HomeGauge News Alert May 2011, Part 3
Introducing the HomeGauge Warranty Program
Introducing the HomeGauge Warranty Program
Available to you on release of the HomeGauge Network, this warranty program will benefit the inspector, agent, and the buyer. The buyer gets better coverage than any other warranty program offers, and you get the professional recognition you deserve because the terms of the warranty includes your inspection! The other major warranty companies do not want to look at your inspection report, and they want to deny the claim if they can show it was a pre-existing condition.
Our warranty program requires an inspection with HomeGauge Software and requires that we store the inspection report for the warranty company (Global Home USA). If there is a problem with a component of the home under the warranty and you passed it as satisfactory or not needing repair in the inspection, it is covered! Even if it was a pre-existing condition, our warranty to the buyer will cover that item as long as you, the inspector, did not recommend service or repair. If you did, then the item is still covered provided that the buyer can produce an invoice showing that it was serviced or repaired back to working condition by a qualified person.
This warranty covers what we call "undetected" pre-existing conditions. If undetected during the inspection by you, the qualified inspector, the warranty company will cover that item under its terms of service. How can such an unprecedented benefit to the inspector, buyer, and agent be possible? HG has negotiated a special provision with Global Home USA called the home inspector service option. We gave up some commission in order to make it work. You are not compensated if the buyer purchases the warranty, so you can recommend it and tell them you don't get a dime. What you do get is a level of protection you cannot get with any home warranty company. It's better than E&O in some instances because the customer can get their issue resolved without anger or frustration — and no deductible from you!
I would recommend you make a change in your contract agreement that states that "your company is NOT a home warranty company. You recommend all homes have a full home warranty."
Since you don't get compensated, you can recommend the Full Home Warranty HG offers and tell them that it covers undetected pre-existing conditions when most, if not all other warranty companies, do not. It's a special offering to them because YOU did their home inspection!
You will be prompted to turn this service on at your dashboard and we will offer the warranty when they come to view the report.
You can now offer the best warranty on the market that covers you, the agent, and the buyer if you passed the item as working without the need for service or repair.
Add another service called a Home Warranty "Qualifier" Inspection and offer it to your neighbors and the public regardless of whether they are buying or selling. I will be presenting a template soon that you can use to qualify the home. You can also upsell them on a full home inspection, which will qualify them as well. You won't have to do anything extra. Just upload the report and the customer will be presented with an offer to purchase the warranty. The price is below $500 on most homes and is comparable to the other warranty companies, but ours covers "undetected pre-existing" conditions! It is just one more reason why they should use you over your competitor. Also, agents stopped getting compensated by the warranty companies back in June 2010, when RESPA and HUD determined that it was a conflict of interest. Some agents still offer a warranty, but are likely not getting paid. The home inspector and the home warranty working hand in hand just makes sense. Our warranty program puts you as the central focus on qualifying a home for a truly valuable warranty with the best coverage for your customer!
More info will be on our website, including an anticipated FAQ on May 23rd — that's next Monday!
Before then I will explain more about the rating of service providers. This will help eliminate less favorable tradesmen and will produce top quality service providers for your customers to choose from! Also, your company profile interface has been improved, and I'll tell you how to change or update your listing.
Until next time,