27 Mar PropertyKey | A Protection Plan for Landlords Now Available
For many owners, employing a property management company is not just a financial decision but an emotional one as well. Entrusting your home or investment property to others can be a difficult decision, especially to those moving out of the area. One of the biggest concerns landlords have is handling both repairs and maintenance while dealing with the costs associated with them. Trying to analyze the most prompt and cost-effective way to handle these things can be overwhelming and can disturb tenant-property management-landlord relationships.
That’s where PropertyKey, an HMS protection plan for landlords, comes into play. The warranty offers two plans and allows landlords to better manage the inevitable costs associated with maintaining systems and appliances for a low monthly fee.
The Appliance Plan ($30/month) is a great option for owners with condos or homes with newer/upgraded systems whose appliances may be at risk of needing repair or replacement. The Whole Home Plan ($69/month) is best suited for owners who wish to have all of the major systems and appliances covered in their home. Neither plan requires any deductible to be paid at the time of service, which can be a point of contention or may even keep a tenant away from reporting an issue. In addition, The Whole Home Plan offers $1,000 of extra coverage for items that are typically excluded in home warranties such as disposal of equipment, duct, electrical and/or plumbing modification, and code upgrades. This additional feature can be utilized twice per contract year and up to $1,000 of coverage each time. One of the best features of the Whole Home Plan is the emergency hotel stay, which can be used if a delay in a repair or replacement renders the home uninhabitable. This gives true peace of mind to every landlord that their tenants have the option to either stay for up to 6 nights in a hotel (at $200 max per night) or up to 11 nights (at $100 max per night).
How does all this work with an actual tenant in place? Your property manager would call HMS and initiate the claim on your behalf. HMS will then send pre-screened and licensed service professionals to the property to diagnose the issue and repair it in accordance with your warranty. The monthly premium for whichever plan the owner selects can then be deducted from the monthly rental income and will be accounted for on the owner’s statement for record-keeping and tax purposes.
We are excited to offer this plan to all of our Property Management clients immediately.
Email us at pm@averyhess.com or call at 703-448-0485 ext. 111 for further information.
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