calls. Additionally, having a home warranty can reduce the cost of homeowner's insurance by covering all or most of the cost of repairing and replacing old or damaged appliances and systems.

6. Additional protection from landlord liability

Using a home warranty for landlords helps protect against landlord liability by providing rapid, professional repairs to appliances and systems that fail due to age or normal wear and tear. Tenants are less likely be able to sue landlords due to repairs and replacements for appliances and systems can be completed promptly. Covered repairs reduce the need to seek approval from landlords, and also resolve disputes. This also reduces landlord liability. Additionally, having a home warranty in place may serve as an additional layer of financial protection because it's tax-deductible and can help pay for rental costs.

7. You can choose among a variety of warranty providers

The selection of a warranty company for your home for rental properties isn't an easy task. You should consider cost, industry reputation, customer service, and other features. When choosing a provider for your home warranty it is recommended to consider the different plans and add-ons available, cost as well as the reputation of the company and its customer support services and other features. Also, be aware of the possibility of choosing your own contractor and upgrade the coverage you have. Additionally, consider how simple to transfer your plan from one owner to another.

Based on our research, plan coverage is the one that should be considered most important and customer service should be the second-most important factor. Industry reputation, plan availability, and additional features should be equally rated as well as price. Price is not the main factor in choosing a home warranty provider for your home's needs.

For instance, if the rental property you are renting has a saltwater pool, pro-series appliances, or reverse osmosis system, Liberty Home Guard has a collection of additional features that might interest you. AFC Home Club provides additional security in the event that you're unable to make repairs within the 30-day workmanship guarantee. HomeServe special plans could be an ideal option for those who are most concerned about their rental property's utility lines, and American Home Shield may be the best option for those who'd rather choose an insurance provider for home repairs that has greater coverage limits.

We recommend having quotes from at minimum three companies for home warranties and taking the time to read the terms of the agreement to make sure you are aware of any restrictions or exclusions. This will help you make informed decisions and help to select the most suitable provider of home warranties for the rental properties you own.

8. You may take advantage of discounts and other benefits

A home warranty plan can be a great option to save money on rental properties. The first is that these plans provide a more convenient, cost-effective solution to repair major household appliances and systems since they will eventually break. This can save landlords the expense of regular repairs. Additionally, based on the manner in which a landlord is registered, the entire premium and service costs of the home warranty plan could be declared as an operating expense on tax returns and thus reduce their total income and thus their tax burden.

9. Online submission and tracking of repair claims

Home warranty plans can be incredibly useful for rental properties due to simplifying repairs. If an item covered by the warranty breaks or malfunctions the landlords only need to submit an claim to their warranty provider. The company will then send an expert to the rental property to address the problem as quickly as is possible, saving landlords the time and effort in searching for a trustworthy contractor with a the shortest notice. Through providing speedy service and ease of use Home warranty plans can help landlords make sure their rental property is taken care of quickly and efficiently.

10. Greater tenant satisfaction

Using a HomePRO Warranty could provide a variety of benefits for tenants, both in terms of customer service and satisfaction. HomePRO Warranty helps to reduce customer service calls because tenants are able to send their requests directly without waiting for approval from the landlord them. This helps improve the relationships between tenants and landlords. In addition, HomePRO Warranty eliminates the need for landlords to have to deal with multiple vendorssince the warranty will cover repairs and replacements for various systems and appliances. As a result tenants will have the security of knowing that their requirements will be met quickly and effectively. Additionally having a home warranty can also help to boost the rent of the home, which allows landlords to earn more each month.