The Benefits of Expert Building Management Service Warranty for Landlords

Published Jul 07, 22
8 min read

What is a home warranty?

Home warranties are a type of service agreement that will cover the cost of fixing or replacing your home's systems and appliances when they fail because of normal wear and tear. Home warranties aren't the same as insurance for your home, which protects the structure of your home from natural disasters or theft and damage, instead they safeguard your home's systems and appliances. Home warranties are available for all types of housing and can help minimize the costs of replacements and repairs and are therefore ideal for both new and existing landlords. The cost of service is an amount that is paid to the home warranty company per claim. Although most companies cover older homes, some might not cover certain items with the condition that was previously covered.

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

1. Protection against high repair costs

A home warranty that covers rental properties can guard against the high cost of repairs by offering speedy service, the convenience of one-stop shop and no service charge. This can reduce the amount of time and expense spent on repair jobs and also provides financial protection from unplanned repairs and replacements. Regular maintenance helps improve the retention of 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 chance of negative reviews. All of this can help landlords save money while charging higher rent, putting more money in their pockets.

2. Common household appliances are covered

What appliances are covered by a home warranty for rental properties ? And what exactly are they covered for? [Expanded list] Refrigerators, dishwashers, clothes dryers, clothes washers, trash compactors, ranges/ cooktopsor ovens, microwave built-in ovens and built-in food centers heating systems air conditioning, water heaters, electrical systems, garbage disposals smoke detectors, central vacuums, doorbells, plumbing systems, exhaust and ceiling fans, the sump pump, septic tank and pool. and garage door openers.

3. You can rest assured that repairs will be completed

Repairs made under a home warranty for rental properties provides landlords with a myriad of benefits. Through covering repairs, maintenance appointments and even replacements, landlords protect themselves from having to shell out cash when something goes wrong. In addition, a home-warranty plan makes the home repair process for everyone involved . making a claim with the warranty company, who then sends someone to their rental home to resolve the issue. Property management companies can expect an improvement in third-party contractor invoices as well as insurance costs due to the fact that most repairs and replacements can be done quickly. A home warranty for rental properties will help clients and tenants keep their clients by solving the primary reason why tenants leave: maintenance problems. Tenants can seek assistance from their landlords without having to be approved. This permits them to fix systems and appliances quickly. It also reduces the likelihood of tenants complaining about the service. Overall the home warranty provides landlords with a cost-effective and efficient solution for repairs to rental properties.

4. Reduces the time and effort involved in the search for a contractor.

A home warranty is an important time saver when looking for a contractor. Instead of having to go out and find a reliable contractor with very short notice, the landlord can simply send a claim to their home warranty provider and they will send an individual to the rental property to take care of the problem as quickly as they can. This is much easier than having to call numerous contractors to find the most suitable contractor.

Property managers can reduce time and hassle by sending an established vendor to handle the home. They know the price, the workmanship and the way the vendor has behaved over the years. This makes it unnecessary to spend time researching and finding the right contractor to do the task. Furthermore, trained vendors are more likely to be ethical and respectful to tenants which is crucial for tenant satisfaction.

Additionally, getting service from a home warranty company may take longer than you expected, sometimes taking a few days. Tenants can become dissatisfied if they are not satisfied with the speed at which repairs are completed. This can cause anger. Property managers serve as intermediaries between the tenants, the homeowner warranty company, and property owners.

Overall, using the home warranty option for rental properties can be beneficial as it can save time and hassle of finding an expert. Property managers can assign trusted vendors they already know to manage homes, and homeowners can file an inquiry to their home warranty provider and have the issue resolved in a short time.

5. Budget for repairs

Renters can save money by using the home warranty plan to cover repairs and replacements of their appliances at home and mechanical systems. The home warranty plan makes repairs more predictable and helps tenants be happier. It also improves the bottom line. It also offers more convenience by providing an one-stop shop for all household maintenance repairs and replacement requirements, as well as eliminating the necessity to change money during service calls. A home warranty could reduce the owner's annual costs by covering the full cost of replacing or repairing damaged appliances or systems.

6. Added protection against landlord liability

A home warranty for landlords guards against liability for landlords. It offers professional repairs to equipment and systems that are failing due to wear and tear or old age. This can reduce the possibility of hability lawsuits from tenants as repairs and replacement of appliances and systems are handled quickly. The covered repairs can also lessen the requirement for approval from landlords and disputes to be resolved, which further reduces the possibility of landlord liability. A home warranty can provide additional financial protection as it's tax-deductible and can help to reduce rental costs.

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

It isn't easy to select a home warranty provider for rental properties. It is important to think about coverage options, cost and reputation of the company, as well as customer support system, and additional features. We recommend looking at the plans available for service and extensions, coverage depth plans, cost of plan, brand reputation, customer support infrastructure, as well as additional options when choosing the right home warranty company. Also, be aware of the possibility of choosing your own contractor, and then upgrade the coverage you have. Additionally, consider how simple it is to transfer your plan from one person to another.

Based on our research, plan coverage should carry the most weight in the customer support department as the second most important aspect. The reputation of the company as well as plan availability and other features should all be considered equally. The price range shouldn't be the sole factor in choosing a provider of home warranties that can meet your needs.

For instance, if your rental property includes a saltwater pool pro-series appliances, or a reverse osmosis system Liberty Home Guard has a collection of additional features that might be appealing to you. If you're not available to attend to repairs within the normal 30-day guarantee on workmanship, AFC Home Club offers an extended-plan guarantee that could provide an additional level of protection. HomeServe's special plans can be a great alternative for those worried about the utilities of their rental property. American Home Shield is an ideal option for those seeking a higher level of protection.

Ultimately, we recommend requesting a quote from at three providers for home warranties and carefully reviewing the plan terms to make sure you're aware of all limitations and exclusions that are in the policy. By doing this, you can make an informed choice and choose the best warranty for your home rental property.

8. You can take advantage of discounts and other benefits

A home warranty plan for rental properties can help to save money in two ways. First, these plans can provide a more convenient, cost-effective solution to repair major household appliances and systems because they are likely to break. This could save landlords cash on regular repairs. Another benefit is that the service and premium fees associated with the home warranty could be included on tax returns as an operating expense depending on the registration of the landlord. This can lower their income overall and reduce tax burden.

9. Online submission and monitoring of repair claims

Home warranty plans can prove helpful for rental properties by making repairs easier. The landlord only has to file claims with their warranty provider when an item covered by warranty malfunctions or breaks. The company will then send a technician to the rental property to fix the issue as fast as is possible, saving landlords the hassle of finding a reliable contractor at short notice. Through providing speedy service and convenience Home warranty plans can help landlords ensure that their rental property is maintained quickly and efficiently.

10. Greater tenant satisfaction

Using the HomePRO Warranty can bring many benefits to tenants in terms of customer service and satisfaction. The HomePRO Warranty reduces service calls because tenants are able to submit requests directly without waiting for approval from the landlord. This improves the relationship between tenants and landlords. HomePRO Warranty also eliminates the need to maintain a relationship with multiple vendors. The warranty will cover repairs and replacements for various appliances and systems. In turn tenants have the security of knowing that their requirements are met promptly and efficiently. A home warranty, which could boost the rent of the house as well, is a fantastic opportunity for landlords to earn more every month.