Real Estate and Technology news for agents,brokers

 

Broker IPTV:  Today, we are talking with Pat DeFoe, the Vice President of Colorado Home Warranty and Pat, welcome to the show.  Thanks for being with us.

Pat DeFeo:  Thank you.

Broker IPTV:  Tell me a little bit about your service.

Pat DeFeo:  A little bit of our service?  We are a home warranty company.  We are located in Colorado.  We are local.  We have been in the business for here in Colorado for 10 years.  What else would you like to know?

Broker IPTV:  Colorado Home Warranty Benefits?

Pat DeFeo:  Benefits...

Broker IPTV:  Why go with the Colorado... why go with a home warranty in general?

Pat DeFeo:  The home warranty in general benefits the realtor.  The realtor walks away from the closing table with cash in hand, commission in hand and any after sale issues that come up with the property come to the warranty company.  We handle about 75% of any after sale issues the warranty company handles.

Broker IPTV:  All right.  Typically, what type of issues are we looking at on an after sale?

Pat DeFeo:  After sale... after sale...

Broker IPTV:  The big ones...?

Pat DeFeo:  The big ones?  The big ones are the furnace.

Broker IPTV:  Goes out.

Pat DeFeo:  Goes out, we fix it; we can't fix it, we replace it.

Broker IPTV:  Okay.

Pat DeFeo:  Water heaters.  Water heaters go out.  We work in conjunction with the home owner's insurance.  If your water heater goes out, drops out, it floods your basement, ruins your carpet.

Broker IPTV:  Okay.

Pat DeFoe  Your home owner's insurance pays for the water damage, but they don't replace the water heater; we replace the water heater.

Broker IPTV:  Got you.

Pat DeFeo:  A lot of houses are vacant now, so when the new home owner walks or goes in, they have stoppage issues, because the water hasn't run through the line or whatever.  We cover sewer, we cover the main line stoppages for up to a year.

Broker IPTV:  And that's a common post sale problem?

Pat DeFeo:  That's a common post sale problem now.

Broker IPTV:  Or do you see even in active listing that's [Voice cross over].

Pat DeFeo:  Even in the active listing, all of this is covered during the listing period, all the same issues even after the sale, if a policy is put on and it's covered for the listing period, the same thing... the same coverage goes for the seller as for the buyer.

Broker IPTV:  Now, Colorado Home Warranty just recently did an update and now you are going to do gas fireplaces; is that right?

Pat DeFeo:  Right.

Broker IPTV:  Talk a little bit about that.

Pat DeFeo:  We had requests from many realtors and this is part of what the benefit of us being local and small is realtors were asking why we didn't cover gas fireplaces.  So, we also said, "Why shouldn't we cover gas fireplaces?"  So, we do have a buyer's option to cover gas fireplaces.

Broker IPTV:  Plumbing?

Pat DeFeo:  Plumbing issues?  Plumbing issues are taken care of, leaks, leaky toilets, drippy garbage disposals.  Yeah, we cover plumbing issues, we cover electrical issues, we cover ceiling fans, we cover garage door openers.  We have options for hot tubs, spas, hot tub pool.

Broker IPTV:  My microwave went out...

Pat DeFeo:  Okay.

Broker IPTV:  You can do that?

Pat DeFeo:  I can do that.

Broker IPTV:  Got it, but this... is this true, is this pretty much how all warranty... home warranty programs work?  I mean are they all pretty much created equal?

Pat DeFeo:  Pretty much created equal.

Broker IPTV:  Okay.

Pat DeFeo:  We differentiate... in my opinion, what makes us outstanding is we don't have call centers; we don't have phone queues.  If a homeowner or a realtor calls the office, they get a live person.  If a homeowner calls for service after hours, they get a live person.  They don't have to wait.  They don't have to go through phone queues.  You know do you want service, do you want this, do you want that?  They get a live person to answer their question immediately.

Interviewer:  Pat, great information.  Thanks for being with us.  Appreciate it.

Pat DeFeo:  Thank you.

 

 

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