The Value of Building Management Service Warranty for Tenant Contentment thumbnail

The Value of Building Management Service Warranty for Tenant Contentment

Published Feb 24, 23
8 min read

What is a home warranty?

Home warranties are agreements which cover the cost of replacing or repairing the appliances and systems in your home if they fail because of normal wear and wear and tear. Warranty plans are not a substitute for home insurance that protects your home from damage caused by theft or natural catastrophes. They are designed to safeguard your home's appliances as well as systems. Home warranties are offered for all types of housing and can help lower the cost of replacements and repairs which makes them ideal for both new and existing landlords. The cost of service is an amount that is paid to the home warranty company per claim. The majority of providers cover older homes, but certain providers don't cover items in the home with preexisting conditions.

What are the advantages of having a home warranty in order to lease properties?

1. Protection against high repair costs

A home warranty that covers rental properties can protect against costly repairs by offering speedy service, the convenience of one stop shop, and with no cost for service. This can reduce the time and money that is spent on repair work and provides financial protection against repair and replacement costs that are unexpected. In addition, the insurance coverage for regular maintenance can increase the likelihood of the retention of clients and tenants, since tenants can make requests for service with no landlord approval and protected appliances and systems can be repaired quickly, reducing the chance of having negative reviews. This can help landlords save money while charging higher rent, making more money for their pockets.

2. Coverage for common household appliances

What appliances are covered under a home warranty for rental properties ? And what exactly 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 water heaters, air conditioning, garbage disposals, electrical systems central vacuums, smoke detectors doorbells, plumbing systems ceiling and exhaust fans septic tank, sump pump and pool. as well as garage door openers.

3. Peace of mind knowing repairs will be made

Landlords have many benefits of having repairs covered under the warranty on their home. Landlords can avoid having to pay cash-on-demand for maintenance and repairs. A home warranty policy will make it simpler for everyone affected to fix their property by submitting an claim to the warranty provider who will then send an individual to repair the issue at their rental property. In addition, since most repairs and replacements can be easily covered and resolved and efficiently, property management companies will see a decrease in invoices for third-party contractors as well as insurance costs. Having a home warranty for rental properties can help to increase client and tenant retention by addressing the number one reason tenants leave: maintenance issues. In allowing tenants to request service without permission from the landlord, covered appliances and systems can be repaired quickly, resulting in less opportunity for negative reviews from frustrated tenants. All in all homeowners' warranties provide landlords with a cost-effective and effective solution for rental property repairs.

4. Saves time and hassle of hiring a contractor.

Using a home warranty for rental properties could save time and hassle when it comes to finding an expert. Instead of having to head out and find a reputable contractor on short notice, a landlord simply needs to submit a claim to their home warranty company and they will dispatch someone to their rental property to take care of the problem as quickly as possible. This is much easier than having to reach out to multiple contractors to locate the right contractor.

Property managers can cut down on time and effort by deploying an established vendor to handle the home. They know the price, workmanship and how the vendor has conducted themselves over the years. It's no longer necessary to search for the best contractor. Additionally, vendors who have been trained will be more tolerant and trustworthy to tenants. This is important to ensure that tenants are satisfied.

Sometimes, it takes several days to get help from a company that offers home warranties. This can lead to unhappy tenants who expect their repairs to be completed swiftly. Property managers are required to serve as a middleman between the tenants and the home warranty provider, adding to the hassle.

Overall, having the home warranty option for rental properties is beneficial since it saves time and trouble of finding contractors. Property managers can send trusted contractors they have already worked with to managed homes, while homeowners can submit an inquiry to their home warranty provider and get the issue fixed within a matter of minutes.

5. The ability to budget repairs

Renters can save money by utilizing a home warranty to cover repairs and replacements to their home appliances and mechanical systems. The warranty for homes ensures that repairs are more predictable and helps tenants be happier. It also boosts the bottom line. It also offers more convenience by providing a one stop shop for all household maintenance repairs and replacement needs, while eliminating the necessity to exchange money at service calls. A home warranty could reduce the cost of ownership by covering the entire expense of replacing or fixing malfunctioning appliances or systems.

6. Added protection against landlord liability

A home warranty for landlords helps protect against landlord liability through quick, professional repairs of appliances and systems that fail due to age or normal wear and tear. This can reduce the possibility of lawsuits for hability from tenants since repairs and replacement of the systems and appliances are taken care of promptly. The covered repairs make it less necessary to get approval from the landlord, and also resolve disputes. This further decreases the liability of landlords. In addition, having a homeowner's warranty may act as an additional protection against financial loss because it's tax-deductible and can help offset rental expenses.

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

It's not easy to select a home warranty service for rental homes. You should consider cost as well as the reputation of the company, its customer service, as well as other features. When choosing a provider for your home warranty it is recommended to consider the service plans and add-ons offered, their cost, reputation in the industry and the customer support infrastructure in addition to other features. You should also be aware of the possibility of choosing your own contractor and upgrade your coverage package. Also, how easy to transfer your plan from one person to the next.

Our research has shown that plan coverage is most importantfactor, followed by customer service. Industry reputation, plan availability as well as additional features should be equally rated and the price should not be the primary base for selecting the right home warranty provider to suit your needs.

For example, if your rental includes a saltwater pool pro-series appliances, or a reverse osmosis device, Liberty Home Guard has a range of accessories that could appeal to you. If you're unavailable to attend to repairs within the normal 30-day guarantee on workmanship, AFC Home Club offers a plan-length guarantee that may offer an additional level of protection. The HomeServe plans that are tailored to your needs are a good alternative for those who are concerned about the lines of electricity of their rental property. American Home Shield is a better option for those seeking a higher level of coverage.

We recommend that you request an estimate from at least three home warranty providers and carefully reviewing the policy's terms to be sure that you're aware of any limitations or exclusions from the policies. This will enable you to make educated choices and help you select the best home warranty provider for the rental properties you own.

8. Ability to take advantage of discounts and incentives

Utilizing a home warranty for rental properties can help reduce costs by two methods. The first is that these plans give you a more convenient and low-cost solution for fixing major appliances and systems in the home because they are likely to break. This can save landlords from having to pay for regular repairs. Secondly, depending on how a landlord is registered the whole premium and charges of the home warranty program can be claimed as an operating expense on a tax return which will reduce their income total and tax burden.

9. Online submission and monitoring of repair claims

Warranty plans for home owners can be extremely helpful for rental properties by simplifying repairs. If an item covered by the warranty fails or breaks, landlords just must submit an insurance claim to their warranty company. The provider will send an expert to the rental property to address the issue as fast as they can. This will save landlords time and energy in finding a reliable contractor who can be reached on very short notice. Home warranty plans enable landlords to make sure that their rental property is properly taken care of by providing prompt service and convenience.

10. Greater tenant satisfaction

Tenants can benefit from a variety of benefits of the HomePRO Warranty, which includes improved service and customer satisfaction. The HomePRO Warranty reduces service calls since tenants can make demands directly, without waiting for approval from the landlord. This enhances the relationships between tenants and landlords. Furthermore, HomePRO Warranty eliminates the need for landlords to have to deal with multiple vendors, as the warranty covers repairs and replacements for different appliances and systems. Tenants can rest assured they will receive timely and efficient service. Lastly having a warranty on your home can help in increasing the rent of the property, allowing landlords to earn more each month.