Real Estate Marketing & Beyond
Old Republic Home Protection made six real estate professionals across the control very happy today, announcing they were the winners of the “Why I Use Home Warranties” contest. The rules required the contestants to explain in 150 words or less the “value they believe a home warranty brings to every real estate transaction.”
Many people have never even heard of home warranties, but in parts of the United States, California in particular, they have become very popular. An estimated nine out of ten existing homes sold in the state come with one-year warranties that cover major appliances, pluming, electrical systems, and heating, all potentially expensive maintenance and repairs not normally covered by insurance.
For real estate professionals, a home warranty can add value to the transaction, something especially needed during a time when home values are plummeting. Many home sellers will purchase the warranties and offer them to buyers hoping to protect themselves in case something goes wrong during the first year.
ORHP received thousands of entries for the contest but could only choose six from the geographic regions where the company operates: Central/Southwest, Mid-Atlantic, Pacific/Northwest, Southeast, and Southern California. The prize for each winner was $500.
The success and reliability of home warranties seems to vary depending on the state in which they are purchased. While some states have little or no regulations and many complaints of poor service, others, like California, have closely regulated systems that seem to work. Old Republic Home Protection specializes in home warranties and is the third largest of its kind in the United States.
