The new revolution in home selling and buying: Introducing the New Home Service Warranty Program

By: Bennett Property Shop Realty
Bennett Home Warranty Seal(sm)
Bennett Home Warranty Seal(sm)
OTTAWA, Ontario - March 21, 2013 - PRLog -- Ottawa ON - As different as one home buyer is from the next, there’s one thing that they invariably have in common: the experience isn’t easy on their nerves. A home is the single biggest purchase most Canadians – nearly 70 per cent, according to Statistics Canada – make in their lifetimes, and they want to get it right.

At the same time, the stress of waiting for the right offer can take its toll on sellers. While both parties in the transaction are generally eager to start the next chapter of their lives, uncertainty on both sides can make the journey less joyful than it should be.

That’s why Bennett Property Shop Realty, is launching its complimentary Home Service Warranty program. After much research, discussion and thought, the Bennett team is convinced that it’s the best way to serve their clients.

“Buyers are spending hundreds of thousands of dollars over the long term,” says Marnie Bennett, Marketing Director and broker of the firm. “They’ve got their pocketbooks – and their hearts – on the line. It’s only natural that they’re going to have concerns, no matter how much they love a property. They’re wondering, ‘What if something goes wrong? What if the furnace conks out?’”

Today’s consumers have easy access to home inspections, and that means that buyers are much more likely to have a heads-up in terms of what may need replacing. But even an excellent home inspector can’t see through walls or tell the future. And, while mortgage experts recommend that home buyers have a contingency fund, a 2012 CIBC study shows that 40% of Canadian mortgage holders have no emergency savings. For this group in particular, even a malfunctioning dishwasher can deliver a blow.

For the team at Bennett Property Shop, it seemed natural to help their clients avoid these kinds of anxieties. “It’s in our interest to build great relationships with our clients,” says Marnie Bennett. “If something goes wrong with your home after you’ve taken possession, that matters to us. And if there’s something we can do to prevent added stress, we should take that step.”

While home service warranties offered by various banks and insurance companies are available to consumers, they have yet to gain a strong foothold in the Canadian market. This stands in contrast to warranty programs for new homes and condos (such as Ontario’s Tarion program), which are mandatory in most of the country.

As Bennett points out, a buyer’s financial and emotional investment are the same whether a home is new or resale. From a common-sense perspective, it would seem that both new and resale buyers should be granted the same peace of mind. According to a poll by Gallup, eight out of ten buyers would prefer to purchase a warranted home; perhaps, Bennett suggests, it’s just a matter of time before home service warranties are considered a practical necessity.

While the coverage provided by Bennett Property Shop doesn’t apply to every component of a newly purchased home, it is surprisingly extensive: appliances, water pipes, furnaces, water heaters and air conditioners are all under warranty. Bennett explains, “If your air conditioner blows in the middle of a hot spell, you only pay up to a $50 deductible for the repair, and you’re good to go.”

It’s clear that Bennett Property Shop’s new program will benefit the buyer, but it seems that sellers also have something to gain. According to BusinessWeek magazine, homes with a warranty attract a higher selling price - between 2.2 and 3 per cent higher, on average. To put that in concrete terms: 3 per cent on a $300,000 home is $9,000 extra profit for the seller.

Statistics also suggest that homes with warranties sell up to 50 per cent faster than homes without. Considering that most of the stress associated with selling a house comes from waiting – usually impatiently – for the right offer, a speedier sale is a significant perk.

“I’m really excited about this new initiative,” says Marnie Bennett. “I know it will help our sellers, and I know it will help buyers, financially and emotionally. Instead of worrying about what might go wrong, our clients will be able to take that energy and direct it towards making a beautiful future."

About the Bennett Property Shop Realty

The Bennett Property Shop Realty, is a one of a kind real estate brokerage in Ottawa ON, based on exceptional service, leadership and industry leading practices. Bennett is an award-winning marketer and has become one of Canada’s most highly regarded Real Estate marketing and sales consultants and strategists because her company provides a full scope of integrated services that are customized to produce the highest possible degree of success for each client. With a team of 24 sales representatives routinely going above and beyond the call of duty, the Bennett Property Shop have built a steadfast reputation for excellence in the nation’s capital. They service Ottawa’s buyers and sellers, countless investors, as well as local and international developers. Turning this business into a one-stop-real-estate-shop has proven to be no small feat for the Bennett team, but a challenge which Marnie Bennett and her team enthusiastically take on.
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Tags:Home Service Warranty, Bennett Property Shop, Ottawa ON, Selling, Buying
Industry:Real Estate, Consumer
Location:Ottawa - Ontario - Canada
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