5 Reason We Sold For More Than Expected
Qtrust’s Home Warranty Insurance does not attract insurer’s sales commissions, nor profit bonuses and therefore remains one of the very few, Victorian based insurance houses putting owner builder client interest at the forefront. The importance of values based good advice predominately allows owner builders and vendors, to take advantage and leverage their property functionality and beauty to ready cashed –up buyers.
Despite all the negativity surrounding home warranty insurance, vendors who embrace the essence of this insurance can expect higher sale prices as buyers look for honest value, and security in their investment.
5 Most Common Vendor Practices Enhancing the Sales Process and Price
- Home Warranty Insurance underwritten and guaranteed by Victoria State Government, demonstrating security in home guarantee scheme.
- Defects Report prepared by independent and registered Building Inspector, insured under the Victorian Professional Indemnity Scheme and Certificate of Currency is attached to Defects Report.
- Mandatory and interim Construction Practices Quality Check dossier readily available prior to inspections phase.
- Manufactures and suppliers product warranties readily available.
- Contractors schedule of works register readily available.
Home Warranty worry is a Victorian owner builder vendor’s phenomenon, and without proper and relevant insurance, an extraordinary occurrence or circumstance will severely impact financially and lifestyle wellbeing. Regardless of the internet’s explanation of Home Warranty, not all available insurances products are the same, and the common thread is a weak insurance company underwriting the risk they have little control over. Weak insurance companies is a worldwide development and it’s not specifically related to profitability but rather internal claims minimisation practices, heavy-driven by broker sales commissions and profit bonuses. The need for these companies to maintain turnover and profits over people best interest, is at the core of their sales strategies. By way of example, foreign, offshore insurance companies dabbling in Australian construction guarantee schemes, with back door exit plans when ‘things’ turn soar; leaving the consumer to clean up!
Qtrust earns income through ‘fee for service’, that subsequently allows delivery of very high levels of advice and protection guidance. Equally, premium grade advice ensure clients minimise and at best, eliminate long term home warranty obligations which may amount to six years and 6 months, from the date of the Section 32.
With auction clearance rates dipping to the lowest since 2012 (CoreLogic Nove 2018), each and every prospective buyer enquiry becomes significantly important. Owner builders should not roll the dice and choose any insurance, but choose wisely. As a rule, when contractors, mortgage brokers, conveyancers and service providers willingly provide insurance recommendations and advice and, are financially compensated and rewarded through spotters fees and commission schemes, which under Australian Competition and Consumer Commission (ACCC), Financial Services must be declared and disclosed, advice is always compromised. Seek independent, commission free advice.
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This post was written by Technical Underwriting Centre